Digital twin market report for 2027 – Companies, applications, products and more

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Digital twin market trends research and
projections for 2021- 2027

• A research study conducted by Global Market
  Insights, Inc., suggests that digital twin market
  is likely to exceed the 50 billion mark by
  2027, in terms of revenue. Rising demand for
  connected devices across various industry
  verticals coupled with the adoption of Industry
  4.0. Use of big data analytics, cloud platform,
  and IoT in various industries will support the
  adoption of the digital twin technology. Big data
  analytics helps industries to manage and analyze
  data that are generated from IoT sensors, data
  gained from AI in real-time, or historical data.
• By leveraging digital twin technology, companies
  can improve product lifecycles, streamline
  maintenance services, and process optimization.
  The surging digitization trend across various
  organizations with their transition towards
  cloud-based solutions will drive growth of
  digital twin market.

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Market Segmentation-

• Concerning end-use, digital twin finds key
  application in the automobile industry. Rise in
  purchasing power among people has steered the
  need for automobiles, encouraging manufactures to
  produce advanced automotive solutions. Digital
  twin creates a replica of automobile parts,
  equipment and helps automobile OEMs to monitor,
  stimulate and improve the performance of their
  vehicles.

• The need to reduce asset downtime, quicken fault
  diagnosis, and enhance the performance of the
  products will complement the digital twin market
  in the machine and equipment health monitoring
  segment. Increasing digitalization of
  manufacturing, healthcare, and automobile sectors
  due to the growing adoption of Industry 4.0 will
  drive the use of digital twin systems in machine
  and equipment health monitoring solutions.

• Digital twin companies are entering into
  strategic alliances and are collaborating with
  public organizations to steer development. For
  example, in July 2020, PTC Inc. inked a
  partnership with Tata Technologies to extend
  digital transformation technologies to the
  manufacturing sector. The digital transformation
  technology includes Digital Twin and AR/VR
  systems for smart manufacturing. This alliance
  has helped the firm provide sustainable
  technology along with expanding its market
  position.

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• Regional Analysis

• Europe has emerged as a key revenue pocket for
  digital twin market due to the wide penetration
  of IoT devices across the region as well as the
  presence of leading technology players like
  Wipro, Schneider Electric, PTC Inc., making hefty
  investments in research and development.

• Competitive Analysis

• Some of the major companies functioning in the
  digital twin market include ABB Group, Accenture
  Plc, Ansys Inc., Autodesk Inc., AVEVA Inc.,
  Bentley Systems, Incorporated, Bosch Rexroth AG,
  Capgemini SE, Dassault Systèmes, General Electric
  Company, IBM Corporation, Infosys Ltd., Microsoft
  Corporation, Oracle Corporation, PTC Inc.,
  Rockwell Automation, SAP SE, SAS Institute,
  Schneider Electric Inc., Siemens AG, TIBCO
  Software Inc., and Wipro Ltd.

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