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.
Digital
twin technology is gaining traction owing to its potential to bridge the gap
between the physical world and the virtual world. The global market is expected
to grow significantly over the forecast period in line with the growing
adoption of the 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.
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Digital Twin
Market Report Highlights
- 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 the 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
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Digital Twin
Market Segmentation
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
- The U.S.
- Canada
- Europe
- The 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.
For more info visit @ https://www.grandviewresearch.com
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