Global Digital Twin Market 2021-2025
Technavio has been monitoring the digital twin market and it is poised to grow by $ 24.81 bn during 2021-2025 progressing at a CAGR of 39% during the forecast period. Our report on digital twin market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the industry 4.0 and industrial IoT, increase in demand for predictive maintenance and real-time data for monitoring, and need for reduced time-to-market and improved decision-making. In addition, Industry 4.0 and industrial IoT is anticipated to boost the growth of the market as well.
The digital twin market analysis includes end-user segment, deployment segment, and geographical landscapes.
Technavio's digital twin market is segmented as below:
- Energy and utilities
- Aerospace and defense
By Geographical Landscapes
- North America
- South America
This study identifies the use of AI in digital twin as one of the prime reasons driving the digital twin market growth during the next few years. Also, increasing traction in the healthcare sector and emergence of process twins will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on digital twin market covers the following areas:
- Digital twin market sizing
- Digital twin market forecast
- Digital twin market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading digital twin market vendors that include General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG, and Wipro Ltd.. Also, the digital twin market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.