Global Digital Twin Market Anticipated to Reach $29.57 Billion by 2025, BIS Research Report

According to a new market intelligence report by BIS Research titled “Global Digital Twin Market - Analysis and Forecast, 2020-2025”, the global digital twin market is expected to reach $29.57 billion by 2025, rising at a CAGR of 61.94% from 2020 to 2025. The growth is attributed to the increasing demand for asset health optimization, growing market penetration of Industrial IoT solutions, and the rising establishment of smart building infrastructure to ensure optimum energy consumption.

The market growth is further expected to be driven by the rising demand to monitor and control the manufacturing assets, need for on-road consumer safety, increasing surge in the adoption of predictive analytics in the health monitoring system, and rise in the establishment of smart warehouse infrastructure. In 2020, the digital twin market is expected to experience downfall due to the COVID-19 pandemic, as the testing and the simulation process for the implementation of the virtual model has been at a standstill.

With the lockdown being imposed, there has been a scarcity of resources worldwide, which is expected to impact the global digital twin market for this particular year. However, the growth of the digital twin technology market is expected to revive sparsely from Q3 2020 once the operational activities become normal post lockdown, as the technology would allow the industrialized world to understand the operational behavior of the physical asset from remote locations as well.

BIS Research Report: https://bisresearch.com/industry-report/digital-twin-market.html

A digital twin is defined as the virtual model of the physical object/machine by simulating the real-time process data and technical specifications using the internet of things (IoT), thereby helping the technicians understand the operational behavior of the asset when implemented in real time. The digital twin model can be integrated with technologies such as artificial intelligence (AI), and augmented reality (AR)/virtual reality (VR) based on the end-user applications such as predictive analytics, fault optimization, and augment physical asset with a virtual model.

The digital twin technology using the hardware and software platforms helps in accumulating the complete value chain within a single operating virtual model, addressing specific client-centric challenges, along with an improvement in the overall performance of the system. Access to real-time information across remote locations can be achieved with the help of IoT enabled sensor data, which brings extraordinary insight about the process performance into the digital twin model. AI technology utilizes advanced algorithms and stacks of data accumulated from the source to provide systems and machines with the ability to perceive, think, calculate, and analyze information alike a human brain.

The widespread implementation of digital twin platform enabled with the feature to customize the model based on the end-user industrial applications has fueled the market growth across various industry verticals including manufacturing, automotive, aviation, energy and utilities, healthcare, logistics and retail, among others. Moreover, these platforms assist in increasing the overall production capacities by examining the health of the integrated assets within a process/system.

The global digital twin market witnessed a significant increase in developments and in the number of players in the market for innovation of related technology during the period June 2017-May 2020. In June 2019- May 2020, the total investment and funding in the global digital twin market was $165.68 million with a strong focus on implementing the digital twin technology for various manufacturing and energy applications, thereby increasing the operational efficiency. However, technology is yet to experience a regular increase in investments on a large scale from various industries such as healthcare, logistics, and aviation, which have started realizing the benefits of adopting digital twin for their industrial applications.

According to Arvind Pal, Lead Analyst at BIS Research, “Platform, hardware, and support services are the types of products offered by the players in the global digital twin market. In 2019, the platform product accounted for more than 60% of the total digital twin market. The platform is the most effective way to connect to customers and maintain a transparent and connected environment. The digital twin platform gives the flexibility to access the model from remote locations as the industrial applications such as predictive maintenance and device diagnosis require continuous observation of their operational performance. However, during the forecast period, support services are expected to display the highest growth of 66.07%, owing to the increasing demand for business process-as-a-service and technical advisory services to ensure proper functioning of digital twin for various customized industrial applications.”

The global digital twin market holds a prominent share in various countries of North America, Europe, Asia-Pacific and Japan, and the Middle East and Africa. North America is at the forefront of the global digital twin market, with high market penetration rate in the U.S., Canada, and others, which are expected to display robust market growth in the coming five years.

During the forecast period, the Asia-Pacific and Japan region is expected to flourish as one of the most lucrative markets for digital twin technology. Asia-Pacific and Japan is expected to exhibit significant growth opportunities for digital twin owing to the increasing urban population size, growing market penetration of advance technologies, and favorable government investments on the adaptation of Industry 4.0 standards and policies for enhanced manufacturing and production facilities across all industry verticals.

Some of the most prominent players in the digital twin market are IBM Corporation, Wipro Ltd., Cisco Systems, Microsoft Corporation, SAP SE, Amazon Web Services, Alphabet Inc., PTC Inc., Bentley Systems, Dassault Systemes, AVEVA Group, Autodesk, Ansys, Inc. ABB Ltd, Honeywell International, Rockwell Automation, Emerson Electric, General Electric, Robert Bosch, Accenture Plc, Capgemini, and Cognizant.

Strategies such as mergers and acquisitions have also been significantly employed by the players across the supply chain for expansion in the digital twin market. For instance, In November 2019, Dassault Systems acquired Medidata for the implementation of the digital twin platform, known as 3DEXPERIENCE, in order to achieve sustainable innovations across the healthcare ecosystem. In November 2019, Graitec acquired the Autodesk business unit, Geomap GIS, for the implementation of building information modeling system for smart cities.

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This report is a meticulous compilation of research on more than 70 players in the digital twin market and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 20 leading companies across the digital twin supply chain. Key profiles include IBM Corporation, Wipro Ltd., Cisco Systems, Microsoft Corporation, SAP SE, Amazon Web Services, Alphabet Inc., PTC Inc., Bentley Systems, Dassault Systemes, AVEVA Group, Autodesk, Ansys, Inc. ABB Ltd, Honeywell International, Rockwell Automation, Emerson Electric, Accenture Plc, Capgemini, and Cognizant.

Key Questions Answered in the Report:
• What are the key trends and expansion opportunities in the global digital twin market?
• What are the estimations for the global digital twin market size in terms of revenue for the period 2019-2025, and what is the expected compound annual growth rate (CAGR) during the forecast period 2020-2025?
• What is the expected outlook and revenue to be generated by the different types of product offerings, including digital twin platform, hardware, and support services?
• What are the estimations for revenue generation by different types of digital twin, namely, asset, process, and system, for the time period 2019-2025?
• What are the estimations for revenue generation by digital twin solutions in different industries such as manufacturing, automotive, aviation, energy and utilities, healthcare, and logistics for the time period 2019-2025?
• What is the current market size, forecast, regional market trends of the digital twin technology across different regions: North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa?
• What will be the impact of COVID-19 on the market size, market forecast, CAGR, and market dynamics of the global digital twin market across different market segmentations?
• What are the major driving forces that are expected to increase the demand for the global digital twin market during the forecast period 2020-2025?
• What are the major restraints inhibiting the growth of the global digital twin market?
• What kind of new growth strategies (M&A, partnerships, expansions, products, others) are being adopted by the existing market players to expand their market share in the industry?
• How is the funding and investment landscape in the global digital twin market?
• Which type of players and stakeholders operate in the market ecosystem of the digital twin, and what are their impacts on the dynamics of the global digital twin market?
• Which companies have achieved higher market coverage compared to their market potential in the global digital twin market?
• Which technologies constitute the digital twin ecosystem, and how is their role significant in the global digital twin market?

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