A recent report published by Infinium Global Research on digital twin market provides an in-depth analysis of segments and sub-segments in the global as well as regional digital twin market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional digital twin market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global digital twin market. According to the report, the global digital twin market is projected to grow at a CAGR of 35.2% over the forecast period of 2019-2025.
Market Insight
Digital twins are one of the biggest developments in the world of technology over the last few years. Digital twin’s technology essentially provides a real-time look at how a physical asset is performing. Digital twins are adopted in industries such as manufacturing, automotive and construction to evaluate the performance of given physical assets and then, identifying where improvements can be made to reach more favorable outcomes for the future. Digital twins are making a roaring sound across businesses worldwide. Human digital twins could help to create healthcare plans for increasing preventative measures of the disease. Industries such as retail, manufacturing, healthcare, automobile and oil and gas have started using the technology of Digital Twin.
The increasing adoption of Internet of Things (IoT) and big data analytics is the major growth factor of the digital twin market. It is possible to manufacture extremely high-quality products by using a digital twin. Furthermore, factors such as increasing need for cost-efficient operations, enhancing the processes, and reducing the Time to Market are also driving the growth of the market. The demand for digital twins is increasing in the manufacturing sector due to increased reliability of equipment and production lines and improved productivity. Innovations in the field of Virtual Reality (VR) and Augmented Reality (AR) are boosting the demand of the market. However, the risks associated with data security owing to the use of IoT and cloud platforms are restraining the market growth. Moreover, Innovations in the field of Virtual Reality (VR) and Augmented Reality (AR) are expected to provide intensive growth opportunities to the market.
Geographically, North America dominates the global digital twin market due to rapidly expanding e-commerce landscape, growing adoption of industrial internet of things (IIoT), and the availability of extensive cloud infrastructure. Asia-Pacific is the fastest growing market for digital twins due to the increasing government initiatives for digitalization and smart city projects in countries such as China, India, and Japan.
Segment Covered
The report on global digital twin market covers segments such as applications, and end use industry. On the basis of applications, the sub-markets include manufacturing process planning, product design, and other applications. On the basis of end use industry, the sub-markets include manufacturing, transportation, energy & utilities, healthcare, consumer goods, and other applications.
Companies Profiled:
The report provides profiles of the companies in the market such as General Electric, SAP SE, Dell, Siemens AG, PTC, Alphabet Inc., Bosch Software Innovations GmbH, Cisco Systems, Inc., AT&T, Tibco Software Inc., CSC, and Other companies.
Report Highlights:
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of digital twin market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
