Pune, India, June 19, 2019 (GLOBE NEWSWIRE) -- Market Overview
Digital twins are virtual replicas of real-world objects which are run in a simulation for testing their performance and efficacy. The emergence of connected ecosystems and internet of things (IoT) is expected to bring the concept into the mainstream. Success of digital twins have been notices in sectors of manufacturing, healthcare, and automotive. Major software giants are offering digital twins to their clients for minimizing maintenance and operational costs.
The global digital twin market report found of Wise Guy Reports (WGR) predicts its size to touch USD 35,462.4 million by 2025 by exhibiting a CAGR of 42.54% over the forecast period (2018-2025).
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Market Scope
The global digital twin market is expected to prosper due to the need for early successes in investments of novel technologies. This is exemplified by the detection of anomalies in bearings of rotating machines by General Electric. The use of the technology to accelerate speed to market of products can drive market growth.
Rising adoption of 3D simulation software, automation across industries, and awareness of advanced data analytics are other factors which can drive market growth. According to a survey by Gartner across 600 organizations, more than 60% of them were in the process of adopting digital twins to gain an advantage over the competition. Developments in industrial internet of things (IIoT) and artificial intelligence for ensuring the automation of processes can augur well for the market. Furthermore, self-driving cars, smart cities, and other connected systems offer but risk of breaches may threaten market growth.
Competition Outlook
Top players within the global digital twin market include IBM Corporation, General Electric, SAP SE, Accenture PLC, PTC Inc., Siemens AG, Dassault Systèmes SE, Cisco Systems, Inc., Microsoft Corporation, ANSYS Inc, and Oracle Corporation. These players are competing in the market on the basis of price, customer service, and rapid iterations of technology. Supportive government policies and dynamic market conditions will play their part as well.
Segmentation
The global digital twin market is segmented by type and end-user.
Types discussed in the market report include parts twin, process twin, system twin, and product twin. The product twin segment is expected to gain a larger market share over the forecast period due to the impending need for developing products rapidly in a shorter duration. On the other hand, the system twin segment is predicted to exhibit 44.46% CAGR during the forecast timespan. System twins allow a virtual model with realistic features to be run in a simulation. This is exemplified by efforts taken by Stirling Council, a region within Scotland, has decided to use the digital system twin process for creating virtual replicas of 30 schools and other buildings. The virtual model can be used in assessing energy consumption patterns and attain accurate data from sensors placed in surrounding buildings.
Major end-users include aerospace & defense, electronics & electrical/machine manufacturing, automotive transportation, home & commercial, energy & utilities, healthcare, retail, and others. the electronics & electrical/machine manufacturing segment is expected to touch a high valuation of USD 9,461.3 million by 2025.
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Regional Scope
The digital twin market report considers the following regions in its analysis – North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is expected to continue assuming the dominant position with a valuation of USD 11,396.9 million by 2025. It is primarily driven by high demand from the electronics & electrical/machinery sector. But the automotive sector can provide growth opportunities to the digital twin market owing to success in autonomous vehicles.
The APAC region is predicted to exhibit 45.19% CAGR over the assessment period driven by influx of foreign investments and technological advances. In addition, China and India function as major manufacturing units for conglomerates due to economically viable workforce. Adoption of automation across all discrete processes for expediting the production rate can trigger the need in the digital twin market. Furthermore, inclination towards miniaturization, rampant industrialization, and rise in digitization are factors which can bolster regional market growth.
Europe is projected to be worth USD 9,996.4 million for the global digital twin market till 2025. While the Rest-of-the-World (RoW) can register 38.89% CAGR over the forecast timespan.
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