Digital Twin Market to Propel due to Increasing use of Industrial Internet of Things, Digitization of Records, and Optimized Products: Radiant Insights, Inc.

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Radiant Insights, Inc.

02 Jul, 2018, 09:55 BST

SAN FRANCISCO, July 2, 2018 /PRNewswire/ --

Global Digital Twin Market is estimated to grow at a substantial CAGR in the forecast period as the scope, product types, and its applications are increasing across the globe. "Digital Twin" could be defined as a near-real-time digital image relating to the historical and present behavior of a physical object or process that assists in optimizing the performance of the business. The factors that propel the growth of the Digital Twin Market include increasing use of industrial internet of things, digitization of records, optimized products, abolishment of obsolete technology, and introduction of smart technology. However, the factors that are hampering the market growth include increase in number of cyber-attacks, and less awareness regarding digital technology in rural areas.

Digital Twin Market is categorized based on applications, end user, and geography. Digital Twin Market is categorized based on applications as Product Design, Manufacturing Process Planning, and Others. The "Product Design" segment led the Digital Twin Market in 2016 and is anticipated to maintain its dominance by 2018. Digital Twin Market is categorized based on end user as Electronics & Electricals/Machine Manufacturing, Automotive & Transportation, Aerospace & Defense, Home & Commercial, Healthcare, Energy & Utilities, Retail & Consumer Goods. The "Electronics and Electrical/machine" segment led the Market in 2016 and is anticipated to maintain its dominance by 2025 owing to increasing requirement of digitalization for the manufacturing and designing procedure of electronic equipment such as home electronic equipment, computers, industrial equipment, printers, motors, generators, and transformers, along with the after-sale facilities; which usually lead to a substantial development in the profits streams.

Furthermore, the acceptance of digital twins significantly decreases the product growth cost and time for these businesses. Digital Twin Market is categorized based on geography into North America, Latin America, Japan, Middle East and Africa, Western Europe, Asia Pacific, and Eastern Europe. APAC accounted for the major share of the Market and will continue to lead in the forecast period. The factors that can be accredited to the growth includes surge in growth of several businesses that has led to development in the acceptance of digital twin systems for digitalization of numerous end user industries existing in emerging nations such as Japan, India, and China.

The key players contributing in the robust growth of the Digital Twin Market are comprised as PTC, General Electric, Siemens AG, Alphabet Inc., SAP SE, Dell, Cisco Systems, Inc., CSC, AT&T and Bosch Software Innovations GmBH. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

This report studies Digital Twin in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016, and forecast to 2022.

Access 100 page research report with TOC on "Digital Twin Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/global-digital-twin-market-professional-survey-report-2018

This report focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering 

•    General Electric

•    IBM Corporation

•    Microsoft Corporation

•    Oracle Corporation

•    PTC

•    ANSYS

•    Dassault Systemes

•    Siemens AG

On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into 

•    Hardware

•    Software

By Application, the market can be split into 

•    Aerospace & Defense

•    Automotive & Transportation

•    Home & Commercial

•    Electronics & Electricals

•    Energy & Utilities

•    Healthcare

By Regions, this report covers (we can add the regions/countries as you want) 

•    North America

•    China

•    Europe

•    Southeast Asia

•    Japan

•    India

Browse reports of similar category available with Radiant Insights, Inc.: 

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SOURCE Radiant Insights, Inc.