CHICAGO, July 29, 2019 /PRNewswire/ -- According to the new market research report "Digital Twin Market by Technology, Type (Product, Process, and System), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas), and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Digital Twin Market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8%. Major factors surging the demand for digital twin include declining time and cost of product development and unplanned downtime with the adoption of digital twins, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance.
Ask for PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225269522
Automotive & transportation to account for largest size of digital twin market from 2019 to 2025
Automotive & transportation is expected to be the key end-user industry for the digital twin market. This industry is growing rapidly due to the increasing usage of digital twins for designing, simulation, maintenance, repair, and overhaul, production, and after service. Moreover, the automotive & transportation industry is the early adopter of technologies, and there is a rising demand for connected devices in this sector owing to the advancements such as connected cars & autonomous cars, which, in turn, boosts the growth of the digital twin market.
System digital twin to boost demand for digital twin market during forecast period
System digital twin is expected to hold the largest share of the digital twin market during the forecast period. This growth is attributed to the increasing demand for system digital twin type from several industries as a system digital twin is a collection of assets/products and processes that together perform as a system- or network-wide function, such as an oil & gas refinery/plant, a production line in a factory, an assembly line, a traffic network, a wind farm, a hospital, and a country. A system twin provides visibility into a set of interdependent equipment.
North America to hold largest share of digital twin market from 2019 to 2025
North America held the largest share of the overall digital twin market in 2018, and APAC is likely to exhibit the highest CAGR during the forecast period. Major factors driving the growth of the digital twin market in North America is due to the strong economic infrastructure and significant presence of digital twin vendors in the region. Moreover, increasing R&D activities in the field of IoT and IIoT, and growing demand for efficient and cost-effective technologies for product manufacturing are the factors driving the market in this region.
Browse in-depth TOC on "Digital Twin Market"
51 – Tables
44 – Figures
133 – Pages
Request Sample pages of the Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=225269522
General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), Ansys (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US) are among the major players in the digital twin market.
Please Explore Relevant Reports:
Industrial IoT Market by Device & Technology (Sensor, RFID, Industrial Robotics, DCS, Condition Monitoring, Smart Meter, Camera System, Networking Technology), Software (PLM, MES, SCADA), Vertical, and Geography - Global Forecast to 2023
Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography - Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/digital-twin-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source : https://www.marketsandmarkets.com/PressReleases/digital-twin.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
Share this article