Digital Twin Market was estimated at USD 1,865 Million in 2019 and is projected to grow at a CAGR of 55.9% during forecast period. GMI Research speculates that the growing acceptance of the Internet of things (IoT) devices and the rising need for cloud platforms are the significant factors bolstering the global digital twin market size.
Key Players of the Market
Digital Twin Market Dynamics
The global digital twin market has witnessed exponential growth in recent years. Therefore, as per the global digital twin market report, the rising in the adoption rate of the Internet of things (IoT) devices and cloud platforms, as well as increased focus in enhancing the business performance regarding process optimization, cost-effectiveness, and time to market are the crucial aspects propelling the global digital twins market size. Furthermore, the new technological developments in virtual and augmented reality will further help the market rise significantly during the forecast period.
Digital Twin Market Segmentation
End-User Market Drivers
The electronics and electrical/machine manufacturing industry is forecasted to keep the largest share in the digital twin market in 2019. Therefore, after-sale services and the rising digitization manufacturing and designing process of electronic & electrical equipment are the significant factors propelling the growth of the electronics and electrical manufacturing industry.
Asia-Pacific region is estimated to grow at the fastest rate during the forecast period in the global market of digital twins. The critical factor steering the market growth in the region is the increased acceptance of digital twins that typically thrust the business impact of the Internet of Things (IoT). Hence, emerging economies like China and India are focusing on growing the adoption of the Internet of things (IoT) in the region. Also, the other factors that are industrialization and the high per capita income of people are the crucial factors mushrooming the digital twin market size in the region.
Retail Automation Market Segmentation
Segmentation By End-User
Segmentation By Application
Segmentation by Region
Introduction of GMI Research
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