September 16, 2020
The digital twin market is poised to grow from its current market value of more than $4 billion to over $35 billion by 2026, gaining traction over the 2020-2026 period, according to a recent study from market research firm Global Market Insights.
The overall digital twin market is bifurcated into different segments such as application, end use and regional landscape.
Regarding end use, the market is categorized into manufacturing, health care, automotive, aerospace & defense, energy & utility, infrastructure buildings, retail and consumer goods. The ongoing digital transformation of the medical industry is likely to drive the health care segment share. Digital twins for surgery planning and medical devices are expected to witness more popularity over the forecast period.
The energy and utility segment is expected to register large gains over the coming years. In fact, the segment is projected to see a lucrative growth rate of over 30% through the analysis period.
High demand for construction projects across the global market for producing high-level virtual representations is expected to bring in significant revenue growth opportunity.
Sources: Press materials received from the company and additional information gleaned from the company’s website.