The global digital twins market is anticipated to surge during the 2020-2027 timeframe due to the extensive usage of digital twins in the automotive industry. The system sub-segment is speculated to be the most profitable. The Asia-Pacific regional market is estimated to be the most dominating during the timeframe.
New York, USA, June 07, 2021 (GLOBE NEWSWIRE) — As per a recent report examined by Research dive, the global digital twin market is estimated to register a market share of $52,081.0 million by 2027, rising from a market size of $3,500.0 million in the year 2019, at a considerable growth rate of 41.3% from 2020 to 2027 estimated timeframe. The market report describes various segments dominating the market in detail. Further, a glimpse of coronavirus emergency impact on the market is included as well. Apart from this, SWOT scrutiny, business expansion strategies, major players, research methodology for reference, and recent developments account for a complete market report.
Effect of Covid-19 on the Market
The global digital twin market is anticipated to surge during the coronavirus pandemic due to innovative product launches by key market players. The leading businesses are focusing to implement product enhancement tactics by heavily financing research and development activities. For example, in November 2020, General Electric, a multinational conglomerate company, released new applications of digital twin technology. The new applications include Proficy SCense 8.0, Proficy Analytics Solutions, and Proficy Sensor Health. These releases are meant to assure safety, efficient functioning, and augmented product quality.
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Factors Impacting the Market
The global market is anticipated to upsurge during the estimated timeframe due to some brilliant advantages. The benefits of using digital twins including analyzing operations, get an outlook on critical processes, view people, places, and processes digitally, and much more. Apart from this, major companies are using digital twins in the construction, automotive, and manufacturing industries massively. These aspects are projected to fuel the growth of the global market in the forthcoming years. However, the high charges required to maintain and install digital twins are expected to hinder the market growth. On the other hand, an increase in the usage of digital twins in sectors such as manufacturing, automotive, utilities, energy, and much more is predicted to generate tremendous opportunities in the market in the upcoming years.
System Sub-Segment to be the Most Profitable
From the type segment, the system sub-segment was accounted for massive growth in 2019 and is estimated to surpass $1,920.8 million during the analyzed timeframe. The sub-segment domination is mainly due to the intense use of digital twin systems by industries such as manufacturing, automotive, oil & gas, utilities, energy, and much more, to augment customer services.
Transportation & Automotive Sub-Segment to Gain Maximum Revenues
From the end-user segment, the transportation & automotive sub-segment is projected to register a revenue of $12,112.5 million by 2027, increasing from a market share of $746.5 million in the year 2019. Digital twins play a vital role in creating models of connected vehicles. Also, the automotive sector is relying on innovative technologies such as digital twin, AI, IoT, and much more to boost their design and development aspect. These facets are predicted to bolster the growth of the sub-segment during the forecasted timeframe.
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The Asia-Pacific regional market is predicted to grow substantially during the forecasted years and is expected to garner a considerable revenue of $13,020.0 million by the end of 2027. The digital twin technology is high in demand in several end-use industries such as manufacturing, automotive, and numerous others to reduce labor costs. This facet is anticipated to surge the Asia-Pacific digital twin market during the estimated timeframe.
Major Market Players
The well-known participants of the global digital twin market are –
Robert Bosch GmbH
These leading players are planning several strategies such as product developments, research & development, acquisitions of companies, tie-ups & collaborations for maximizing profits, and organizational development to gain an upper edge in the market worldwide. For instance, in October 2018, Microsoft, a technology company, introduced a preview of Azure Digital Twins which is a platform for creating knowledge graphs. In December 2020, Microsoft has announced the availability and complete development of Azure Digital Twins.
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Read More: Use of Digital Twins in the Automotive Sector to Propel the Growth of the Global