6-August-2019: The global digital twin market
size is expected to reach USD 26.07 billion by 2025, according to a new report
by Grand View Research, Inc. The market is estimated to register a strong CAGR
of 38.2% over the forecast years. Digital twin is a dynamic digital replica of
a product, process, system, or facility, which can be used for various purposes
including creating a sustainable environment and ensuring a better digital
experience for customers. Such digital replicas can imitate real-world
situations and help in optimizing systems and processes, examining products,
and monitoring the performance and condition of machines, among others.
The digital twin
technology is gaining traction owing to its potential to bridge the gap between
the physical world and virtual world. The global market is expected to grow
significantly over the forecast period in line with the growing adoption of
Internet of Things (IoT) and big data analytics. Other factors responsible for
this growth include rising need for cost-efficient operations, optimizing the
processes, and reducing the Time to Market (TTM). At the same time, the way
digital twins are created would continue to evolve in line with the innovations
in the field of Virtual Reality (VR) and Augmented Reality (AR), thereby boosting
the growth of the market.
Healthcare and life
sciences, aerospace and defense, automotive and transport, manufacturing, and
energy and utilities are some of the key end-use industries for the digital
twin technology. Incumbents of these industries are particularly adopting the
technology to enhance efficiency, augment productivity, ensure cost-efficient
operations, and streamline the processes. For instance, hospitals can create a
digital twin of their systems as part of the efforts to gauge the impact of any
prospective changes to their systems and ensure a safer environment. Similarly,
a surgeon can create a digital twin of the heart and study it before performing
a surgery. The technology is also helping companies in adopting lean
manufacturing.
In
depth research report on Digital Twin Market
Further key findings from the study suggest:
·
Growing adoption of the digital twin technology in various
industries, such as automotive and transport and agriculture, is the major
growth-driving factor for the global market
·
Digital twin incorporates Artificial Intelligence (AI), big
data, Machine Learning (ML), and IoT, among others
·
This helps the end-use industries in accessing the technology
more easily and implementing it cost-effectively, thereby supporting market
growth
·
The manufacturing segment accounted for more than 20.0% of
the global market share in 2017 and is expected to witness a strong CAGR over
the forecast period
·
North America and Europe together accounted for more than 50%
of the market share in 2017 on account of high adoption of industrial IoT and
presence of developed infrastructure in these regions
·
Prominent companies in the digital twin market include ABB
Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc;
SAP SE; Schneider Electric SE; and Siemens AG. Most of these companies are
investing in R&D to maintain their position in the global market
Grand View Research
has segmented the global digital twin market on the basis of end use and
region:
Digital Twin End-use Outlook (Revenue, USD Million, 2014 -
2025)
·
Manufacturing
·
Agriculture
·
Automotive & Transport
·
Energy & Utilities
·
Healthcare & Life Sciences
·
Residential & Commercial
·
Retail & Consumer Goods
·
Others
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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