The global digital twin market is expected to witness CAGR of 58.2% during the forecast period. The advancement of smart cities, mounting adoption of digital twin technology to enhance efficiency in resource management, economic development, reduce the ecological footprint and increase person’s life quality is stimulating the growth of the digital twin market. Digital twins aid in the planning and policymaking of smart cities by providing vital insights from the data collected via a network of sensors and intelligent systems.

GE focuses on industrial infrastructure and by using digital twins they have focused on the life of an asset. Digital Twin is a vision and framework that differentiates GE from its competitors. GE Digital Twins' core expertise is physical domain and blends digital and physical assets and virtual sensors on assets.

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During the COVID-19 pandemic, the digital twin technology has provided companies to monitor the functioning of remotely placed equipment. The emphasis on the digitalization of processes across industrial verticals will further propel the growth of the global digital twin market.

Based on industry vertical, the manufacturing industry is anticipated to have robust growth in the global digital twin market owing to the rising adoption of Industrial IoT like digital twin technology to design complex structures and determine the faults via AI and Machine Learning. This results in optimizing the product performance and enhances operational efficiency resulting in an increase in sales. Thus, the fast adoption of digital technologies and 3D printing technology in the manufacturing sector will spur the growth of the digital twin market.

North America is anticipated to hold the largest market share in the digital twin market. This region is growing owing to the development of IT infrastructure and increasing penetration of 5G, AI, IoT, and ML in diverse industries like manufacturing, automotive & transportation, energy & unities, aerospace & defense. The healthcare industry in the region is widely adopting technology and is an early adopter of digital twin technology in the healthcare sector of the region.

Some of the major players in the global Digital Twin Market market include Siemens, ANSYS, Inc, Microsoft, IBM, General Electric, Oracle, Bosch Sicherheitssysteme GmbH, PTC, Dassault Systemes, and SAP SE.

Source: VynZ Research