[137 Pages
Report] The digital twin market
was valued at USD 1.82 Billion in 2016 and is expected to reach USD 15.66
Billion by 2023, at a CAGR of 37.87% during the forecast period. The base year
considered for the study is 2016, and the forecast for the market size is
provided for the period between 2017 and 2023.
The digital
twin technology has applications in product design and development, machine and
equipment health monitoring, predictive maintenance, and dynamic optimization.
The digital twin technology is used to generate the virtual models outside of
engineering environments involving the applications such as product design and
development, and production.
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The digital
twin market based on end user has been segmented into aerospace and
defense, automotive and transportation, energy and utilities, home and
commercial, electronics and electrical/machine manufacturing, healthcare, and
retail and consumer goods, and others. The other industries include materials
and chemicals and agriculture. The rising need for digitalization in
agriculture, and chemicals & materials industries is one of the major
factors contributing to the growth of digital twin market in this region.
Moreover, the presence of few major IoT vendors such as IBM Corporation (US),
Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US) have
started offering products and solutions that help create the digital twins that
form a core part of the digital transformation of many industries.
The digital
twin market in APAC is expected to grow at the highest CAGR during the forecast
period, followed by the market in RoW. The growth of the market in APAC is
attributed to the increase in development of various industries that has led to
growth in the adoption of digital twin systems for digitalization of various
end user industries present in developing countries such as India, Japan, and
China.
Increasing
occurrences of viruses and cyber-attacks lead to many security concerns.
Important information can be stolen by malicious viruses in computer systems,
causing a major loss to the industries. Hence the risk associated with the data
security is one of the restraining factors for the growth of the digital twin
market.
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Key players
in this market focus on the product developments and launches, strategic partnerships,
collaborations and acquisitions to increase their revenue. For instance, in
November 2016, GE launched the Predix system software architecture and services
designed to make any machine an intelligent asset, and to bring visibility,
control, and analytic insights to industrial infrastructure and operations. The
platform is compatible with a variety operating systems, devices, and form
factors. This new software would also focus on expanding the platform and
development of digital twins.
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Suite 430
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USA : 1-888-600-6441 newsletter@marketsandmarkets.com
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