According to the report, the global digital twin technology market is projected to record a CAGR of 32.4% between 2019 and 2025 to touch a value of more than US$ 13.0 Bn by the end of 2025. In 2018, the global market was valued at an over US$ 1,800 Mn.
Although digital twin technology is largely adopted in different industry verticals, machine manufacturing is expected to become a leading application in the near future. In 2017, it secured a significant share of the global market. Identified as one of the most lucrative markets of the time, digital twin technology is anticipated to attract demand because of the advantages of increased optimization and reduced paperwork.
The global digital twin technology market marks the presence of a few players. The China market is still smaller than the U.S. market. Among the key developing markets are South Korea, India, and Japan apart from China. They are currently in the early stages of development.
The report extends across 15 chapters presented in great detail. Some of the important ones are mentioned below.
Overview: The research study starts off with a broad overview of the market that includes study objectives, players covered, key market segments, market analysis by type and application, and study scope.
Global Growth Trends: This chapter discusses industry trends, growth trends by region, and market size.
Breakdown by Type and Application: Here, the report provides market size estimations by type and application for each year between 2014 and 2019.
Chapters 5-11: This is a major part of the report that reveals key growth opportunities in different regions and countries.
Profiles of International Players: The analysts profile eight leading companies of the global digital twin technology market as per their recent developments, revenue share, and other vital factors.
The global digital twin technology market is foreseen to gain momentum due to the need to discontinue the use of obsolete technology and the rising adoption of smart technology. High demand for the digitalization of records and optimized solutions is predicted to propel the growth of the market. Digital twin technology is prophesied to gain traction due to the increased penetration of IoT and big data.
However, the global digital twin technology market is envisaged to face the challenge of increasing number of cyberattacks and low awareness in less developed countries. Moreover, distributors and suppliers are dealing with management issues for the design of digital files.
Nevertheless, vendors are prognosticated to bank on increased investment in research and development activities for market growth. Furthermore, various benefits associated with the use of digital twin technology, such as effective functioning and monitoring, are expected to draw the much needed attention of end users.
The global digital twin technology market is segmented according to type and application into the following segments.
· Parts Twin
· Product Twin
· Process Twin
· System Twin
· Aerospace and Defense
· Automotive and Transportation
· Machine Manufacturing
· Energy and Utilities
The research study provides data-driven insights into the current and future standings of key players operating in the global digital twin technology market. It is a source of reliable data on the competitive landscape. It equips players to bring important changes in their marketing or business strategies for improving their share of the market in the coming years.
The competitive analysis helps readers to become aware of the changes in the vendor landscape and how they could influence the global digital twin technology market in the future. The key players profiled in this research study are Oracle Corporation, Microsoft Corporation, ANSYS, IBM Corporation, Dassault Systèmes, Siemens, PTC, and General Electric.