08 October 2022
Douglas Insights has analyzed various aspects of the Digital Twin Market and revealed the changes in market trends due to the increased use of digital twin technology in the manufacturing and healthcare industries. Its comparison engine has generated many research articles and reports, making it possible for several experts, analysts, and researchers to obtain essential information relating to key growth drivers and market restraints to make predictions and provide reports offering many insights into the global recycling market. The digital tool effectively compares all existing research and Publisher Ratings, Table of Contents, and Publication Dates.
The global Digital Twin Market is expected to see a general upward trend in the following forecast period, with growth in CAGR of 60.6% by the year 2027. The market is expected to grow mainly due to the use of digital twin technology in the manufacturing industry, which has helped streamline supply chain operations, as well as the use of digital twin technology in the healthcare industry.
Following the Covid-19 pandemic, there were increased restrictions and regulations on trade, leading to the shutdown of many manufacturing operations and global disruptions to the supply chain operations. This led to a temporary stagnation of the Digital Twin Market, especially due to a shutdown of the automotive and infrastructure industries. However, the effects of the pandemic were lessened when the healthcare industry picked up Digital Twin technology. Post Covid-19, the market is expected to see significant growth.
The major driver of the Digital Twin Market is the increased use of Digital Twin technology by the manufacturing industries in order to reduce their operating costs and help improve supply chain operations. By using Digital Twin technology, manufacturers can work with a digital prototype of the product they are manufacturing and can thereby digitally test and optimize the product during its design phase. Other than product manufacturing, Digital Twin technology can also be used by the manufacturing industry to understand supply chain behavior and create plans for any unexpected circumstances.
While the Digital Twin Market is expected to grow significantly in the next five years, there is still a major restraint to consider. Digital Twin technology requires huge investments. A lot of capital is needed to set up Digital Twin technologies such as computer-aided design (CAD), model-based system engineering (MBSE), virtual reality (VR), etc. If a manufacturing company, for example, is using Digital Twin technology but does not have accompanying technologies needed, then it would have to bear extensive costs. This can be a big discouragement for manufacturers wanting to adopt the technology.
However, an exciting opportunity for the Digital Twin Market is the rising interest in real-time data analytics regarding Digital Twin technologies. Digital models that can incorporate a real-world simulation using data such as time and context would result in a truly unique outcome. With a greater emphasis on real-time data analytics, digital models would be more precise in their diagnostics and predictions.
The Digital Twin Market is segmented by industry, with Automotive and Transportation, Energy and Utilities, and Infrastructure, Healthcare, and Aerospace markets holding large shares. As for application market segmentation, product design and development applications are using Digital Twin technologies the most.
North America held the largest regional market share, with many of the market’s key players being situated in the US, Canada, and Mexico. Some of the key players include Microsoft (US), Amazon Web Services (US), Siemens (Germany), General Electric (US), and ANSYS (US).
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