Press Release

Global Digital Twin Market to Grow at Staggering 33% CAGR through 2024

Rising adoption of Industry 4.0 standards, increasing penetration of SMACT technologies and burgeoning digitalization to fuel global digital twin market through 2024

According to TechSci Research report, “Global Digital Twin Market By Application, By End User Sector, By Region, Competition , Forecast & Opportunities, 2014 – 2024”, global digital twin market is projected to exhibit a CAGR of over 33% during the forecast period of 2019-2024. Increasing adoption of digital twin technology in manufacturing, transportation, energy & utilities, healthcare, consumer goods, agriculture and several other sectors over the coming years to boost their production line, process and automate the decision processes. Additionally, Smart Factory revolution - Industry 4.0, rapid deployment of SMACT (Social, Mobile, Analytics, Cloud and Internet of Things) technologies, and rising inclination towards digitization across the globe would aid global digital twin market during the forecast period.

 

Browse 20 market data Tables and 79 Figures spread through 172 Pages and an in-depth TOC on "Global Digital Twin Market"

https://www.techsciresearch.com/report/global-digital-twin-market/1334.html

 

In terms of application, manufacturing process planning is expected to dominate digital twin market across the globe through 2024, on account of its ability to provide virtual process, effective product line, 3D graphics & design and Electronic Design Automation (EDA), resource optimization, etc. In 2018, manufacturing sector held the largest share in global digital twin market, backed by rapidly proliferating digitalization, rising demand for ‘connected and smart’ devices, and adoption of smart analytics in various segments of the manufacturing sector. Moreover, during the forecast period, energy & utilities sector would witness the highest growth rate due to rapid increase in adoption of Industrial Internet of Things (IIoT) for machinery management and predictive and preventative analytics coupled with increasing use of smart grids in oil & gas sector.

 

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“There has been an increase in the adoption of digital twin software across various end user sectors, attributed to growing data mobility, digitalization of industrial assets from records, process planning to blueprint of system designs, and rising adoption of Industrial Internet of Things across heavy industries including manufacturing, energy & utilities, healthcare and aerospace & defense. Furthermore, owing to equipment designing, automated workflow management, automate decision making process and monitoring capabilities offered by digital twin technology, its deployment across the energy & utilities sector is expected to grow over the coming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

 

“Global Digital Twin Market By Application, By End User Sector, By Region, Competition, Forecast & Opportunities, 2014 – 2024” has evaluated the future growth potential of the digital twin market and has also provided the statistics and information on market structure, size, and trends of the global digital twin market. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the market. 

 

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

 

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Global Digital Twin Market By Application (Manufacturing Process Planning, Product Design & Others), By End User Sector (Manufacturing, Energy & Utilities, Transportation & Others), By Region, Competition, Forecast & Opportunities, 2014 – 2024

ICT | May, 2019

Rising adoption of Industry 4.0 standards, increasing penetration of SMACT technologies and burgeoning digitalization to fuel the global digital twin market through 2024

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