Market Highlights
A surge in the adoption of 3D printing and 3D simulation across different business verticals is expected to promote the growth of the global Digital Twin Market, states Market Research Future (MRFR). MRFR reveals that the global Digital Twin Market is likely to attain a CAGR of 42.54% over the forecast period (2018-2025) and touch an impressive valuation by 2025.
The economy is at its nascent stage and is expressing strong prospects for growth. It has paved its way successfully through major vertical industries such as construction, automotive, and electronics. It assists end-users in achieving quality improvement and creativity capable of inspiring more verticals to implement the technology in the years to come. During the forecast period, robust demand from the electronics and machine/machine manufacturing sector will continue to generate growth for the global digital twin industry. Digital twin technology’s growth is being propelled in part by the rapid adoption of 3D printing and 3D modelling. The technology has quickly increased in developed countries across North America, Europe, and Asia. In the years ahead, the digital twin will undoubtedly find vast opportunities for deployment across major industrial verticals. Digital twin technology incorporates large-data modelling to integrate physical and digital platforms. The rapid advances in sensor technology and IoT are expected to accelerate the upward trajectory of the digital twin market.
Additionally, the increasing need for automation and digitization in the manufacturing industry further assures market participants of sales acceleration. Quite several industries have implemented big data analytics. That has paved the way in the coming years for the adoption of the digital twin technique. Also, the increasing use of 3D printing and 3D simulation software is expected to increase the digital twin market over the assessment period.
Segmentation:
The global Digital Twin Market has been studied on the basis of end user application and type.
Based on the end-user application, the global Digital Twin Market has been segmented into automotive and transportation, aerospace and defense, electronics and electrical or machine manufacturing, healthcare, retail, energy and utilities, home and commercial, and others. The aerospace and defense segment have been classified into space-based monitoring and aircraft engine design and production. The automotive and transportation segment has been narrowed down to vehicle designing & simulation and fleet management. The healthcare segment has been divided into patient monitoring and medical devices simulation. The energy and utilities segment have been classified into wind and gas turbines, and power infrastructure. The electronics and electrical or machine manufacturing segment is expected to secure the largest share of the global digital twin market over the assessment period. MRFR mentions that the segment is poised to touch a valuation of USD 9416.3 Mn by 2025.
Based on the type, the global digital twin market has been segmented into product twin, parts twin, process twin, and system twin. The product twin segment is expected to grasp a significant share of the global Digital Twin Market. The system twin segment is likely to register a lucrative CAGR of 44.46% over the review period.
Regional Outlook
The global twin digital market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World, by country.
North America is the largest digital twin-technology market. The participation of the region’s major players encouraged the early adoption of the technology. It has powered market growth, and the same pattern is expected to continue over the next few years. It was valued at USD 691.2 million in 2017 and has been projected to strike a CAGR of 42.77% between 2018 and 2025.
The Asia Pacific offers lucrative prospects for development and has been expected to draw investment from global leaders in the years ahead. The region’s digital twin market is projected to prosper over the evaluation period at a comparatively higher CAGR of 45.19%.
Competitive Dashboard
Some of the prominent players profiled in this MRFR report are PTC Inc., General Electric, ANSYS Inc., SAP SE, Siemens AG, Cisco Systems, Inc., Oracle Corporation, Dassault Systemes SE, Microsoft Corporation, Accenture PLC, and IBM Corporation.
