Manufacturing organizations have been leveraging DTs technology to speed-up digital transformation efforts for product development. Digital twins are expected to transform product development, supply chains and manufacturing. This segment currently accounts for a 31.7% share of the global Digital Twins market. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Product segment is readjusted to a revised 38.9% CAGR for the next 7-year period. System, one of the segments analyzed in the report, is projected to grow at a 36.4% CAGR to reach US$23 Billion by the end of the analysis period. The technology presents significant opportunities for companies in the healthcare and life sciences domains to improve efficiency and gain an edge over competitors.Īmid the COVID-19 crisis, the global market for Digital Twins estimated at US$5.1 Billion in the year 2020, is projected to reach a revised size of US$35.5 Billion by 2026, growing at a CAGR of 36.9% over the analysis period. The increasing adoption of digital twins in the energy industry is expected to expedite transition towards renewable energy and pave way for net-zero emissions. The technology is gaining from machine learning that enables the use of data to simulate and predict future conditions and performance of assets. Digital twin technology has been witnessing notable progress in its capabilities owing to support from emerging technologies, including artificial intelligence (AI), big data, the Internet of Things (IoT) and computing power. The market would be primarily driven by the growing applications of digital twin technology in the pharmaceutical and healthcare industries spurred by the recent COVID-19 pandemic, the increasing use of digital twins for enabling predictive maintenance, and the accelerated adoption of digital twin solutions for addressing the challenges associated with the pandemic. The technology is gaining significant attention due to its ability to expedite product development and support innovations. 20, 2022 (GLOBE NEWSWIRE) - announces the release of the report "Global Digital Twins Industry".
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