Industrial Automation Magazine India

Digital twin market to hit USD 72.35 billion by 2028

Published on : Thursday 13-01-2022

Demand for twin solutions across space-based monitoring to augment market growth Fortune Business Insights™.

Pune, January 10, 2022 – The global Digital Twin Market size is expected to gain momentum by growing from USD 6.90 billion in 2021 to reach USD 72.35 billion by 2028 while exhibiting a stellar CAGR of 39.9% during the 2021-2028 period. In its report, titled “Digital Twin Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 5.30 billion in 2020 and USD 6.90 billion in 2021.

A digital twin technology is a representation of a physical object, process or service. It is used to replicate processes in order to collect data to predict how they will perform. The technology includes four core technologies, i.e., including the Internet of Things (IoT), cloud, extended reality (XR), and artificial intelligence. These technologies will allow storing of real-time data, and will provide important insights based on the information gathered. With the rising adoption of twin-type solutions, the market is expected to grow in upcoming years.
 

For instance, in May 2020, Siemens AG and Atos launched Process Digital Twin, a solution for the pharmaceutical industry. This will help to create a digital replica of the pharma production process to provide flexibility in the manufacturing of pharmaceutical products.

The temporary shutdown, to curb the spread of the virus, did not affect the market much as the key players are adopting various strategies to restructure their business model and expand their product portfolio amid the pandemic. For example, in May 2021 Microsoft Corporation made collaboration with Aera Technology, an automation company that provides digital technology solutions. This collaboration will help to integrate Microsoft Azure’s digital twins with Aera's cognitive operating system to create a virtual representation of a physical entity in the automation process.

By type the market is divided into parts twin, product twin, Process Twin, and system twin. By application it is divided into aircraft engine design and production, space-based monitoring, fleet management, vehicle designing & simulation, medical device simulation, and others. By End-Users it is segmented into aerospace & defense, automotive & transportation, electronics & electrical/machine manufacturing, healthcare, retail, energy & utilities, home & commercial, IT and telecom, and others. Finally, based on region, the market is categorised into North America, Europe, Asia Pacific, the Middle East & Africa and South America.
 

Companies profiled of digital twin market are Microsoft Corporation, ANSYS Inc., PTC Inc., IBM Corporation, Dassault Systems SE, Accenture PLC, Oracle Corporation, SAP SE, General Electric, Siemens AG, Huawei Technologies Co Ltd, Robert Bosch, Infosys Limited, Hitachi Ltd, and Autodesk Inc.