“Digital Twin Market was valued at USD 3.1 billion in 2020 and is expected to reach USD 48.2 billion by 2026, at a CAGR of 58% from 2020 to 2026. Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market.
Major players in the market are: General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), SWIM.AI (US)
System digital twin to account for the largest share of the digital twin market
The digital twin for system twin accounted for the largest market share in 2019. This growth can be attributed to the increasing use of digital twin for systems in various applications. For example, in the aerospace & defense sector, the LOCOMACHS has implemented a digital twin for the entire assembly line for an aircraft wing for performance monitoring. In addition, in the automotive & transportation industry, Tesla Motors is using a digital twin solution for every car it manufactures for better performance and business improvement.
Automotive & transportation accounted for the largest share of the digital twin market in 2019
Automotive & transportation industry accounted for the largest market share in the market in 2019. This growth can be attributed to the increasing usage of twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. Automotive & transportation is one of the industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred due to the pandemic.
North America to account for the largest share of the digital twin market by 2026
In recent years, the development of various software and deployment of automation solutions in the manufacturing industries has improved production lines and downstream operations. These developments have positively impacted the growth of the digital twin market in North America due to the high economic growth and a large presence of vendors offering digital twins.