The 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 digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market.
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System digital twin to account for the largest share of the digital twin market
The market for system digital 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 digital twin market in 2019. This growth can be attributed to the increasing usage of digital 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.
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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.
A few of the key players in the digital twin market are General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US).
Pre- and Post-COVID-19 Scenario for digital twin market
The world is facing an economic crisis due to the sudden outbreak of the COVID-19 pandemic. The pandemic has affected the growth of the end-use industries. Major oil producers are running out of storage space for extracted oil, as the demand is on a declining trend. This has resulted in a massive gap between supply and demand. The energy & power, automotive & transportation, and aerospace & defense industries are also among the key end users of digital twin technology. These industries are also witnessing a declining demand due to the pandemic. There is a restriction on foreign trades due to the lockdown of international borders, non-operational distribution channels, and various government laws to take precautionary measures for public health and safety. However, the focus on the digitization of processes across the industries is expected to increase in the post-COVID-19 period. The increase in demand in the energy & power sector is also likely to boost the growth of the segment from 2021 to 2026.
