According to TechSci Research report, ‘Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026’, the global digital twin market was valued at USD 5.715 billion in 2020 and is expected to grow at a CAGR of 33.28% during the forecast period owing to the increasing adoption of 3D Printing, increased usage of IoT devices and introduction of ADAS in automobiles across the globe.
The global digital twin market can be segmented based on type, technology, application, end user, and region. Based on type, the market can be segmented into process, product and system.
‘Global digital twin market by type (process, product, system), by technology (Internet of Things, Artificial Intelligence and Machine Learning, Blockchain, Big Data analytics, extended reality, 5G), by application (manufacturing process planning, product design, predictive maintenance, others), by end-user (manufacturing, automobile & transportation, healthcare & life sciences, energy & utilities, aerospace & defence, others), by region, competition, forecast & opportunities, 2016-2026’ has evaluated the future growth potential of the global digital twin market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges, and opportunities in the global digital twin market.
Based on the research conducted, Karan Chechi, Research Director, TechSci Research, elucidated, “A digital twin is a virtual/digital replica of a physical entity such as a device, person, process or system that assists businesses in making model-driven decisions. Digital twins are transforming the way people work in a variety of industries and business applications. Digital twins are most popularly used in the manufacturing industry. Manufacturing relies on high-cost equipment that generates a large amount of data, making it easier to create digital twins. Businesses can use digital twins to create various permutations of a product in order to provide personalized products and services to their customers. Engineers can use digital twins to test the feasibility of upcoming products before they are released. Engineers begin production or shift their focus to creating a viable product based on the test results. Though digital twin practices can be used in traditional automotive manufacturing, they are especially useful for autonomous vehicle companies. Some applications of digital twins in the automotive industry are road testing and vehicle maintenance. As IoT implementations expand access to Big Data and vast digital ecosystems, high-fidelity digital twins are becoming easier to create and maintain. Digital twin technology is quickly becoming one of the most important software tools for revolutionising product development.”