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Digital Twin Market is Growing Due to its Rising Demand in Retail and Healthcare Sector

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Digital Twin Market is Growing Due to its Rising Demand in Retail and Healthcare Sector

August 31
16:24 2019
Digital Twin Market is Growing Due to its Rising Demand in Retail and Healthcare Sector

Digital Twin Market
Digital Twin Market: By End-User Application (Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial and Others)

Market Highlights

A strong demand from the electronic and electrical/machine manufacturing sector will continue to usher growth for the global digital twin market during the forecast period (2018-2025). The market is expected to surge at a compound annual growth rate of 42.54% till 2025. Digital twin technology facilitates an integrated multi-physics, multi-system simulation to a complex product, which functions to mirror the life of its corresponding twin. Leveraging the full might of cutting-edge digital technologies, digital twins virtually mimic plant and factory products and processes which support the end-users in achieving continuous improvement and innovation.

Digital twin technology leverages big data analytics for uniting the physical and digital platforms. The rapid developments in the sensor technology and IoT are prognosticated to catapult the digital twin market on an upward trajectory. In addition, the rising need for automation and digitization in the manufacturing industry further ensures revenue acceleration for the market participants. As a result, the twin technology market has been growing rapidly.  Huge demand from the electronic and electrical/machine manufacturing sector is expected to continue to usher growth for the market further. Moreover, the popularity of digital twin led by the rapid adoption of 3D printing and 3D simulation is escalating market on the global platform.

Big data analytics has already been adopted by quite a large number of industries. This has paved the way for the adoption of the digital twin technique in the forthcoming years. Furthermore, the rising deployment of 3D printing and 3D simulation software is anticipated to augment the digital twin market over the assessment period. Other factors that are propelling the growth of the market include the rapid developments in the sensor technology and IoT. The rising demand for automation and digitization in the manufacturing industry further ensures revenue acceleration for the market participants. Furthermore, the increasing deployment of 3D printing and 3D simulation software is expected to increase the size of the digital twin market over the assessment period.

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Segmentation:

The analysis offers a detailed segmental analysis of the global digital twin market based on end-user application and type. By end-user application, the market has been segmented into automotive & transportation, aerospace & defense, electronics & electrical / machine manufacturing, retail, healthcare, energy & utilities, home & commercial, and others. The aerospace & defense segment has been sub-segmented into space-based monitoring and aircraft engine design and production. The automotive & transportation segment has been sub-segmented into fleet management and vehicle designing & simulation. The healthcare segment has been further sub-segmented into patient monitoring and medical devices simulation. Lastly, the energy & utilities segment is sub-segmented into wind & gas turbines, and power infrastructure. Among these, the electronics & electrical / machine manufacturing segment is poised to hold the maximum share of the global digital twin market through the forecast period. Its valuation has been estimated to touch USD 9416.3 Mn towards the end of 2025.

By type, the digital twin market has been segmented into product twin, process twin, parts twin, and system twin. The product twin is prognosticated to hold the most significant share of the market. Meanwhile, the system twin segment is forecasted to strike the highest CAGR of 44.46% over 2025.

Regional Analysis:

The regional assessment of the global digital twin market spans across North America, Europe, Asia Pacific, and the Rest of the World. Among these, North America is expected to secure the forefront position in the global marketplace. Its valuation is estimated to reach USD 11,396.9 Mn by the end of the projection period. The growth of the regional digital twin market can be attributed to the rising demand for electronics & electrical / machine manufacturing. Furthermore, the automotive & transportation industry is also likely to exhibit an upsurge in demand for the technology over the next few years.

Europe is projected to maintain its second spot in the foreseeable future. It has been forecasted to value at USD 9,996.4 Mn towards the end of 2025. Meanwhile, Asia Pacific, which signifies rapid industrialization, is likely to expand at a relatively higher CAGR across the review period. The large-scale adoption of the technology across the automotive & transportation industry is anticipated to drive the growth of the digital twin market in the region. China is the largest market for digital twin technology in the region and is poised to grow most substantially over the next couple of years.

Global Digital Twin Market – Competitive Landscape

Highly competitive, the global digital twin market appears to be fragmented due to the presence of several major players. These players incorporate strategic initiatives such as partnership, acquisition, collaboration, expansion, and technology launch to gain a competitive advantage in this market.

Technology providers emphasize on improving their market performance and acquire promising companies in the fast-growing markets to support their expansion plans. They employ continuous improvement strategies to analyze and update the improvements the digital twin is implementing, launching technology updates that can meet the changing needs of end-users.

Market players strive to develop a well-established infrastructure that allows the seamless implementation of advanced technologies. Massive investments transpired in R&D sector from the major players, are in turn, helping the market to grow.

Major Players:

Key players leading the clientless remote support software market include PTC Inc., ANSYS Inc., SAP SE, Microsoft Corporation, Dassault Systemes SE, IBM Corporation, Cisco Systems, Inc., General Electric, Accenture PLC, Oracle Corporation, and Siemens AG among others.

Industry/ Innovation /Related News:

May 21, 2019 —– Bentley Systems, Incorporated (the US), a software development company announced the acquisition of Keynetix Limited (the UK), a software company that develops and provides cloud-based software for capturing, visualizing, modeling, and sharing geotechnical data to enable subsurface digital twin services.

The addition of Keynetix software expands Bentley’s geotechnical offerings, accelerating Bentley’s vision of enabling subsurface digital twins for infrastructure projects and assets.

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List of Figures

FIGURE 1 GLOBAL DIGITAL TWIN MARKET: MARKET STRUCTURE

FIGURE 2 NORTH AMERICA MARKET SIZE AND GROWTH RATE, BY COUNTRY (207-2025)

FIGURE 3 EUROPE MARKET SIZE AND GROWTH RATE, BY COUNTRY (207-2025)

FIGURE 4 ASIA-PACIFIC MARKET SIZE AND GROWTH RATE, BY COUNTRY (207-2025)

FIGURE 5 REST OF THE WORLD MARKET SIZE AND GROWTH RATE, BY COUNTRY (207-2025)

FIGURE 6 TOP DOWN & BOTTOM UP APPROACH

FIGURE 7 DRIVERS, OPPORTUNITIES AND RESTRAINTS ANALYSIS OF GLOBAL DIGITAL TWIN MARKET

FIGURE 8 SUPPLY CHAIN: DIGITAL TWIN MARKET

FIGURE 9 PORTER’S FIVE FORCES ANALYSIS OF THE GLOBAL DIGITAL TWIN MARKET

FIGURE 10 GLOBAL DIGITAL TWIN MARKET, BY END-USER APPLICATION, 2017 VS 2022 VS 2025 (USD MILLION)

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