Digital Twin Technology Market Share, Size, Forecast 2021-2027
The global digital twin technology market is expected to grow at a CAGR of 57.2 % and touched USD 2.86 Billion in 2020. The market is expected to reach USD 53.61 Billion by 2027. Growth in demand for digital twin technology will multiply over the forecast period owing to the growing requirements for remote monitoring of water turbines present in deep seas for energy production, for oil & gas pipeline fixtures, and their proper functioning. Digital Twin Technology is ideal for efficient disaster management, It reduces the probability of accidents and other calamities, besides eliminating human errors. It also provides real-time data for offshore wind turbines, fatigue performance, product testing, and much more.
Integration of Manufacturing with Technology
The latest version of digital twin technology deals not only with the virtual representation of the asset but also stores and helps with accessing certain product-related data using technologies such as RFID codes and CAD (Computer-aided design) 3D models. It has been predicted that in the coming years nearly 40% of the IoT platform vendors and businesses would actively integrate simulation platforms and capabilities to create digital twins effortlessly. The computer program uses real-world data to create simulations that can predict how a product or process will perform. Then these programs integrate the internet of things with artificial intelligence giving software analytics to enhance the final output.
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Adoption of Digital Twin technology in the medical and pharmaceutical industry
Technological advancement is reshaping the healthcare industry by leaps and bounds, thus helping healthcare professionals to keep pace with the changing times. The digital twin technology has been transforming healthcare domains such as diagnosis and treatment decision support programs. Additionally, groundbreaking software solutions such as Exacture(powered by digital twin technology)have been introduced for lessening medication errors and to help patients from the adverse effects of a drug.
The significant players for global digital twin technology are ABB Group, Accenture PLC, ANSYS Inc., AVEVA Group plc, Cisco Systems, Inc., Dassault Systemes SE, PTC Inc., Microsoft Corporation, Hexagon Geosystems AG, IBM Corporation, General Electric, Siemens AG, Oracle Corporation, SAP SE, Schneider Electric SE, and Siemens AG, among several others.
● 10 Feb’ 20- DassaultSystèmes- one of the leading 3D CAD software providers declared the launch of two new software packages, on its platform—3DExperience. This software enables cloud-based access to the world’s most powerful digital environment for design, sculpturing, creating, engineering, and collective invention. The 3DEXPERIENCE SOLIDWORKS for Students has been designed to make students job-ready in the field of engineering, designing, sculpting, and creating products, assets, etc.
● 28 Feb’ 20- European Union- Researchers have joined hands to carry out two ambitious projects named “digital strategy” and “Green Earth”. These programs will incorporate digital twin in order to make the digital Earth model more accurate besides monitoring the evolution and predicting plausible future processions, which were earlier being used for weather and climate simulations. The new "Earth system model" will virtually represent all the processes on the Earth's surface as convincingly as possible, along with the influence of humans on food, water, and energy management, and the courses in the system of the physical Earth.
● 03 Jan’ 20 - Los Angeles- The Shipyard Infrastructure Optimization Program, or SIOP, is a 20-year, USD 21 Billion worth program for streamlining four public yards in Maine, Hawaii, Virginia, and Washington. Digital twin technology would help in recognizing the degree to repair and reconstruction required.
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