“Digital twin market to grow at significant rate from 2019 to 2025”
The digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8%. Key factors driving the growth of the digital twin market include the declining time and cost of product development and unplanned downtime with the adoption of digital twins, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance. However, risks associated with data security for creating digital twins hinders the growth in the market.
“System digital twin type to account for largest market size from 2019 to 2025”
The system digital twin type is expected to account for the largest share of the digital twin market during the forecast period. The growth can be attributed to the rising use of system digital twin across several industries. For example, in aerospace & defense, NASA used/implemented digital twin to monitor space stations and spacecraft to ensure safety. In addition, in automotive & transportation, a start-up?SWIM.AI?used digital twin for a traffic management system in California.
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“APAC to be fastest-growing market for digital twin from 2019 to 2025”
APAC is likely to witness the highest CAGR in the said market during the forecast period. Increasing manufacturing facilities across various industries in this region along with the rising adoption of digital technology are expected to drive the demand for digital twin solutions in this region. Additionally, dense population and growing per capita income of this region, along with large-scale industrialization and urbanization are among the factors boosting the digital twin market growth in this region.
The break-up of profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 = 90% and Tier 2 = 10%
- By Designation: C-Level Executives = 75% and Directors = 25%
- By Region: North America = 10%, Europe = 20%, APAC = 40%, and RoW = 30%
General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US) are among the major players in the digital twin market.
- The digital twin market, in this report, is segmented into technology, type, industry, and geography.
- The market based on technology is further classified into IoT & IIoT, blockchain, artificial intelligence and machine learing, augmented reality, virtual reality and mixed reality, big data analytics, and 5G.
- The digital twin market, by type, is further segmented into product, process, and system.
- The digital twin market, by industry, is further segmented into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others.
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market, by type, industry, and geography have been provided to give the overall view of the digital twin market.
- Major drivers, restraints, opportunities, and challenges pertaining to the digital twin market have been provided in the research report.
- The report includes a detailed competitive landscape and revenues of key players.