Digital Twin Market | Industry Historical Analysis, Opportunities and Trends By Forecast to 2023

“Digital Twin Market”
Digital Twin Market, By Application (Dynamic Optimization, Predictive Maintenance, Machine & Equipment Health Monitoring, Product Design & Development), By End User (Automotive, Transportation, Aerospace, Defense, Healthcare) – Forecast 2023

Market Highlights

In this rapidly changing world of technology, digital twin market is projected to show major growth prospects during the forecast period. Major factor driving the digital twin market is the increasing adoption of internet of things and growing urbanization and large scale industrialization. Rise in growth of cloud based platforms is another major factor responsible for fueling the growth of digital twin market.

The global digital twin market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the digital twin market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of digital twin market. This is owing to the presence of large number of established key players like General Electric, IBM Corporation and Microsoft Corporation in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing adoption of internet of things and growing popularity of cloud based platforms is another major factor responsible for driving the growth of digital twin market.

In the global digital twin market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, digital twin market is projected to contribute faster to the growth of revenue backed by predominant use of industrial internet of things solutions for designing and manufacturing in countries such as Japan, China, South Korea and India.

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General Electric (U.S.),

IBM Corporation (U.S.),

Microsoft Corporation (U.S.),

 Oracle Corporation (U.S.),

Cisco Systems, Inc. (U.S.),

PTC, Inc. (U.S.),

Ansys, Inc. (U.S.),

Dassault Systèmes (France),

Siemens AG (Germany),

Robert Bosch GmbH (Germany)

The Digital Twin Market is growing rapidly over 37% of CAGR and is expected to reach at approx. USD 15 Billion by the end of forecast period.

Also, Allerin Tech Pvt Ltd., Altair Engineering, Inc., Amazon Web Services, Aucotec AG, Autodesk Inc., CADFEM GmbH, Computer Science Corporation, CoSMo Company SAS, DNV GL AS, FEINGUSS BLANK GmbH, Prodea System Inc., SAP SE, Siemens AG, Sight Machine Inc., TIBCO Software Inc., Toshiba Corporation, and Virtalis Limited are few other major players in the digital twin market. These companies have not been profiled in our study, but it can be taken up as a part of customization, as per client requirements.

Digital Twin Market Segmentation

The digital twin market has been segmented on the basis of application and end user. The end user size segment is bifurcated into automotive & transportation, aerospace & defense, healthcare, retail, energy & utilities, home & commercial, electronics & electrical manufacturing and others. Out of which, the electronics & electrical manufacturing sub segment is expected to hold the largest market share of the digital twin market.

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Market Research Analysis:

It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The major growth in digital twin market in North America is attributed to technological advancements and increasing demand for internet of things and growing demand for cloud based platforms in that region.

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

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