Digital Twin Market to Surpass $20bn by 2025: Global Market Insights, Inc.
The Asia Pacific digital twin market is projected to register a growth of around 30% during the forecast period due to increasing internet penetration coupled with the proliferation of smartphones.
SELBYVILLE, Del., June 4, 2019 (Newswire.com) - The digital twin market is poised to rise from USD 3 billion in 2018 to over USD 20 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The 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 growth of the digital twin market. The supportive government initiatives related to the construction of smart cities and energy-efficient smart buildings are anticipated to drive the market over the forecast timeline.
The process support & service application in digital twin market 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.
The healthcare sector is anticipated to hold a significant market share in the digital twin market. 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.
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 manufacturing sector is expected to secure a market share of over 25% in digital twin market 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.
The Asia Pacific digital twin market is projected to register an excellent growth with a CAGR of around 30% between 2019 and 2025. The growing adoption of the IoT and IIoT due to increasing internet penetration coupled with the proliferation of smartphones is fueling the market. 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.
Some of the key players operating in the digital twin 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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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.
