Digital Twin Market by End User (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Electronics & Electricals/Machine Manufacturing, Energy & Utilities, Healthcare, Retail & Consumer Goods), and Geography - Forecast to 2023
“The digital twin market is likely to grow at a CAGR of 37.87% during the forecast period”
The digital twin market is expected to be worth USD 15.66 billion by 2023, at a CAGR of 37.87% during the forecast period. The growth of the market is driven by various factors such as growing adoption of Internet of things (IoT) by various end user industries and reduction in manufacturing process time and cost. However, the risks associated with data security due to the use of IoT and cloud platforms is one of the factors restraining the market growth.
“The digital twin market for other industries including materials and chemicals, and agriculture would witness the highest CAGR during the forecast period”
The digital twin market for other industries comprising materials and chemicals, and agriculture is expected to grow at the highest CAGR between 2017 and 2023. The growing adoption of new technologies for digitalization in product development, which substantially enhances the operational efficiency, boosts the growth of digital twin market for other industries and is likely to contribute to the fastest growth of the market for this segment.
”The market in APAC is expected to grow at the highest CAGR during the forecast period”
APAC held the largest share of the overall digital twin market in 2016, and the market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The growth of digital twin market in APAC is driven by the growing adoption of IoT for industrial applications in developing countries such as China, India, and Japan. Also, the increasing number of industries in this region leads to the growing demand for digital twins for improving the efficiency of product manufacturing.
Given below is the breakdown of the profile of the primary participants in terms of different parameters considered:
• By Company Type: Tier 1 = 25%, Tier 2 = 45%, and Tier 3 = 30%
• By Designation: C-Level = 50%, D-Level = 32%, and Others = 18%
• By Region: Americas = 32%, Europe = 30%, APAC = 24%, and RoW = 14%.
The key players operating in digital twin market include General Electric (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US), ANSYS, Inc. (US), Dassault Systèmes (France), and Siemens AG (Germany).
This report on the digital twin market segments it on the basis of end user and geography. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to Buy the Report:
• This report includes the market size estimated in terms of value (in USD), segmented on the basis of end user and geography.
• Major drivers, restraints, opportunities and, challenges for the digital twin market have been provided in detail in this report.
• The report includes illustrative segmentation, analysis, and forecast of the digital twin market based on its segments and subsegments.
• The report includes proprietary microquadrant framework, which analyzes market players on various parameters within the broad categories of business and product strategy.