Digital Twins Market 2019 to Grow at a Staggering CAGR of 36.68% in Next 5 Years
May 15, 2019
Digital twin is a replica of a product, process, or services which can be a living or non-living entity.
FREMONT, United States - May 14, 2019 /MarketersMedia/ —
The Global Digital Twins Market was valued at US$ xx million in the year 2018 and is expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 36.68%.
Digital twin is a replica of a product, process, or services which can be a living or non-living entity. The pairing of physical and virtual worlds facilitates the analysis of data and monitoring of systems to predict the problems before they take place. It helps to reduce the downtime in the industrial processes. Digital twin allows to develop opportunities and planning for the future incidents by using virtual model simulations. The digital twin idea was developed by NASA to help in the operations and maintenance services of spacecraft, which travel outside the range of physical monitoring.
The main factors that are driving the growth of the global digital twins market are the rising adoption of IoT and cloud platforms, potential reduction in the time and cost associated with product development, and reduction in the downtime of business processes. Moreover, the increasing adoption for 3D printing and 3D simulation is also fuelling the growth of the market. However, the risk associated with data security is expected to impede the market growth.
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According to the twin type, the market is categorized into part twin, product twin, process twin, and system twin. Among these, the product twin segment is likely to grow during the forecast period owing to the growing demand for digital twin, as it facilitates production with lesser downtime and more efficiency.
Based on application, the market is segmented into product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization. Among these, predictive maintenance holds a dominating share in the market owing to the increasing adoption of cloud-based maintenance systems across several industry verticals.
Based on the end-use industry, the market is segmented into automotive and transportation, aerospace, healthcare, electrical and electronics manufacturing, retail and consumer goods, and others. Among these, the electrical and electronics manufacturing is holding a dominating share in the market owing to the popularity of 3D printing and 3D simulation.
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North America holds a dominating position, owing to the tremendous application opportunities available in every industry vertical in this region. The Asia-Pacific region is expected to grow with the highest CAGR over the forecast period. Remarkable growth opportunities are observed in this region due to the increasing IT and manufacturing infrastructure in this region.
The key players in the global digital twin market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), PTC Inc. (U.S.), Oracle Corporation (U.S.), General Electric (U.S.), Dassault Systemes (France), Cisco Systems, Inc. (U.S.), Ansys Inc. (U.S.), Siemens AG (Germany), and Robert Bosch GmbH (Germany), amongst others.
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