$184 Billion Digital Twins Market by Type, Technology, Company, Application, Industry – Global Industry Analysis and Growth Forecast to 2030 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “Digital Twin Market Research Report: By Type, Technology, Enterprise, Application, Industry – Global Industry Analysis and Growth Forecast to 2030” has been added to from ResearchAndMarkets.com offer.

The global Digital Twins market size, which was $3,210.1 million in 2020, is likely to reach $184,517.4 million by 2030, growing at a CAGR of 50% between 2020 and 2030, according to editor.

During the COVID-19 pandemic, the digital twins market has been negatively affected as the closure of manufacturing plants and offices has resulted in lower profits for companies. As a result, they have cut spending on such expensive technologies, instead focusing on mitigating their losses and staying afloat.

In the coming years, the fastest growth within the technology segment of the digital twins market will be seen in the IoT category. The adoption of IoT and the emphasis on sensor-powered product development is increasing worldwide, which is why digital twins are being used to simulate IoT-based machines.

The large enterprise category is expected to dominate the digital twin market throughout this decade, based on the company. These companies have a wide range of assets and are engaged in a large number of processes and projects, for which they use digital twins to predict success, failure and maintenance needs. Additionally, digital twins help these businesses provide better deals to customers, increase profitability, and increase productivity.

Historically, the digital twins market has been dominated by the performance monitoring category, under segmentation by application. Digital twins are equipped with big data analytics, IoT, artificial intelligence (AI) and other advanced technologies to track the performance of physical assets in real time.

The highest digital twin market CAGR in the industry segment of 51.8% is expected to be witnessed by the automotive category in the near future. Automakers are rapidly adopting industry-leading Industry 4.0 standards and technologies, increasing the importance of data collection and analysis in the manufacturing process. Thus, digital twins will be used to improve vehicle design, the manufacturing process, sales and customer service.

North America is currently the largest market for digital twins due to its advanced IT infrastructure, technological improvements, and adoption of Industry 4.0 practices. Moreover, the presence of many companies offering such solutions benefits the market in the region.

The main reasons for the growing demand for this technology are:

  • Growing adoption of IoT: More than 41 billion connected devices are expected to be operational by 2025. To ensure optimal operation of the Internet of Things (IoT), it is important to improve the throughput of each component of ‘a machine, which is enabled by digital twins. This technology is used to create a virtual model of a physical product based on data generated by connected sensors.

  • Increased focus on smart maintenance: Another key driver of the digital twins market is the growing interest of enterprises in smart asset maintenance. With digital twins, a product, process, or system can be simulated, giving businesses real-time insight into how it works. This allows them to determine maintenance needs, which helps prevent unplanned system failures.

Market dynamics

Tendencies

  • Common platform for multiple digital twins

Drivers

  • Widespread adoption of IoT

  • Growing focus on smart maintenance

  • Analysis of impact of drivers on market forecasts

Constraints

  • Data Security Concerns

  • Impact Analysis of Restrictions on Market Forecast

Opportunities

  • The logistics and transport sector to take advantage of technology

  • Convergence of information technology (IT) and operational technology (OT)

Leading companies in the global digital twins market are

  • International Business Machines (IBM) Corporation

  • Microsoft Corporation

  • PTC Inc.

  • SAS Institute Inc.

  • Oracle Corporation

  • Siemens AG

  • Dassault Systems

  • Robert Bosch GmbH

  • Ansys Inc.

  • Swim.AI Inc.

  • TIBCO Software Inc.

  • ABB Ltd.

  • Bentley Systems Incorporated

Main topics covered:

Chapter 1. Research Context

1.1 Research objectives

1.2 Market Definition

1.3 Scope of research

1.4 Main stakeholders

Chapter 2. Research Methodology

2.1 Secondary research

2.2 Primary research

2.3 Market Size Estimation

2.4 Data triangulation

2.5 Currency Conversion Rates

2.6 Assumptions of the study

Chapter 3. Executive Summary

Chapter 4. Overview

4.1 Definition of market segments

4.1.1 By type

4.1.1.1 Product

4.1.1.2 System

4.1.1.3 Process

4.1.2 By technology

4.1.2.1 IoT

4.1.2.2 AI and ML

4.1.2.3 Blockchain

4.1.2.4 Big Data Analytics

4.1.2.5 Others

4.1.3 By company

4.1.3.1 Large companies

4.1.3.2 SMEs

4.1.4 By application

4.1.4.1 Product design and development

4.1.4.2 Performance Monitoring

4.1.4.3 Predictive maintenance

4.1.4.4 Inventory management

4.1.4.5 Commercial optimization

4.1.4.6 Others

4.1.5 By Industry

4.1.5.1 Manufacturing

4.1.5.2 Automotive

4.1.5.3 Aeronautics and defense

4.1.5.4 Energy and utilities

4.1.5.5 Oil and Gas

4.1.5.6 Health

4.1.5.7 Others

4.2 Value chain analysis

4.3 Market Dynamics

4.3.1 Trends

4.3.2 Drivers

4.3.3 Constraints

4.3.4 Opportunities

4.4 Impact of COVID-19 on the Digital Twins Market

4.5 Porter’s Five Forces Analysis

Chapter 5. Global Market Size and Forecast

5.1 By type

5.2 By technology

5.3 By company

5.4 By app

5.5 By Industry

5.6 By region

Chapter 6. North America Market Size and Forecast

6.1 By type

6.2 By technology

6.3 By company

6.4 By request

6.5 By Industry

6.6 By country

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Competitive Landscape

11.1 Key Players Market Share Analysis

11.2 List of players and their offers

11.3 Strategic Player Developments

11.3.1 Mergers and Acquisitions

11.3.2 Partnerships

11.3.3 Product Launches

Chapter 12. Business Profiles

12.1 Business Overview

12.2 Product and service offerings

12.3 Key Financial Summary

For more information about this report visit https://www.researchandmarkets.com/r/eb3j0l