LOS ANGELES, Jan. 23, 2019 (GLOBE NEWSWIRE) -- QY Research has lately published a new report titled "Global Digital Twin Technology Market Size, Status, and Forecast 2019-2025", for the predicted period of 6-years i.e. 2019-2025. The global market for digital twin technology was valued at US$ 1.88 Bn and is expected to have an exponential growth at US$ 13.5 Bn by the end of 2025, growing at a colossal CAGR of 32.4% during the forecasted period.
Global Digital Twin Technology Market: Overview
The global digital twin technology market is one of the most profitable markets in the current scenario. The market is basically comprised of the sensors that assist in collecting the information that will represent the continuous data of the physical resource. The demand for the global digital twin technology market is likely to grow over the projected period due to several factors such as bridging the gap between the virtual and real system, abolishment of outdated technology, digitization of records, and an introduction of smart technology. The key factor that booms the growth of the global digital twin technology market is the use of industrial internet of things (IoT).
Global Digital Twin Technology Market: Drivers and restrains
The global digital twin technology market is driven by rising investment in research and development, progress in smart technology, and increasing digitization of documents. The digital twin technology market allows the user to monitor the performance of the system and also helps to track the progress status of the physical product growth cycle. This led to the growth of the global digital twin technology market over the forecasted period.
However, rising cyber-attacks and less awareness about digital technology in rural areas may hinder the growth of the global digital twin technology in the coming years.
Global Digital Twin Technology Market: Segmental analysis:
On the basis of application, the global digital twin technology is segmented into Energy & Utilities, Aerospace & Defense, Machine Manufacturing, and Automotive & Transportation. By type, the global market for digital twin technology is segmented into System Twin, Parts Twin, Process Twin, and Product Twin.
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Global Digital Twin Technology Market: Regional Outlook
Based on the regions, North America to continue to dominate the global digital twin technology market over the forecasted period. Factors that attribute to the growth of the market are growing IOT technology by various medium and large scale organizations across the globe. The market of digital twin technology in Asia Pacific and Europe region is growing steadily due to lack of awareness and the reduced adoption rate of the digital twin technology. The major key developing markets of digital twin technology are South Korea, China, India, and Japan.
Global Digital Twin Technology Market: Competitive Analysis
One of the most important section of the report is the competitive landscape that consists of all the necessary information to study the top players operating into the global digital twin technology market. This report also sheds light on their key strategies and product offerings to surge massive growth of their rivals in the market.
Oracle Corporation, General Electric, Microsoft Corporation, PTC, ANSYS, Siemens, IBM Corporation, and Dassault Systèmes are some of the leading players functioning in the market.
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