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.
Browse full research report on Digital
Twin Market:
https://www.grandviewresearch.com/industry-analysis/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
Browse request sample of this report by
Grand View Research:
https://www.grandviewresearch.com/industry-analysis/digital-twin-market/request/rs1
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
Digital
Twin Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East &
Africa
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, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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