Market Highlights:
As per Market Research Future (MRFR)’s assessment, the global digital twin market is expected to strike a CAGR of 42.54% during the forecast period 2018 to 2025. The report further indicates that the valuation of the global market is likely to reach USD 35,462.4 Mn by the end of 2025. The market has been poised to witness a boom over the next couple of years owing to its accelerated adoption across different industry verticals such as automotive, healthcare, manufacturing, etc.
With the emergence of industry 4.0, the digital twin market is anticipated to gain momentum by facilitating interoperability between the physical and digital world. It is projected to leverage the developments in the sensor technology coupled with Internet of Things (IoT), Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) for ensuring acceleration of revenue creation in the digital twin market. It helps in making the machines self-optimizing, and autonomous while reducing human intervention. This has catalyzed the growth of the market and is poised to exhibit a similar trend in the years to come.
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Major Key Players
- ANSYS Inc.,
- PTC Inc.,
- SAP SE,
- Dassault Systemes SE,
- Microsoft Corporation,
- IBM Corporation,
- General Electric,
- Cisco Systems, Inc.,
- Accenture PLC,
- Siemens AG,
- Oracle Corporation
As per Market Research Future (MRFR)’s assessment, the global Digital Twin Market is expected to strike a CAGR of 42.54% during the forecast period 2018 to 2025. The report further indicates that the valuation of the global market is likely to reach USD 35,462.4 Mn by the end of 2025.
Segmentation:
The analysis offers a detailed segmental analysis of the global digital twin market based on end-user application and type. By end-user application, the market has been segmented into aerospace & defense, automotive & transportation, electronics & electrical / machine manufacturing, healthcare, retail, energy & utilities, home & commercial, and others. The aerospace & defense segment has been sub-segmented into aircraft engine design and production, and space-based monitoring. The automotive & transportation segment has been sub-segmented into fleet management and vehicle designing & simulation. The healthcare segment is sub-segmented into medical devices simulation and patient monitoring. Lastly, the energy & utilities segment is sub-segmented into wind & gas turbines, and power infrastructure. Among these, the electronics & electrical / machine manufacturing segment has been projected to exhibit a higher potential while marking a valuation of USD 9,416.3 Mn by the end of 2025.
By type, the digital twin market has been segmented into parts twin, product twin, process twin, and system twin. Among these, the product twin segment is poised to retain a larger share of the global market through the forecast period. The demand for digital twin is excessively growing as it facilitates product development in lesser time with more efficiency. This is expected to drive the growth of the segment in the forthcoming years. Meanwhile, the system twin segment is likely to gain momentum at a comparatively higher CAGR of 44.46% during the assessment period.
Regional Insights:
The regional assessment of the global digital twin market spans across North America, Europe, Asia Pacific, and the Rest of the World. Among these, North America is expected to secure the forefront position in the global marketplace. Its valuation is estimated to reach USD 11,396.9 Mn by the end of the projection period. The growth of the regional digital twin market can be attributed to the rising demand for electronics & electrical / machine manufacturing. Furthermore, the automotive & transportation industry is also likely to exhibit an upsurge in demand for the technology over the next few years.
Europe is projected to maintain its second spot in the foreseeable future. It has been forecasted to value at USD 9,996.4 Mn towards the end of 2025. Meanwhile, Asia Pacific, which signifies rapid industrialization, is likely to expand at a relatively higher CAGR across the review period. The large-scale adoption of the technology across the automotive & transportation industry is anticipated to drive the growth of the digital twin market in the region. China is the largest market for digital twin technology in the region and is poised to grow most substantially over the next couple of years.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- Global Digital Twin Providers
- Organizations, associations and alliances related to digital twin analytics
- Industry associations
LIST OF TABLES
TABLE 1 DIGITAL TWIN MARKET, BY APPLICATION
TABLE 2 DIGITAL TWIN MARKET, BY END USER
TABLE 3 DIGITAL TWIN MARKET, BY REGIONS
TABLE 4 NORTH AMERICA DIGITAL TWIN MARKET, BY APPLICATION
TABLE 5 NORTH AMERICA DIGITAL TWIN MARKET, BY END USER
TABLE 6 U.S. DIGITAL TWIN MARKET, BY APPLICATION
Continued……
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 DIGITAL TWIN MARKET, BY APPLICATION (%)
FIGURE 3 DIGITAL TWIN MARKET, BY END USER (%)
FIGURE 4 DIGITAL TWIN MARKET, BY REGIONS (%)
FIGURE 5 NORTH AMERICA DIGITAL TWIN MARKET, BY APPLICATION (%)
FIGURE 6 NORTH AMERICA DIGITAL TWIN MARKET, BY END USER (%)
Continued……
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