Digital Twin Market to Grow at Staggering 36% CAGR through 2022: TechSci Research

Rising adoption of Industry 4.0 standards, increasing penetration of SMACT technologies and burgeoning digitalization to fuel the global digital twin market through 2022

According to TechSci Research report, Global Digital Twin Market By Application, By End User Sector, By Region, Competition Forecast & Opportunities, 2012 – 2022”, the global digital twin market is projected to exhibit a CAGR of 36.5%, in value terms, during the forecast period 2017-2022. Increasing deployment of digital twin technology in manufacturing, transportation, energy & utilities, healthcare, consumer goods, agriculture and several other sectors is expected to drive the global digital twin market over the coming years. Additionally, Smart Factory revolution – Industry 4.0, rapid adoption of SMACT (Social, Mobile, Analytics, Cloud and Internet of Things) technologies, and rising inclination towards digitization across the globe would aid the global digital twin market during the forecast period.

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“Global Digital Twin Market”

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In terms of application, manufacturing process planning is expected to dominate the digital twin market across the globe through 2022, on account of its ability to provide Mechanical/Electrical Computer Aided Designing (MCAD/ECAD), Electronic Design Automation (EDA), resource optimization, etc. In 2016, manufacturing sector held the largest value share in the global digital twin market, backed by rapidly proliferating digitalization, rising demand for ‘connected and smart’ devices, and adoption of smart analytics. Moreover, over the coming years, energy & utilities sector is expected to emerge as the fastest growing segment due to rising adoption of Industrial Internet of Things (IIoT) for machinery management, predictive and preventative analytics coupled with increasing use of smart grids in oil & gas sector.

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“There has been an increase in the adoption of digital twin software across various end user sectors, attributed to growing data mobility, digitalization of industrial assets from records, process planning to blueprint of system designs, and rising adoption of Industrial Internet of Things across heavy industries including manufacturing, energy & utilities, healthcare and aerospace & defense. Furthermore, owing to equipment designing, automated workflow management, and monitoring capabilities offered by digital twin technology, its deployment across the energy & utilities sector is expected to grow over the coming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Digital Twin Market By Application, By End User Sector, By Region, Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential of the digital twin market and has also provided the statistics and information on market structure, size, and trends of the global digital twin market. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the market.

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