Digital Twin Market Worth $30.1 Billion by 2025 - Exclusive Report by Meticulous Research®

Digital Twin Market by Type (Asset, Process, System), Technology (Internet of Thing, Artificial Intelligence, Big Data Analytics, AR VR), End User (Automotive, Transport, Healthcare, Construction, Manufacturing, Retail) - Global Forecast to 2025


London, Dec. 11, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Digital Twin Market by Type (Asset, Process, System), Technology (Internet of Thing, Artificial Intelligence, Big Data Analytics, AR VR), End-User (Automotive, Transport, Healthcare, Construction, Manufacturing, Retail) - Global Forecast to 2025”, published by Meticulous Research®, the digital twin market is expected to grow at a CAGR of 38.1% from 2018 to reach $30.1 billion by 2025.

Digital twin is a virtual model of a physical entity that mimics the operation and behavior of its physical equivalent, which can be a physical asset, process, or a system. This technology is extensively used for predictive maintenance and monitoring of assets while developing insights on futuristic impact of the asset after deployment. With respect to market perceptions of digital twin technology, the growing use of digital twin for predictive maintenance and analysis of asset and increase in adoption of IoT and cloud-based storage solutions are some of the key factors driving the market growth. However, lack of skilled employees and risks associated with data security are restraining the upsurge of global digital twin market to a certain extent.

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Global digital twin market is broadly segmented by type, technology, end-use industry, and geography. Based on type, global digital twin market is majorly segmented into asset, process, and system. Subsequently, the end-use industry is further segmented into automotive & transport, aerospace & defense, energy & utilities, healthcare, building & construction, consumer electrical & electronic goods, manufacturing, oil & gas; wherein the manufacturing industry commanded the largest share of the market in 2018. The need for asset management in accordance with its predictive maintenance and health monitoring is contributing to the growing adoption of digital twin technologies across many industry areas. Furthermore, the use of this technology to reduce cost of production and to eliminate the redundancy of efforts required for asset testing and maintenance is also supporting the growth of the digital twin market.

Based on technology the digital twin market is segmented into IoT, AI & ML, big data analytics, and AR & VR; wherein IoT commanded the largest share of digital twin market in 2018. The proliferation of IoT devices and growing inclination towards sensor-driven product development are supporting the largest share for IoT in digital twin market. However, the AI & ML technologies segment is poised to register the fastest growth rate during forecast period.

Based on end-uses, the manufacturing industry vertical accounted for the largest share of the overall digital twin market in 2018. This growth is mainly attributed to the extensive adoption of IoT and cloud-based technologies for predictive maintenance and asset health monitoring by manufacturers. The advent of Industry 4.0 is further encouraging manufacturers to inculcate newer technologies, such as digital twins to prove their technological dominance in the market; thereby driving the market growth.

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Digital twin market scope varies greatly across different continents. The reason for this lies in the rate of technological development in different parts of the world. In 2018, North America accounted for the largest share of the digital twin market. The high adoption of IoT devices, technological advancements of cloud infrastructure, and presence of majority of established digital twin players and start-ups have boosted the overall digital twin market for the North American region. However, increased government-funded smart city projects, coupled with the accelerating adoption of sensor-driven technology by the enterprises and the different business organizations are helping Asia-Pacific region to register the fastest growth in the global digital twin market.

The report also includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2019). The digital twin market has witnessed number of new product launches in recent years. For instance, in June 2019, ANSYS, Inc. (U.S.) launched a new product in the digital twin category - ANSYS 2019 R2. This product was developed to strengthen digital thread between designing, engineering, and manufacturing. Similarly, in January 2019, Robert Bosch (Germany) launched a new software package known as Bosch IoT Suite for Asset Communication which was indicated to manage assets of an organization by connecting them. Similarly, in June 2018, PTC, Inc. (U.S.) launched new product KEPServerEX Version 6.5 to connect industrial operations and commit to industrial control systems and security.

Some of the key players operating in the global digital twin market are General Electric (U.S), IBM (U.S), PTC (U.S), Microsoft Corporation (U.S), Oracle Corporation (U.S), ANSYS (U.S), Siemens AG (U.S.), SAP SE (Germany), Oracle Corporation (U.S), Robert Bosch (Germany), SWIM.AI (U.S), Rescale, Inc. (U.S), Dassault Systemes (France),  along with several local and regional players.

Browse key industry insights spread across 195 pages with 85 market data tables & 16 figures & charts from the market research  report:

Scope of the Digital Twin Market Research Report:

Digital Twin Market by Type

  • Asset
  • Process
  • System

Digital Twin Market by Technology

  • Internet of Things (IoT)
  • Artificial Intelligence & Machine Learning
  • Big data analytics
  • Augmented Reality & Virtual reality
  • others

Digital Twin Market by End-use Industry

  • Automotive & transportation
  • Aerospace & Defense
  • Energy & Utilities
  • Healthcare
  • Building & construction
  • Consumer Electrical & Electronic goods
  • Manufacturing
  • Oil & Gas
  • Retail

Digital Twin Market by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key questions answered in the report:

The growing use of digital twin for predictive maintenance

  • How does the adoption of digital twin in developed regions differ from developing countries like India, and China?
  • What are the different measures taken for predictive maintenance in order to widespread digital twin?
  • Are there any instances regarding booming technologies such as AI and ML with respect to digital twin?

Increasing adoption of IoT and cloud-based storage solutions

  • How is the proliferation of IoT responsible for the widespread adoption of digital twin?
  • What are the benefits of implementing cloud-based digital twin solutions?

Key players dominating the digital twin market

  • Who are the major players in various countries and what share of the market do they hold?
  • Who are the top competitors in this market and what strategies do they employ to gain shares?
  • What companies have recently merged/acquired in various countries across the globe and how will these unions affect the competitive landscape?
  • Which companies have created partnerships and how will these partnerships promote a competitive advantage?

North America region dominates the geographical segment of digital twin market

  • Who are the prominent players in the North American digital twin market and what is their market share?
  • Which is the most adopted type of digital twin technology in the country?
  • What is the impact of adoption of digital twin on end-use industries in the U.S.?

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