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Digital Twin Market - Trends, Segmentation and Competitive Landscape to 2025

Author : Ronak Bora | Published Date : 2020-08-21 

Digital Twin market is projected to surpass USD 20 billion by 2025. The market growth is attributed to the IoT/IIoT adoption, proliferation of connected devices, and availability of cheap IoT sensors. In addition, the rising demand to reduce Time-to-Market (TTM), optimize processes, monitor the performance, and examine conditions of the product & system is contributing to the growth of the digital twin market.

The advent of advanced technologies, such as big data analytics, AI, ML, AR, VR, and MR, is supporting the continuous evolution of digital twin technology. This helps several enterprises across various sectors to improve their operational efficiency and reduce overhead cost. AR, VR, and MR offer immersive experiences to visualize insights drawn from data obtained by sensors and processed using big data analytics. For instance, the passenger vehicle uses AR capability, providing the driver a converged view of digital and physical worlds to seamlessly navigate turns on the road. In addition, at the passenger car manufacturer's end, digital twin uses the data obtained from physical counterpart and diagnoses the fault beforehand, resulting in improved customer experience.

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With the rapid proliferation of the Internet of things, a slew of opportunities are knocking the doors of leading players operating in the digital twin market space. Moreover, with digital twins, it is possible that the data which is transferred between blocks can be highly protected and made universally transparent through the blockchain paradigm, thus inspiring global digital transformation. Speaking of the future outlook of this industry, digital twin market statistics by Global Market Insights, Inc.. indicate that the industry valuation is projected to exceed USD 20 billion by 2025.

The fields of application for digital twins are diverse and not confined to a specific domain or industry. Having said that, digital twin market analysis reports claim that automotive, manufacturing, energy & utility, healthcare, aerospace and defense, infrastructure, retail, and consumer goods are the leading end-users of this unconventional technology.

The global inventory management software market space has lately been brainstorming the possibilities of digital twin to reduce cost and revenue leakages, for gargantuan warehouses and supermarkets, where managing optimum inventory level is the biggest challenge. Digital twin market analysis suggests that the availability of real-time consumption data can lead to a quicker replenishment of supplies and avert over-inventorying, which can cause product spoilage. Hence, the fast-paced adoption of digital twin in the inventory market offers lucrative growth opportunities for the digital twin industry.

Digital twins can potentially help industries in reducing product development and testing expenses. Companies depending heavily on destructive testing for developing products can use the virtual replica of the real-world scenario for significant portion of the product testing. Say for example, automotive industry can employ digital twin for crash testing prototype vehicles. Likewise, enterprises creating giant models and prototypes for feasibility analysis can save money with digital twins during product development. Digital twin market is slated to advance at a rapid pace in the coming years, given the above backdrop.

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The Asia Pacific digital twin market is projected to grow at a CAGR of over 30% during the forecast period. In this region, rising internet penetration coupled with the proliferation of smart devices and the growing adoption of IoT/IIoT are triggering the digital twin market. According to the China Internet Network Information Center (CNNIC), at the end of December 2017, the number of internet users in China reached 772 million, which is an increase of 40.74 million from the end of 2016. The rise in the number of connected devices has increased the use of digital twin coupled with advanced technologies, such as AR, VR, MR, AI, ML, and big data analytics, to draw actionable insights to reduce lead time, running cost, and improve product performance. This drives the growth of digital twin to cater to the growing demand for cost-efficient operation, reduced time-to-market, and optimization of processes.

Table of Contents (ToC) of the report:

Chapter 5. Digital Twin Market, By Application

5.1. Key trends, by application

5.2. Product design & development

5.2.1. Market estimates and forecast, 2014-2025

5.3. Machine & equipment health monitoring

5.3.1. Market estimates and forecast, 2014-2025

5.4. Process support & service

5.4.1. Market estimates and forecast, 2014-2025

Chapter 6. Digital Twin Market, By End-Use

6.1. Key trends, by end-use

6.2. Manufacturing

6.2.1. Market estimates and forecast, 2014-2025

6.3. Healthcare

6.3.1. Market estimates and forecast, 2014-2025

6.4. Automotive

6.4.1. Market estimates and forecast, 2014-2025

6.5. Aerospace & defense

6.5.1. Market estimates and forecast, 2014-2025

6.6. Energy & utility

6.6.1. Market estimates and forecast, 2014-2025

6.7. Infrastructure buildings

6.7.1. Market estimates and forecast, 2014-2025

6.8. Retail & consumer goods

6.8.1. Market estimates and forecast, 2014-2025

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/digital-twin-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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