Stratview Research has launched a new report on the “Digital Twin Market” and forecast to 2028. This report provides deep insights into the revenue, market trends, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Digital Twin Market during the forecast period, i.e., 2022–2028.

Market Insights

The digital twin market was estimated at USD 7.2 billion in 2021 and is expected to grow at a CAGR of 44% during 2022-2028 to reach USD 92.44 billion in 2028.

What is a digital twin?

A digital twin is a digital replica of a non-living or living physical object. It continuously updates and learns itself from multiple sources to represent its near real-time status, working condition, or position.

COVID-19 Impact Analysis

The COVID-19 pandemic has positively impacted the global digital twin market. During the pandemic, major manufacturers used a variety of strategies to increase their market share in the broader marketplace, including product launches, product improvements, and RD spending.

This report profiles the key players in the industry, along with a detailed analysis of their individual positions against the regional landscape. The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Digital Twin Market. Our expert analysts provide a wide-ranging analysis of the Digital Twin Market size, share, trends, gross revenue, and profit margin to precisely draw a forecast and provide expert insights to the shareholders to keep them updated with the trends in the market.

Market Drivers

The growth of the digital twin market is primarily driven by:

• Advancements in technologies,
• Increasing adoption of the digital twin in various industries,
• Integration of digital twin technology with technologies, such as Artificial Intelligence (AI), IoT, and cloud computing.

Major key players covered in this report:

This section of the Digital Twin Market report explains the expansion plans, MA, investment analysis, funding, revenues in manufacturers, etc. of the leading players. Here is a list of major key players of the industry.

• Ansys
• General Electric
• IBM
• Microsoft Corporation
• Oracle
• PTC
• Robert Bosch
• SAP
• Siemens AG
• SWIM AI Alubond U.S.A.

Digital Twin Market Segmentation

The market is segmented as aerospace defense, automotive transportation, home commercial, healthcare, energy utilities, oil gas, and others. The automotive transportation industry has adopted this technology for a long time which is also a major reason for the dominance of this segment. 

The automotive transportation segment leads the market owing to its usage for designing, production, simulation, maintenance, repair, overhaul, and after-service. In 2021, the automotive and transportation segments will account for more than 18.5% of the market.

The process segment is expected to grow at the fastest rate, with a CAGR of more than 39% in 2021. 

The market is segmented as product digital twin, process digital twin, and system digital twin. The system digital twin segment is expected to remain dominant during the next five years due to increasing demand for digital systems in various industries, as the system digital twin is a combination of both, product and process, and either of the tasks can be performed by system type.

North America is estimated to be the largest, whereas Asia-Pacific is estimated to be the fastest-growing with a CAGR of more than 42% in 2021, owing to the highly developed infrastructure in North America and the presence of a large number of digital twin providers in the region. The USA is not only a major country in North America but also in the world. China and India are the growth engines of the Asia-Pacific region.

The research on the Digital Twin Market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients comprehend their opponent's methodologies. Comprehensive assessment of critical aspects such as factors affecting the market, and competitive geography are showcased with the help of reliable resources, such as charts, tables, and infographics.

Customization of the Report:

With this detailed report, Stratview Research also offers customization options to its clients to meet their requirements. Please connect with our sales team at [email protected]. You can also get in touch with us on (+1-313-307-4176) to share your research requirements.

What we do:

Stratview Research is one of the leading global Market Research agencies helping clients tract the ever-evolving market scenarios through our customised and syndicated reports. Our reports include both quantitative and qualitative market data, gathered with the help of our across-the-board and reliable secondary sources and our in-depth interviews with the key players within the market. Our market valuations, derived from primary and secondary research, keep our clients informed about major market trends, opportunities, and challenges that may help or hamper their growth prospects in the industry.