Global Digital Twin Market Projected to Register $1,25,717.4 Million and Grow at 39.48% CAGR During the 2021 to 2030 Analysis Timeframe [255-pages] | Reveals By Research Dive

The global digital twin market is estimated to flourish by 2030 due to the high adoption of the technology by various end-use industries. The automotive & transportation industry sub-segment is expected to be highly beneficial. The market in the Asia-Pacific region is projected to witness tremendous growth opportunities during the 2021-2030 analysis period.

New York, USA, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global digital twin market is projected to register a revenue of $1,25,717.4 million and grow at 39.48% CAGR in the 2021-2030 analysis timeframe. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2030. The report also provides all the market figures to help new participants analyze the market easily.

Dynamics of the Digital Twin Market

Drivers: The increasing integration of the digital twin technology with other advanced technologies like IoT, cloud computing, machine learning, etc. along with the growing demand for this new technology by several industry verticals like manufacturing, construction, automotive, energy & utilities, etc. are the major driving factors for the global digital twin market during the forecast period.

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Opportunities: The rising utilization of digital twin technology especially by the healthcare professionals and scientists during the covid-19 catastrophe to improve care delivery through effective patient monitoring is the major factor to offer ample growth opportunities for the global digital twin market during the forecast years. Additionally, increasing strategic alliances among prominent market players to integrate 3D printing skills with the digital twin technology is also predicted to boost the market development by 2030.

Restraints: Huge initial investments for installation and high maintenance expenditure are the two prime hampering factors for the market growth.

Covid-19 Impact on the Digital Twin Market

The global digital twin market has been positively impacted by the covid-19 pandemic outbreak mostly due to increased adoption of the technology by organizations to increase safety, enhance product quality, identify issues, make predictions of the common problems in the existing device, and decrease downtime. In addition, the growing utilization of the digital twin technology by healthcare professionals to easily monitor a patient’s condition and improve care delivery also augmented the market growth. Moreover, increasing strategies like innovative product launches, partnerships, etc. by some key market players also contributed to the market growth amid the pandemic chaos.

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Segments of the Digital Twin Market

The report has divided the global digital twin market into different segments based on type, industry, and regional analysis.

Type: System Digital Twin Sub-segment to be the Most Dominant

The system digital twin sub-segment is estimated to hold a dominant market share during the analysis years. This growth is mainly due to the extensive usage of the system digital twin technology by multiple industries like oil & gas, manufacturing, automotive, energy & utilities, and others.

Industry: Automotive & Transportation Sub-segment to be Highly Beneficial

The automotive & transportation sub-segment of the global digital twin market is anticipated to have the highest growth rate during the forecast period mainly due to the widespread adoption of the technology by the automotive & transportation sector for creating digital models of connected vehicles. Furthermore, mass productions and rising customer demands for goods are some other factors to propel the sub-segment’s growth by 2030.

Region: Market in the Asia-Pacific Region to Witness Abundant Growth Opportunities

The digital twin market in the Asia-Pacific region is expected to witness immense growth opportunities during the 2021-2030 analysis timeframe due to a prominent base of industries like automotive, manufacturing, construction, etc. along with the growing population that constantly demands for products and goods. So, digital twin technology is used by organizations to improve product performance, identify issues, and reduce costs and downtime.

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Significant Digital Twin Market Players

Some significant digital twin market players include

  1. HiPay Intelligence
  2. Yapstone
  3. BlueSnap
  4. Payfirma
  5. CashNotify
  6. RJMetrics
  7. PaySketch
  8. ProfitWell
  9. Revealytics
  10. Databox, and many more.

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement. Inquire Here Before Purchasing the Full Report

For instance, in November 2020, General Electric, an American MNC that focuses on providing solutions to the healthcare, aviation, power and renewable energy sectors, announced its launch of Proficy SCense 8.0 and Proficy Sensor Health, new versions of the existing Proficy Analytics Solutions, which are based on digital twin technology to enhance product quality, increase safety, and decrease downtime.

The report also summarizes many crucial aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.

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