Meticulous Research®– leading global market research company published a research report titled “Digital Twin Market by Type (Asset, Process, System), Technology (Internet of Thing, Artificial Intelligence, Big Data Analytics, AR VR), End User (Automotive, Transport, Healthcare, Construction, Manufacturing, Retail) - Global Forecast to 2025”.
According to this latest publication from Meticulous Research®, the global Digital twin market is expected to grow at a CAGR of 38.1% from 2019 to reach $30.1 billion by 2025. Substantial growth in the global digital twin market is mainly attributed to the growing demand for predictive maintenance and proliferation of IoT and cloud-based digitalization solutions. Advancements in technology create further opportunities for digital twin market to evolve. Instances that proved successful reduction in downtime and unplanned outages during product development just by implementing digital twin technology on initial phases, created huge awareness for digital twin technology among different industrial sectors. In addition, advent of Industry 4.0 is also creating ample opportunities for digital twin market to proliferate as it generates urge for optimized digital solutions.
Global digital twin market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025 - by type (asset, process, system), by technology (Internet of Thing, Artificial Intelligence and Machine Learning, big data analytics, AR and VR, and others), by end-users (automotive and transport, aerospace and defense, energy and utilities, healthcare, building and construction, consumer electrical and electronic goods, manufacturing, oil and gas, retail), and region and forecasts for 2025. The study also evaluates industry competitors and analyzes the market country level.
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/digital-twin-market-5060
On the basis of product type, the digital twin market is classified into asset, process, and system. Digital twin for predictive maintenance and asset health monitoring is widely used across vast range of industry verticals. Thus, the digital twin market for asset management holds largest share of the market. The ability of digital twins to combine distinct parts of assets at one place in order to improve operational efficiency support its larger adoption in asset management. In addition, cloud based digital twin solution offers accessible and affordable ways to analyze and compare asset information from historical data. Digital twin for asset management is also the fastest growing segment owing to developments in cloud technology and increase in adoption of cloud based digital twin solutions.
On the basis of technology, digital twin market is classified into IoT, AI and ML, big data analytics, AR and VR, and others. IoT-based digital twins have a massive impact on the market as it is created with the sensors that are basically nodes to an IoT system, which also has cloud backup for storage. IoT technologies commanded the largest share of the global digital twin market in 2018. Moreover, effective virtualization and 3D view for simulating the real-time process that can be enabled with digital twin solutions comprising AR and VR is generating greater interest among users, thereby resulting in greater proliferation of digital twin technology across the globe. Subsequently, the AR and VR technologies are expected to register fastest growth n the global digital twins market during the forecast period.
On the basis of end-use industry, digital twin market is classified into automotive and transportation, aerospace and defense, energy and utilities, healthcare, building and construction, consumer electrical and electronic goods, manufacturing, oil and gas and retail. The need for effective asset monitoring and maintenance and growing competitive approach of the organizations to survive in the market is driving organizations to adopt digital twin as an integral part of their business operations. Benefits of digital twin technology in the form of reduction in time to market of the assets, increase in cost-effectiveness, and decrease in downtime with adoption of digital twin technology are supporting further growth in the digital twin market. In 2018, the manufacturing industry accounted for the largest share of the digital twin market, as these solutions are widely adopted for predictive maintenance of the asset. In addition, the building and construction segment is expected to register fastest growth in the digital twin market during the forecast period due to the increasing number of smart city initiatives across the globe and ease in analysis of static structure by digital twin at affordable prices.
On the basis of geography, the global Digital twin market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2018, North America accounted for the largest share of the digital twin market, and it is expected to maintain its dominance throughout the forecast period. The market growth in North America is majorly attributed to the presence of global key players of the digital twin market and increasing adoption of modernized tools in industrial processes. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The growth in this market is driven by increasing demand for digital solutions in product development processes to reduce downtime and rising potential of users to invest in digital solutions to survive in competitive markets.
Some of the key players operating in the global digital twin market are General Electric (U.S), IBM (U.S), PTC (U.S), Microsoft Corporation (U.S), Oracle Corporation (U.S), ANSYS (U.S), Siemens AG (U.S.), SAP SE (Germany), Robert Bosch (Germany), SWIM.AI (U.S), Rescale, Inc. (U.S), Dassault Systemes (France), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric (France) among others.
Key questions answered in the report-
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