Market Research Future Insights:
A complicated product can be simulated using an integrated multi-physics, multi-system approach thanks to digital twin market technology, which serves to reflect the life of its corresponding twin. Digital twins essentially imitate plant and factory products and processes by utilizing the full power of cutting-edge digital technology, assisting end users in attaining continual innovation and development.
Major industry verticals like manufacturing, automotive, and electronics have effectively adopted this technology. Digital twin market technology is expected to push the manufacturing industry and spread to new verticals because of its promises of slashing the time and expense of product development processes by half, accelerating production systems that are 25% more efficient, and almost eliminating downtime.
Recognizing the profits this market is now generating, Market Research Future (MRFR) projects that by 2025, the global Digital Twin Market will reach USD 63.23 BN, exhibiting a staggering CAGR of 33.31% throughout the projected period (2020 – 2030). The market only had a value of USD 2,156.5 MN in 2017, which indicates that it will experience tremendous growth in just seven years.
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The rapid advancements in sensor technology and IoT are further drivers driving the market’s expansion. Further ensuring revenue acceleration for market participants is the growing demand for automation and digitization in the industrial sector.
Digital Twin Market Report Scope:
|Revenue Forecast in 2030:||USD 63.23 Billion|
|Growth Rate:||CAGR of 33.31% from 2020 to 2030|
|Forecast Period:||2020 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
The market is divided into three major dynamics to aid in reading the report:
Parts Twin, Product Twin, Process Twin, and System Twin, ordered by kind.
Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/Machine Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial, and other end-user applications are just a few examples.
North America, Europe, the Asia-Pacific region, and the rest of the world (RoW).
Throughout the projection period, the North American digital twin market is anticipated to continue to lead the world. The enormous demand for security systems and corporate intelligence, among other factors, is a major driver of the development of digital twin technologies in the area. The regional market is driven by the existence of significant players who have helped the early adoption of the technology in the area.
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Additionally, significant technological advancements and the expanding application markets for digital twin technology have a favourable effect on market expansion. The market was valued at USD 691.2 MN in 2017; between 2018 and 2025, it is projected to rise at a staggering CAGR of 42.77%.
Industry 4.0, which has particularly strong roots in India, is poised to bring about hitherto unheard-of manufacturing sector efficiencies. Industry 4.0 in India has made the ground-breaking practise of “digital twinning” the standard, heralding abundant growth potential.
As a result, the APAC digital twin market is anticipated to grow at a much higher CAGR of 45.19% during the research period.
A few additional factors influencing the APAC market are the growing adoption of high-tech gadgets, the increased demand for miniaturisation, the advancement of auto electronics, economic development, growing digitization, and rapid industrialisation.
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PTC Inc., ANSYS Inc., SAP SE, Microsoft Corporation, Dassault Systemes SE, IBM Corporation, Cisco Systems, Inc., General Electric, Accenture PLC, Oracle Corporation, and Siemens AG are a few of the market’s top companies.
About Market Research Future (MRFR):
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.