Digital Twin Market to hold market value of USD17.42 billion by 2024

Increasing adoption of smart technology coupled with Industry 4.0 revolution is to drive the growth of global digital twin market through 2024.

According to TechSci Research report, “Global Digital Twin Market By Application, By End User Sector, By Region, Competition, Forecast & Opportunities, 2014 – 2024”, global digital twin market is expected to exhibit a CAGR of over 33% during the forecast period of 2019-2024. Digital twins are exact virtual replicas of physical products or systems. With a great potential to improve production layout and enhance the productivity of the existing system, the digital twin technology is being used in different industries. Factors such as increasing global penetration of smart technology and burgeoning demand for digital twins in manufacturing, transportation, energy & utilities, healthcare, consumer goods, agriculture and several other sectors can be attributed to the rising global digital twins market. Growing adoption of IoT, usage of connected devices and cloud platforms and high-speed networking technologies, which are used for leveraging digital twin platforms are also expected to boost services and processes are also expected to boost the global digital twin market growth. Besides, rapid deployment of SMACT (Social, Mobile, Analytics, Cloud, and Internet of Things) technologies and Industry 4.0 revolution are also expected to fuel the Global Digital Twin Market through 2024. However, vulnerability of IoT and cloud platforms to cybercrimes might restrict the global digital twin market growth.

Browse 20 market data Tables and 79 Figures spread through 172 Pages and an in-depth TOC on “Global Digital Twin Market”

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The Global Digital Twin Market is segmented based on application type, end-user type, and region.

Based on the application type, manufacturing process planning is expected to dominate the global digital twin market through 2024, backed by its ability to provide virtual process, effective product line, 3D graphics & design and Electronic Design Automation (EDA), resource optimization, etc. During the forecast period, the market share of product design application in the global digital twin market is expected to increase with rapid deployment across various sectors.

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Based on the end-user, the global digital twin market can be further segmented into manufacturing, agriculture, consumer goods, transport, energy & utilities, healthcare, and others. During the forecast period, energy & utilities segment is anticipated to emerge as the fastest growing end-user segment in the global digital twin market over the forecast period owing to rising penetration of smart grids, smart analytics and IIoTs in the sector, leading to improved performance monitoring and predictive maintenance demand across energy, oil, gas and power industries, and operational efficiency. However, in 2019, manufacturing segment held the largest market share of 26.37% and is expected to continue its dominance in the coming years.

Based on the region, North America and Europe are expected to dominate the global digital twin market, largely due to the presence of tech-savvy population, and digitized businesses in the regions. However, with the growing consumerization of IT, ‘state-of-the-art’ technological innovations, rapid adoption of smart technologies and presence of competitive manufacturing hubs such as China, Japan and South Korea, digital twin market in Asia-Pacific is expected to grow expeditiously during the forecast period, backed by the presence of growing economies, increasing technological penetration and digitalization initiatives by the government, especially in developing countries like India and China.

“Increasing penetration of IoT in almost every end use segment is resulting in greater operational reliability on technology, either it is for scaling the productivity or it is related to cyclic maintenance of the machines. There is an increasing demand for extended simulation support majorly by the manufacturing sector. Moreover, with industry 4.0 revolution, manufacturing sector in the global digital twin market is projected to grow at a CAGR of 32.95%, in value terms, during the forecast period. Therefore, digital twin software providers are recommended to focus on manufacturing sector as this will play a major role in supporting new technologies which in turn help the sector in extending the virtualization of the components via the software.”, 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, 2014 – 2024” 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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