Growing demand for digital manufacturing to drive the global digital twin market through 2027.
According to TechSci Research report, “Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, the global digital twin market is anticipated to witness a growth of CAGR of 32.34% in the forecast period to reach USD43264.08 million by 2027. The primary factors driving the demand for global digital twin market are increasing smart city construction and rapid implementation of advanced technologies like the internet of things, artificial intelligence, and big data analytics in enterprises.
Digital twin technology is in high demand from the automotive industry to create a virtual model of automobile components. Automatic and electric vehicles are witnessing massive demand. The deployment of advanced driver-assistance systems (ADAS), automatic emergency braking (AEB), and other cutting-edge automotive technologies emphasize the need for testing and performance evaluation. The growing need for testing and quality assurance in automobiles is expected to drive the global digital twin market demand.
However, growing concerns relating to data privacy and security may restrain the market growth for the next five years.
Browse over 186 market data Figures and 6 market Tables spread through 245 Pages and an in-depth TOC on "Global Digital Twin Market"
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The global digital twin market is segmented into type, technology, application, end user, company, and regional distribution.
Based on type, the market is divided into process, product, and system. Process type dominated the market by capturing a market share of 46.78% in 2021. It is used to enhance the consumer experience by providing personalized services and maintaining the products' quality. Process digital twin also predicts the expected failures, which helps prevent breakdown before they even occur.
Based on the technology, the market is divided into the internet of things, artificial intelligence & machine learning, blockchain, big data analytics, extended reality, and 5G. Internet of things technology is expected to grow at a CAGR of 33% in the forecast period as it creates the virtual model of the physical world through sensors.
Based on application, the market is divided into manufacturing process planning, product design, predictive maintenance, others. Manufacturing process planning dominated the market with a share of 37.04% in 2021 and is expected to maintain its dominance throughout the forecast period. Digital twin technology is used in the manufacturing process planning to lower the time and cost associated with assembling, installing, and checking the quality of the manufactured products.
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