Market Research Report
Global Digital Twin Market Forecast 2021-2028
|Global Digital Twin Market Forecast 2021-2028|
Published: July 19, 2021
Content info: 210 Pages
Delivery time: 2-3 business days
The global digital twin market is estimated to project a CAGR of 34.03% during the forecast period, 2021-2028. The adoption of industrial IoT, remote access to assets, easy monitoring of projects, and time utilization and efficiency improvement are the factors propelling the market growth.
A digital twin entails data & simulation models and sensors directly connected to the original. This facilitates the enhancement of time consumed, robustness, performance, sustainability, and efficiency of the process, facility, and asset.
Digital twin facilitates better products to be developed in less time since simulation technology accelerates design and testing before physical prototypes are produced. Also, virtual designs enable developers to try and compare more configurations than physical models. The digital twin also makes it possible to increase the energy efficiency of a new building. These include budgets, data, schedules, energy supply, fire protection, operations, and lighting of the building. Moreover, the technology helps simulate a virtual model using all the real-time energy consumption data of the residents with regard to smart buildings. Such aspects drive the demands in global digital twin market growth. However, the implementation costs and data security risks hamper the market growth.
The global digital twin market growth evaluation includes the analysis of Europe, Asia-Pacific, North America, and Rest of World. North America is the dominating region in the global market, with the growing demand for the digital twin from several industries like aviation, automation, and manufacturing.
The leading global and regional players are investing heavily in research and development activities to introduce innovative solutions to the market. Some eminent market players include Capgemini, ABB Ltd, Amazon Web Services Inc, Alphabet Inc (Google), Accenture, etc.