Digital Twin Technology Market Business Growth 2021, Trend, Segmentation, Top Key Players, Industry Expansion, Opportunities and Challenges Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Digital Twin Technology Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Twin Technology Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Product Overview

The digital twin is a virtual prototype of a product and service. The digital twin technology can record, control, and analyze the data by creating a hypothetical model by using application software and computer aids. It is obtained by combining data with artificial intelligence. It is opted by various organizations on the account of enhancement of the business operation and improvement in the overall efficiency by predicting the future prospects. It also analyses the past and presents operating conditions of the system.

It is a digital representation of the product lifecycle from the starting stage to distribution stage. It uses sensors and digital networks for the creation of digitalized equipment. The digital twin technology is used in the artificial intelligence machine learning and IoT. The various applications include automotive, manufacturing, healthcare, smart cities, IOT and big data.

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“The Final Report will cover the impact analysis of COVID-19 on this industry.”

Market Size and Forecast

The global digital twin technology market is anticipated to expand at a significant CAGR during 2018-2027. It is projected to reach significant market size by 2027. The increasing technological development in the electronic industry coupled with rising adoption of the technology by various end-user industries is anticipated to increase the market growth of the global digital twin technology market over the forecast period. The global digital twin technology market can be segmented on the basis of software and end-user. On the basis of software, it is sub-segmented into APDV, predix, DTS-Si, and others. Predix sub-segment is anticipated to witness substantial growth during the forecast period. It is a cloud-based platform-as-a-Service (PaaS) software that is used to collect and analyze the data.

On the basis of end-user, it is sub-segmented into manufacturing, aerospace, automotive, power generation, oil & gas, and others. Manufacturing end-user sub-segment is anticipated to observe healthy growth over the forecast period. The digital twin technology in manufacturing industries is primarily used for the designing and manufacturing of devices which include printers, computers, transformers, industrial machines, and household machines.

By region, the global digital twin technology market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to lead the global digital twin technology market during the forecast period. The increasing adoption of various IoT technologies in organizations especially in U.S is the major reason for the expansion of the global digital twin technology market in the region. The organizations are using digital twin technology in order to improve operational efficiency.

Asia-Pacific is anticipated to be the fastest-growing region for the global digital twin technology market. The increasing industrialization is leading to the expansion of the various end-user industries in the region. Additionally, the increasing penetration of the internet in the various countries of the region is anticipated to increase the cloud computing activity. The increasing adoption of IoT technology in the region is anticipated to fuel the use of digital twin technology.

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“The Final Report will cover the impact analysis of COVID-19 on this industry.”

Key Players

Microsoft Corporation
Autodesk Inc.
Oracle Corporation
Sap SE
Dassault Systemes
Tibco Software Inc.
Sight Machine Inc.
Siemens AG
Virtalis Limited
Robert Bosch Gmbh
IBM Corporation
Prodea System Inc
Toshiba Corporation
General Electric

Growth Drivers and Challenges

The increasing penetration of IoT and cloud computing is anticipated to be a major growth driver for the global digital twin technology market during the forecast period. The increasing digitalization of data and increasing use of smart technology is anticipated to provide key opportunities for the market players. The increasing investment in research and development in order to produce more efficient technology is anticipated to provide better market prospects for the global digital twin technology market. The user friendly approach by the digital twin technology enables the multitasking.

However, the increasing cybercrime and less awareness regarding the digital twin technology is anticipated to be a major restrain for the global digital twin technology market throughout the forecast period.

Business Questions answer by the report

  • How will the market drivers, restraints and opportunities affect the market dynamics?
  • What will be the market size in terms of value and volume and market statistics with detailed classification?
  • Which segment dominates the market or region and one will be the fastest growing and why?
  • A comprehensive survey of the competitive landscape and the market participant players
  • Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority. And that’s why Kenneth Research offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

  • Additional company detail analysis.
  • Additional country analysis.
  • Detailed segment analysis.

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