GMI Research analysis indicates that The Digital Twin Market is estimated to grow at a robust CAGR of 21.1% during the forecast period, 2022- 2029.

The factors driving growth of the Digital Twin Market includes growing demand for autonomous and connected vehicles around the world, increasing number of smart city projects, rising application of digital solutions across end-use industries such as Aerospace and Defense and Healthcare and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Cloud computing, digital twin solution help companies to enhance business performance and rapid urbanization, are some of the additional factors supplementing the Digital Twin Market Growth. In addition, the increasing investments by major corporations on research and development, strategic mergers and collaborations between industry players and growing disposable incomes, are further propelling the Digital Twin Market size.

However, growth of Digital Twin Market is hindered owing to insufficient availability of skilled workforce.

The leading players operating in the market are Microsoft Corporation, Robert Bosch GmbH, Dassault Systems, IBM Corporation, Siemens AG, General Electric, SAP SE, ANSYS Inc., Oracle Corporation, and PTC Inc., among others.

Based on End-User, the Automotive & Transportation segment is projected to hold the highest market share during the forecast period

Digital twin solutions aid engineers in enhancing automobile design and optimizing costs, enhances operational efficiency and growing demand for autonomous and connected vehicles, are some of the factors pushing growth of the segment. 

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share over the forecast period

As per the Digital Twin Market Report, growing adoption of advanced technologies by manufacturers, Government policies promoting the manufacturing of electric vehicles, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the Digital Twin Market share in the Asia-Pacific region.

Market Segmentation

Segmentation by End-User

  • Aerospace and Defense
    • Automotive & Transportation
    • Home and Commercial
    • Electronics and Electrical/Machine Manufacturing
    • Healthcare
    • Energy and Utilities
    • Retail & Consumer Goods
    • Others

Segmentation by Application

  • Product Design and Development
    • Machine & Equipment Health Monitoring
    • Predictive Maintenance
    • Dynamic Optimization

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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