New York, NY, May 17, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Digital Twin Market by Application (Product, Production, and Performance) and by End-Use Industry (Automotive, Aerospace & Defense, Retail, Energy & Utilities, Healthcare, Logistics & Transportation, Electronics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global digital twin market was USD 3.2 billion in 2018 and is expected to reach USD 29.1 billion by 2025, at a rate of 37.3% between 2019 and 2025.
The digital twin technology has been widely used in tracking aircrafts to ensure the safety of their day-to-day travels. This technology is also used in developing digital models for commercial aircrafts. Various aircraft manufacturers, such as Boeing and Airbus, are manufacturing new aircrafts yearly. In 2018, these companies announced their aim to manufacture 857 and 848 units of aircrafts, respectively for the year. Furthermore, in 2017, Airbus and Boeing received 776 and 912 number of aircraft orders. Thus, the development of the digital twin market will be majorly due to the increasing digital twin technology usage by the aerospace sector in the upcoming years. Additionally, the adoption of artificial intelligence (AI) by numerous retailers is also fueling this market. Using AI with digital twin technology provides numerous benefits to retailers, such as elimination of repetitive tasks, cost reduction, maintaining schedule, etc. Considering the rising investments made in the automotive sector, the number of vehicles produced is expected to increase in the upcoming years. Furthermore, technological developments witnessed in the automotive industry are likely to create new market growth opportunities.
Browse through 57 Tables & 25 Figures spread over 126 Pages and in-depth TOC on “Global Digital Twin Market Size & Trends 2018: By Applications, Industry Share, Segments, Growth, Analysis, and Forecast to 2025”.
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The global digital twin market is divided on the basis of application and end-use industry. On the basis of application, the market includes product, production, and performance. The production segment is projected to grow at a notable rate in the years ahead, owing to the growing adoption of “Internet of Things (IoT)” in the manufacturing sector and the increasing digital twin demand for various designing and simulation applications. Based on end-use industry, the digital twin market is fragmented into aerospace and defense, automotive, retail, energy and utilities, healthcare, logistics and transportation, electronics, and others. The aerospace and defense segment is likely to witness significant growth in the digital twin market over the estimated time period, due to the rising investments made in technology to manufacture technically advanced machines.
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North America is projected to be the most attractive region for the digital twin market over the forecast time period. The U.S. is the major regional contributor, due to the increasing demand for digital twin by the defense sector. The U.S. air force uses the digital twin technology to track obsolete components of each aircraft and help in improving the lifecycle management. Furthermore, the presence of key market players like Microsoft Corporation, IBM Corporation, PTC, Oracle Corporation, etc. in the region will also boost this regional market.
The Asia Pacific is anticipated to hold a notable share of the global digital twin market in the future. China, India, and Japan are projected to be major contributors to this regional market, owing to the rising number of government initiatives for digitalization and smart city projects. The implementation of “Internet of Things (IoT)” with the digital twin technology helps in enhancing the economic development and improving the services offered to the citizens. The data generated from digital twin systems helps authorities of smart cities to take critical decisions for future investments as well. In 2018, China and India had around 500 and 100 cities under smart city projects, respectively. Furthermore, market players like IBM Corporation are already involved in offering solutions to various projects in China.
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The European digital twin market is anticipated to grow notably, due to the increasing digital twin demand by the automotive sector over the past few years. Europe is the hub of various automotive manufacturers with the existence of major manufacturers, such as Daimler, BMW, and VW Group. France, UK, and Germany are expected to be the key countries for market development in this region. In 2017, Europe contributed about 23% of the global motor vehicle production. Furthermore, from 2012 to 2016, the European Union passenger car fleet increased by around 5.7%.
The Middle Eastern and African region is anticipated to grow moderately in the digital twin market, due to the rising demand in the retail sector. The UAE, South Africa, and Saudi Arabia are the major countries for the market players in this region. The Latin American digital twin market is expected to witness significant growth over the forecast time period, due to the rising product demand in the Brazilian automotive sector.
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Some noticeable companies operating in the global digital twin market include IBM Corporation, SAP, Siemens, Microsoft Corporation, PTC, General Electric, Oracle Corporation, ABB, and Dassault Systèmes.
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This report segments the global digital twin market into:
Global Digital Twin Market: Application Analysis
- Product
- Production
- Performance
Global Digital Twin Market: End-Use Industry Analysis
- Automotive
- Aerospace and Defense
- Retail
- Energy and Utilities
- Healthcare
- Logistics and Transportation
- Electronics
- Others
Global Digital Twin Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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