Digital Twin Market Size Worth $26.07 Billion by 2025 | CAGR 38.2% Grand View Research, Inc.
SAN FRANCISCO, June 13, 2019 /PRNewswire/ -- The global digital twin market size is expected to reach USD 26.07 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a strong CAGR of 38.2% over the forecast years. Digital twin is a dynamic digital replica of a product, process, system, or facility, which can be used for various purposes including creating a sustainable environment and ensuring a better digital experience for customers. Such digital replicas can imitate real-world situations and help in optimizing systems and processes, examining products, and monitoring the performance and condition of machines, among others.
Key suggestions from the report:
- Growing adoption of the digital twin technology in various industries, such as automotive and transport and agriculture, is the major growth-driving factor for the global market
- Digital twin incorporates Artificial Intelligence (AI), big data, Machine Learning (ML), and IoT, among others
- This helps the end-use industries in accessing the technology more easily and implementing it cost-effectively, thereby supporting market growth
- The manufacturing segment accounted for more than 20.0% of the global market share in 2017 and is expected to witness a strong CAGR over the forecast period
- North America and Europe together accounted for more than 50% of the market share in 2017 on account of high adoption of industrial IoT and presence of developed infrastructure in these regions
- Prominent companies in the digital twin market include ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG. Most of these companies are investing in R&D to maintain their position in the global market
Read 80 page research report with TOC on "Digital Twin Market Size, Share & Trends Analysis Report By End Use (Automotive & Transport, Retail & Consumer Goods, Agriculture), By Region (Europe, North America, Asia Pacific), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/digital-twin-marke ...