Digital Twin Market
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The digital twin market is estimated to grow at a CAGR 49.67% rate during the forecast period. Factors such as 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 are expected to drive the market.
System digital twin is expected to hold the largest share during the forecast period owing to its increasing demand in various industries, such as aerospace & defense, home & commercial, and automotive & transportation. There is increasing adoption of system digital twin as it provides visibility into a set of interdependent equipment for a complete system because system digital twin is a collection of assets/products and processes that together perform as a system. A few examples of system digital twins are a refinery or plant, production line in a factory, an assembly line, and a traffic network.
Healthcare is expected to be the fastest-growing industry for the market. The healthcare industry is among the most promising industries for the adoption of digital twins in various phases. The dynamic shift toward patient care will be the most significant factor contributing to the growth of digital twins in this sector. Digital twins are used in applications such as monitoring, diagnostics, and prognostics. The digital transformation in the healthcare industry enables dynamic growth opportunities for the adoption of digital twins.
APAC to be fastest-growing market for digital twin during forecast period. Automotive & transportation and aerospace & defense industries in APAC showed significant growth in the past few years. The growth in these industries has been propelled by a huge population shift and an increase in disposable income, which, in turn, has prompted a higher demand for products in APAC. Manufacturers are adopting new digital techniques in manufacturing to reduce cost, save time, and improve product quality. These factors will continue to propel the demand for digital twins in these industries in APAC during the forecast period.
Key market players 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)
Key Questions Addressed by the Report
- What are the key drivers, restraints, opportunities, and challenges pertaining to the market?
- Which industries are the leading adopters of digital twin solutions?
- Who are the leading digital twin solution providers in the market?
- Who are the leading software providers in the market?
- What are the recent developments in the digital twin ecosystem related to mergers and acquisitions, and partnerships?
2. Research Methodology
Limitation and Assumptions
3. Executive Overview
4. Market Overview
5. Digital Twin Market, By Industry
Automotive and transportation
Oil and gas
Aerospace and defense
Home and commercial
Energy and utilities
6. Digital Twin Market, By Type
Process digital twin
Product digital twin
System digital twin
7. Digital Twin Market, By Region
Rest of Europe
Rest of APAC
Rest of Middle East
Rest of the World
8. Company Profiles
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