Digital Twin Market Size to exceed $20bn by 2025

Digital Twin Market size is set to exceed USD 20 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

The digital twin market growth is attributed to increasing adoption of the IoT and IIoT and the rapidly growing digitalization in manufacturing, automotive, and healthcare industries. The continuously rising adoption of the IoT that is empowered & backed by 3D simulation, deep learning, Artificial Intelligence (AI), and big data analytics will help in the cost-effective implementation of digital twin in aerospace & defense, healthcare, and retail & consumer goods sectors. The digital twin enables real-time and predictive analytics, helping in cost & time savings.

 

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The rising demand for reducing asset downtime, optimizing process time, reducing time-to-market, reducing asset downtime, and improving operational efficiency is proliferating the demand of the market. The supportive government initiatives related to the construction of smart cities and energy-efficient smart buildings are anticipated to drive the digital twin market value over the forecast timeline.
 

Germany Digital Twin Market Revenue, By Application, 2018 & 2025 (USD Million)
Digital Twin Market

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The process support & service application are anticipated to exhibit a lucrative growth at a CAGR of over 30% between 2019 and 2025. This application includes inventory management services and supply chain management services. The use of digital twin in these application enables effective inventory optimization by allowing organizations to reduce inventory up to a considerable percentage to free up the working capital from unnecessary inventory buffers. This also facilitates reduced inventory carrying costs and increased customer service performance.
 

Browse key industry insights spread across 200 pages with 157 market data tables & 36 figures & charts from the report, “Digital Twin Market Size By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), By End Use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Infrastructure Buildings, Energy & Utility, Retail & Consumer Goods), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, GCC), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-twin-market
 

The healthcare sector is anticipated to hold a significant market share. The digital twin offers real-time monitoring & analytics with machine learning and helps to streamline operations & processes in hospitals, improving customer experience. For instance, a single MRI scanner produces an average of 800,000 log messages, which reflects how a system works technically. The proactive remote monitoring services with the digital twin of MRI scanner will help to track & analyze these log messages for early warning signs of impending technical issues. 
 

The manufacturing sector is expected to secure a market share of over 25% in digital twin industry by 2025. This impressive growth is attributed to the robust growth of the manufacturing sector after Industry 4.0 and the emergence of automation systems in the manufacturing sector to rapidly increase production capacities. According to the World Bank, manufacturing globally contributed to 16% of the total economic value in 2016. This steady growth of the sector is expected to further fuel the demand for digital twin to streamline and optimize the manufacturing process flows.
 

The Asia Pacific digital twin market size is projected to register an excellent growth of around 30% to 2025. The growing adoption of the IoT and IIoT due to increasing internet penetration coupled with the proliferation of smartphones is fueling the market demand.  The presence of prominent automotive players in the countries including Japan, South Korea, and India is contributing immensely to the market growth. Additionally, this growth can be attributed to the rapidly evolving e-commerce ecosystem along with heavy investments from venture capitalists to leverage the growing demand for the online market. In 2017-2018, the retail shrinkage percentage of sales in the Asia Pacific region was estimated at around 1.75%, amounting to nearly USD 24 billion. To tackle the growing concerns related to inventory shrinkage, the uptake of digital twin in the region is expected to grow consistently over the forecast timeline.
 

Some of the key players operating in the market are ABB Group, Ansys Inc., Autodesk Inc., Dassault Systèmes, General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, Robert Bosch GmbH, SAP SE, Siemens AG, and Wipro Limited.
 

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The digital twin market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025, for the following segments:

By Application

  • Product Design & Development
  • Machine & Equipment Health Monitoring
  • Process Support & Service

By End Use

  • Manufacturing
  • Healthcare
  • Automotive
  • Aerospace & Defense
  • Energy & Utility
  • Infrastructure Buildings
  • Retail & Consumer Goods

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • LAMEA
    • Brazil
    • Mexico
    • South Africa
    • GCC

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