The digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 45.4%. Factors driving the demand for digital twin include the growing adoption of emerging technologies such as IoT and cloud for the implementation of digital twin and promising prospect of digital twin in industries such as healthcare, aerospace & defense, and automotive & transportation.
Browse 51 market data Tables and 44 Figures spread through 132 Pages and in-depth TOC on "Digital Twin Market - Global Forecast to 2025"
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Digital Twin Market for Automotive & Transportation to account for largest size of market from 2019 to 2025
Automotive & transportation is expected to be the key end-user industry for 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 market.
Digital Twin market for system digital twin to boost demand for 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.
Digital Twin Market in North America to hold largest share of 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 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.
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Key Market Players
Key players in the market include 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).
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