Report ID : 10321863 |
Published Date : 21 Oct 2022 |
Report Format : PDF,PPT |
Delivery Timeline :48-72 Business Hours
Global Digital Twin Market is valued approximately at USD 3.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 45.4% over the forecast period 2020-2026. Digital Twin is a digital clone of an asset, product, component, process, or a complete system or unit. Digital twins integrate internet of things (IoT), artificial intelligence (AI), machine learning and software analytics with spatial network graphs to create living digital simulation models that update and change as their physical counterpart change. It learns and updates itself from multiple sources to represent its near real-time status. The increasing adoption of emerging technologies such as IoT and cloud and growing use of digital twin for predictive maintenance are the few factors responsible for growth of the market over the forecast period. For instance, According to IoT analytics report, the number of IoT devices that are active is expected to grow to 10 billion by 2020 and 22 billion by 2025. Furthermore, the rising advancements and introduction of products and other strategic alliance by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in February 2017, IBM Corporation launched new IBM Digital Twin Capabilities to create multiple views of products by bringing together various ‘digital threads’ and data streams that can be tailored to the needs of a particular user. However, risks associated with data security due to the use of IOT and cloud platforms is the major factor restraining the growth of global Digital Twin market during the forecast period.
The regional analysis of global Digital Twin market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the strong economic infrastructure and significant presence of digital twin vendors in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
General Electric Company
IBM Corporation
PTC Inc.
Microsoft Corporation
Siemens AG
Ansys, Inc.
SAP SE
Oracle Corporation
Robert Bosch GmbH
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Technology:
IoT & IIot
Blockchain
Artificial Intelligence and Machine Learning
Augmented Reality, Virtual Reality, and Mixed Reality
Big Data Analytics
5G
By Type:
Product Digital Twin
Process Digital Twin
System Digital Twin
By Industry:
Aerospace & Defense
Automotive & Transportation
Home and Commercial
Healthcare
Energy & Utilities
Oil & Gas
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Digital Twin Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
