The global digital twin market was valued at $3.3 billion in 2020 and is estimated to reach $50.2 billion by 2027, witnessing a CAGR of 58.2% during the forecast period 2021-2027. The digital twin is an imitation of a product, process, or service that can be a living or non-living object. The digital twin technology pairs physical and virtual world to analyze data and monitor systems so as to envisage the problems before it happens. Thus, it provides companies with opportunities and plans for future events by adopting virtual model stimulations.

The surge in adoption of IoT, big data analytics and cloud platform, use of Industrial IoT for design and manufacturing, increasing adoption of the digital twin in Supply Chain Management, a possible decrease of time to market, cost-efficient operations, and exclusion of unplanned downtimes, innovations in the field of AR and VR will stimulate the growth of the digital twin market. The surge in adoption of digital twins in the healthcare sector during the COVID-19 pandemic plays a vital role in monitoring the health of patients, use and impact of tablets, detecting recovered patients, etc., will fuel the growth of the digital twin market.

North America dominates the global digital twin market owing to the advancement in software and deployment of automated solutions in manufacturing industries, high economic growth, presence of prominent players that will stimulate growth in the digital twin market. In addition, the mounting R&D investment in the field of IoT and IIoT, surge in demand for effective and cost-efficient technologies for product manufacturing will accelerate the growth in the region.

APAC is anticipated to have a high CAGR during the forecast period owing to robust growth in technology, urbanization, industrialization, and adoption of digital twins across industries. China has proliferated digital transformation in manufacturing industries for product, design, and development.

Bosch Building Technologies, a division of Bosch Group, developed energy and cost-saving solution for its internal operations. The energy platform uses Microsoft Azure Digital Twin to monitor and analyze energy consumption in real-time to support business processes and provide operators with actionable insights.

Microsoft Azure has built a comprehensive digital model of the environments as it provides an IoT platform to create a digital representation of the real world that includes things, places, business processes, and people.

GE focuses on industrial infrastructure and by using digital twins they have focused on the life of an asset. Digital Twin is a vision and framework that differentiates GE from its competitors. GE Digital Twins' core expertise is physical domain and blends digital and physical assets and virtual sensors on assets.

Some of the key players operating in the digital twin market: Siemens, ANSYS, Inc, Microsoft, IBM, General Electric, Oracle, Bosch Sicherheitssysteme GmbH, PTC, Dassault Systemes, and SAP SE.

Source: VynZ Research