Digital Twin Market value worth at 1,865 million in 2019 growing at an exponential rate during the forecast period

Digital Twin Market was estimated at USD 1,865 Million in 2019 and is projected to grow at a CAGR of 55.9% during forecast period. GMI Research speculates that the growing acceptance of the Internet of things (IoT) devices and the rising need for cloud platforms are the significant factors bolstering the global digital twin market size.

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Key Players of the Market

  • IBM Corporation
  • Siemens AG
  • General Electric
  • PTC Inc
  • Microsoft Corporation
  • Robert Bosch GmbH
  • Dassault Systems
  • SAP SE
  • ANSYS Inc
  • Oracle Corporation

Digital Twin Market Dynamics

The global digital twin market has witnessed exponential growth in recent years. Therefore, as per the global digital twin market report, the rising in the adoption rate of the Internet of things (IoT) devices and cloud platforms, as well as increased focus in enhancing the business performance regarding process optimization, cost-effectiveness, and time to market are the crucial aspects propelling the global digital twins market size. Furthermore, the new technological developments in virtual and augmented reality will further help the market rise significantly during the forecast period.

Digital Twin Market Segmentation

End-User Market Drivers

The electronics and electrical/machine manufacturing industry is forecasted to keep the largest share in the digital twin market in 2019. Therefore, after-sale services and the rising digitization manufacturing and designing process of electronic & electrical equipment are the significant factors propelling the growth of the electronics and electrical manufacturing industry.

Geographical Drivers

Asia-Pacific region is estimated to grow at the fastest rate during the forecast period in the global market of digital twins. The critical factor steering the market growth in the region is the increased acceptance of digital twins that typically thrust the business impact of the Internet of Things (IoT). Hence, emerging economies like China and India are focusing on growing the adoption of the Internet of things (IoT) in the region. Also, the other factors that are industrialization and the high per capita income of people are the crucial factors mushrooming the digital twin market size in the region.

Retail Automation Market Segmentation

Segmentation By End-User

  • Aerospace and Defense
  • Automotive & Transportation
  • Home and Commercial
  • Electronics and Electrical/Machine Manufacturing
  • Healthcare
  • Energy and Utilities
  • Retail & Consumer Goods
  • Others

Segmentation By Application

  • Product Design and Development
  • Machine & Equipment Health Monitoring
  • Predictive Maintenance
  • Dynamic Optimization

Segmentation by Region

  • North America 
  • Asia Pacific

Introduction of GMI Research

GMI Research is a global leader in marketing research and business consulting services. We give a comprehensive analysis of profiles of the market players and provide a competitive landscape. We offer research-related solutions and ensure our clients make effective investment decisions and bolster revenue. We provide authentic research reports and consulting services based on insight facts that allow our clients to succeed by beating the competition.

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