According to the
new market research report
Major factors
surging the demand for digital twin include declining time and cost of product
development and unplanned downtime with the adoption of digital twins, increasing
adoption of emerging technologies such as IoT and cloud, and growing use of
digital twin for predictive maintenance.
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Automotive & transportation
to account for largest size of digital twin market from 2019 to 2025
Automotive & transportation is expected
to be the key end-user industry for the digital twin market. This industry is
growing rapidly due to the increasing usage of digital twins for designing,
simulation, maintenance, repair, and overhaul, production, and after service.
Moreover, the automotive & transportation industry is the early adopter of
technologies, and there is a rising demand for connected devices in this sector
owing to the advancements such as connected cars & autonomous cars, which,
in turn, boosts the growth of the digital twin market.
System digital twin to boost
demand for digital twin market during forecast period
System digital twin is expected to hold the
largest share of the digital twin market during the forecast period. This
growth is attributed to the increasing demand for system digital twin type from
several industries as a system digital twin is a collection of assets/products
and processes that together perform as a system- or network-wide function, such
as an oil & gas refinery/plant, a production line in a factory, an assembly
line, a traffic network, a wind farm, a hospital, and a country. A system twin
provides visibility into a set of interdependent equipment.
North America to hold largest
share of digital twin market from 2019 to 2025
North America held the largest share of the
overall digital twin market in 2018, and APAC is likely to exhibit the highest
CAGR during the forecast period. Major factors driving the growth of the
digital twin market in North America is due to the strong economic
infrastructure and significant presence of digital twin vendors in the region.
Moreover, increasing R&D activities in the field of IoT and IIoT, and
growing demand for efficient and cost-effective technologies for product
manufacturing are the factors driving the market in this region.
General Electric (US), IBM (US), PTC (US),
Microsoft Corporation (US), Siemens AG (Germany), Ansys (US), SAP (Germany),
Oracle (US), Robert Bosch (Germany), and SWIM.AI (US) are among the major
players in the digital twin market.
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