According to a new market research “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“, the digital twin market is expected to grow at a CAGR of 37.87% during the forecast period, to reach USD 15.66 Billion by 2023.
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. The reduction product development time and cost, and predominant use of IIoT for manufacturing and design are the important factors driving this market.
Don’t miss out on business opportunities in Digital Twin Market. Speak to our analyst and gain crucial industry insights that will help your business grow:
https://www.marketsandmarkets.com/speaktoanalyst.asp?id=225269522
The main objectives of this study are as follows:
Electronics and electrical/machine manufacturing industry held largest share of digital twin market in 2016
The electronics and electrical/machine manufacturing industry held the largest size of the largest share of the digital twin market in 2016. The growth of the market is attributed to the growing need of digitalization for the designing and manufacturing process of electronic equipment such as industrial equipment, computers, printers, transformers, generators, motors, and home electronic equipment, along with the after-sale services which typically lead to a significant growth in the revenue streams. Moreover, the adoption of digital twins considerably reduces the product development time and cost for these industries.
30– Tables
40– Figures
137– Pages
View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/digital-twin-market-225269522.html
Digital twin markets for other industries including agriculture and materials and chemicals, and retail and consumer goods industry are expected to grow at high CAGR during forecast period
The agriculture industry is one of the rapidly growing industries in terms of digitalization. In the agriculture industry, the digital twin technology offers remote monitoring, virtual geographic information systems, crop and soil health monitoring, and livestock and farm management, among other applications. The market for the retail and consumer goods industry is expected to grow at the second-highest CAGR during the forecast period. This growth is attributed to the increasing adoption of IoT for the management of goods and optimizing the workflow in this industry using digital twins.
Digital twin market in APAC is expected to grow at highest CAGR during forecast period
The countries such as China, Japan, and India have undertaken numerous initiatives to encourage the implementation of IoT in the region, and hence, the market in APAC is growing at the highest CAGR due to the high rate of adoption of digital twins capable of connecting data collected from sensors with IoT cloud. Moreover, APAC is expected to have a tremendous market potential in the coming years due to dense population and the growing per capita income of this region, along with the large-scale industrialization and urbanization.
Major players in the 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).
Get more insight on other verticals of Semiconductor and Electronics Market Research Reports & Consulting
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.