Digital Twin Market to hold market value of USD17.42 billion by 2024
Increasing adoption
of smart technology coupled with Industry 4.0 revolution is to drive the growth
of 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 expected to exhibit
a CAGR of over 33% during the forecast period of 2019-2024. Digital twins are exact
virtual replicas of physical products or systems. With a great potential to
improve production layout and enhance the productivity of the existing system,
the digital twin technology is being used in different industries. Factors such
as increasing global penetration of smart technology and burgeoning demand for digital twins in manufacturing, transportation, energy & utilities,
healthcare, consumer goods, agriculture and several other sectors can be
attributed to the rising global digital twin market. Growing
adoption of IoT, usage of connected devices and cloud platforms and high-speed
networking technologies, which are used for leveraging digital twin platforms
are also expected to boost services and processes are also expected to boost
the global digital twin market growth. Besides, rapid deployment of
SMACT (Social, Mobile, Analytics, Cloud, and Internet of Things) technologies
and Industry 4.0 revolution are also expected to fuel the Global Digital Twin
Market through 2024. However, vulnerability of IoT and
cloud platforms to cybercrimes might restrict the global digital twin market
growth.
Browse 20 market data Tables and 79 Figures
spread through 172 Pages
and an in-depth TOC on "Global
Digital Twin Market"
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The Global Digital
Twin Market is segmented based on application type, end-user type, and region.
Based on the application
type, manufacturing process planning is expected to dominate the global digital
twin market through 2024, backed by its ability to provide virtual process,
effective product line, 3D graphics & design and Electronic Design
Automation (EDA), resource optimization, etc. During the forecast period, the
market share of product design application in the global digital twin market is
expected to increase with rapid deployment across various sectors.
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Based on the
end-user, the global digital twin market can be further segmented into
manufacturing, agriculture, consumer goods, transport, energy & utilities,
healthcare, and others. During the forecast period, energy & utilities segment
is anticipated to emerge as the fastest growing end-user segment in the global
digital twin market over the forecast period owing to rising penetration of
smart grids, smart analytics and IIoTs in the sector, leading to improved
performance monitoring and predictive maintenance demand across energy, oil,
gas and power industries, and operational efficiency. However, in 2019,
manufacturing segment held the largest market share of 26.37% and is expected
to continue its dominance in the coming years.
Based on the region, North America and Europe
are expected to dominate the global digital twin market, largely due to the
presence of tech-savvy population, and digitized businesses in the regions.
However, with the growing consumerization of IT, ‘state-of-the-art’
technological innovations, rapid adoption of smart technologies and presence of
competitive manufacturing hubs such as China, Japan and South Korea, digital
twin market in Asia-Pacific is expected to grow expeditiously during the
forecast period, backed by the presence of growing economies, increasing
technological penetration and digitalization initiatives by the government,
especially in developing countries like India and China.
“Increasing
penetration of IoT in almost every end use segment is resulting in greater
operational reliability on technology, either it is for scaling the
productivity or it is related to cyclic maintenance of the machines. There is
an increasing demand for extended simulation support majorly by the
manufacturing sector. Moreover, with industry 4.0 revolution, manufacturing
sector in the global digital twin market is projected to grow at a CAGR of
32.95%, in value terms, during the forecast period. Therefore, digital twin
software providers are recommended to focus on manufacturing sector as this
will play a major role in supporting new technologies which in turn help the
sector in extending the virtualization of the components via the software.”,
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.
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