The digital
twin of a physical asset is a virtual model of an asset that is used to analyze
changes in the performance or condition of a machine component while it is in
operation. The reduction product development time and cost, and predominant use
of IIoT for manufacturing and design are the important factors driving this
market.
Digital
Twin Market is expected to grow at a CAGR of 37.87% during the forecast
period, to reach USD 15.66 Billion by 2023.
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Electronics and electrical/machine manufacturing industry held
largest share of digital twin market in 2016
The
electronics and electrical/machine manufacturing industry held the largest size
of the largest share of the digital twin market in 2016. The growth of the
market is attributed to the growing need of digitalization for the designing
and manufacturing process of electronic equipment such as industrial equipment,
computers, printers, transformers, generators, motors, and home electronic
equipment, along with the after-sale services which typically lead to a
significant growth in the revenue streams. Moreover, the adoption of digital
twins considerably reduces the product development time and cost for these
industries.
Digital twin markets for other industries including agriculture
and materials and chemicals, and retail and consumer goods industry are
expected to grow at high CAGR during forecast period
The
agriculture industry is one of the rapidly growing industries in terms of
digitalization. In the agriculture industry, the digital twin technology offers
remote monitoring, virtual geographic information systems, crop and soil health
monitoring, and livestock and farm management, among other applications. The
market for the retail and consumer goods industry is expected to grow at the
second-highest CAGR during the forecast period. This growth is attributed to
the increasing adoption of IoT for the management of goods and optimizing the
workflow in this industry using digital twins.
Browse 30 Market Data Tables and 40 Figures spread
through 137 Pages and in-depth TOC on "Digital
Twin Market - Forecast to 2023"
Digital twin market in APAC is expected to grow at highest CAGR
during forecast period
The
countries such as China, Japan, and India have undertaken numerous initiatives
to encourage the implementation of IoT in the region, and hence, the market in
APAC is growing at the highest CAGR due to the high rate of adoption of digital
twins capable of connecting data collected from sensors with IoT cloud.
Moreover, APAC is expected to have a tremendous market potential in the coming
years due to dense population and the growing per capita income of this region,
along with the large-scale industrialization and urbanization.
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Major
players in the 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).
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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