Digital Twin Market Growing at 37.87% CAGR to 2023 led by Electronics and Electrical/Machine Manufacturing Industry

PUNE, India, September 6, 2017 /PRNewswire/ --

The digital twin market is forecast to reach $15.66 billion by 2023 from $1.82 billion in 2016 at a CAGR of 37.87% during (2017-2023) driven by the growing adoption of Internet of things (IoT) by various end user industries and reduction in manufacturing process time and cost. The digital twin of a physical asset is a virtual model of an asset that is used to analyze changes in the performance or condition of a machine component while it is in operation.

Browse 30 Market Data Tables and 40 Figures spread through 137 Pages and in-depth TOC on "Digital Twin Market - Forecast to 2023" http://www.reportsnreports.com/reports/1175159-digital-twin-market-by-end-user-aerospace-defense-automotive-transportation-home-commercial-electronics-electricals-machine-manufacturing-energy-utilities-healthcare-retail-consumer-goods-and-ge-st-to-2023.html .

The key players operating in digital twin market include General Electric (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US), ANSYS, Inc. (US), Dassault Systèmes (France), and Siemens AG (Germany).

The digital twin market for other industries comprising materials and chemicals, and agriculture is expected to grow at the highest CAGR between 2017 and 2023. The growing adoption of new technologies for digitalization in product development, which substantially enhances the operational efficiency, boosts the growth of digital twin market for other industries and is likely to contribute to the fastest growth of the market for this segment.

Make an Inquiry on Digital Twin Market by End User (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Electronics & Electricals/Machine Manufacturing, Energy & Utilities, Healthcare, Retail & Consumer Goods), and Geography - Forecast to 2023 research report at http://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=1175159 .

The APAC held the largest share of the overall digital twin market in 2016, and the market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The growth of digital twin market in APAC is driven by the growing adoption of IoT for industrial applications in developing countries such as China, India, and Japan. Also, the increasing number of industries in this region leads to the growing demand for digital twins for improving the efficiency of product manufacturing.

This report on the digital twin market segments it on the basis of end user and geography. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

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In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (25%), Tier 2 (45%) and Tier 3 (30%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (50%), Director Level (32%), and Others (18%) from various key organizations operating in the digital twin market. The primary interviews were conducted worldwide covering regions such as Americas (32%), Europe (30%), Asia Pacific (24%), and RoW (14%).

The major drivers, restraints, opportunities and, challenges for the digital twin market have been provided in detail in this report. This report includes the market size estimated in terms of value (in USD), segmented on the basis of end user and geography. The report includes illustrative segmentation, analysis, and forecast of the digital twin market based on its segments and sub segments. The report includes proprietary micro quadrant framework, which analyzes market players on various parameters within the broad categories of business and product strategy.

Another research titled Industrial IoT Market Global Forecast to 2022 says, the IIoT market is expected to grow at a CAGR of 7.89% between 2016 and 2022 to reach $195.47 billion by 2022. Industrial robotics technology is expected to dominate the IIoT market during the forecast period. MES is estimated to held largest size of the IIoT market between 2016 and 2022. IIoT market in APAC is expected to grow at the highest rate. Companies such as ARM Ltd. (U.K.), Cisco Systems, Inc. (U.S.), General Electric (U.S.) Intel Corporation (U.S.), Rockwell Automation, Inc. (U.S.), ABB (Switzerland), Texas Instruments Incorporated (U.S.), Dassault Systèmes (France), Honeywell International Inc. (U.S.), Huawei Technologies Co., Ltd. (China), IBM Corporation (U.S.), Kuka AG (Germany), NEC Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), ZIH Corp. (U.S.) have been profiled in this 228 pages research report available at http://www.reportsnreports.com/reports/891560-industrial-iot-market-by-device-technology-sensors-rfid-industrial-robotics-dcs-condition-monitoring-smart-meters-ahs-camera-system-networking-technologies-software-plm-systems-mes-scada-vertical-st-to-2022.html .

Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .

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