Digital Twin Technology Market 2019
According to a report, the global digital twin technology market is expected to increase in a reflective manner. The global digital twin technology market is likely to grow at a CAGR of 32.4% from 2017 to 2025. The market size which was worth USD 1.24 billion in 2017 is expected to reach to USD 13.45 billion in 2025. There are various factors that are anticipated to influence the market growth and among many reasons one of the reasons includes the potential of digital twin technology to bridge the gap between the physical world and virtual world.
Also, growing adoption of Internet of Things (IoT) and big data analytics is also projected to expand the market size during the coming years. Other factors that influence the market include rising need for cost-efficient operations, optimizing the processes, and to reduce Time to Market (TTM) as well.
In addition, the way digital twin technology has being created will evolve the innovations in the field of Virtual Reality (VR) and Augmented Reality (AR), which will boost the growth of the market. However, the report also focuses on some of the challenges that are likely to restrain the growth of digital twin technology market during the forecasted time period.
The market of global digital twin technology has been segregated into type and application. Based on the type, the market has been divided into Parts Twin, Product Twin and Process Twin. Based on the application, the market has been segmented into Aerospace & Defence, Automotive & Transportation, Machine Manufacturing, Energy & Utilities and others.
Detailed Regional Analysis
The regional analysis will offer clear picture of the development in the global digital twin technology market as per the regions. The global market of digital twin technology has been analysed across United States, Europe, India, Japan, China, and Southeast Asia. In terms of revenue, North America and Europe together accounts for more than 50% of the market share in 2017 which is due to more usage of industrial IoT and developed infrastructure in these regions. Meanwhile, growing technology demand in different sectors including energy & utilities, consumer goods and transportation is expected to fuel digital twin technology market in the APAC region as well. Also growing preferences of digital twin technology is being partly driven by the rapid adoption of 3D printing and 3D simulation in the developing economies. European market is also expected to bolster in the future. Factors such as well-established IT and network infrastructure and growing demand for digital twin in the automobile and aerospace industries will drive the digital twin industry growth in the region during the projected period.
The hard competition among the leading players is likely to bring favourable results in the global digital twin technology market. The leading players are making strategies to make the most of future growth opportunities in this market. Also partnerships and agreements among major players that are operational in the market is also expected to leave a positive impact on the market.
Table of Contents –Analysis of Key Points
1 Digital Twin Technology Market Overview
2 Manufacturers Profiles
3 Global Digital Twin Technology Market Competition, by Players
4 Global Digital Twin Technology Market Size by Regions
5 North America Digital Twin Technology Revenue by Countries
6 Europe Digital Twin Technology Revenue by Countries
7 Asia-Pacific Digital Twin Technology Revenue by Countries
8 South America Digital Twin Technology Revenue by Countries
9 Middle East and Africa Revenue Digital Twin Technology by Countries
10 Global Digital Twin Technology Market Segment by Type
11 Global Digital Twin Technology Market Segment by Application
12 Global Digital Twin Technology Market Size Forecast (2019-2024)
13 Research Findings and Conclusion
List of Tables and Figures
Company Name: Wiseguyreports.com
Contact Person: Norah Trent
Email: Send Email
Phone: +1 646 845 9349, +44 208 133 9349