By Application (Manufacturing Process Planning, Product Design), End User (Automotive, Aviation, Chemical, Healthcare, Oil & Gas, Transportation), and Regional Market Size, Status and Forecast to 2025
The Global Digital Twin Market was valued at USD 1.86 billion in 2016 and is projected to reach USD 32.36 billion by 2025, growing at a CAGR of 37.35% from 2017 to 2025.
Digital twin refers to a digital replica of physical assets, processes and systems that can be used for various purposes. A digital twin continuously learns and updates itself from multiple sources to represent its near real-time status, working condition or position. Benefits of using digital twin includes – reduce product defects and production costs, shorten time to market, extend the life of equipment and assets, efficient production control, optimization of operability, manufacturability and sustainability, continuous refinement of designs and models, and early discovery of system performance deficiencies.
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1. Market Drivers
1.1 Technological enhancements in the field of virtual and augmented reality to enhance visualization of a digital twin
1.2 Rising demand of digital twin technology in the automobile and aerospace industries
1.3 3D printing and 3D simulation software boosting the adoption of digital twins in manufacturing and supply chain management
1.4 Increasing use of IIOT for design and manufacturing
1.5 Increasing adoption of IoT and cloud platforms
1.6 Reduction in the time and cost of production
2. Market Restraints
2.1 Lack of technical expertise
2.2 Poor awareness about cost benefits of the adoption of digital twins
2.3 Data security concerns due to the use of IoT and Cloud platforms
The Global Digital Twin Market is segmented on the application, end user, and region.
1. By Application:
1.1 Manufacturing Process Planning
1.2 Product Design
2. By End User:
2.5 Oil & Gas
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Siemens AG
2. Dassault Systemes
3. PTC, Inc.
4. Robert Bosch GmbH
5. IBM Corporation
6. Oracle Corporation
7. General Electric
8. SAP SE
9. Microsoft Corporation
10. ANSYS, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Digital Twin Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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