August 7, 2019 - 7:53 AM EDT
Print Email Article Font Down Font Up
Global Digital Twin Market Forecast to 2025: Promising Growth of Digital Twin Technology in Industries Such as Healthcare, Aerospace, and Automotive - ResearchAndMarkets.com

DUBLIN

The "Digital Twin Market by Technology, Type (Product, Process, and System), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas), and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The Digital Twin Market is Estimated to Grow from USD 3.8 Billion in 2019 to USD 35.8 Billion by 2025, at a CAGR of 37.8%

Key factors driving the growth of the digital twin market include the declining time and cost of product development and unplanned downtime with the adoption of digital twins, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance. However, risks associated with data security for creating digital twins hinders the growth in the market.

System digital twin type to account for largest market size from 2019 to 2025

The system digital twin type is expected to account for the largest share of the digital twin market during the forecast period. The growth can be attributed to the rising use of system digital twin across several industries. For example, in aerospace & defense, NASA used/implemented digital twin to monitor space stations and spacecraft to ensure safety. In addition, in automotive & transportation, a start-up SWIM.AIused digital twin for a traffic management system in California.

APAC to be fastest-growing market for digital twin from 2019 to 2025

APAC is likely to witness the highest CAGR in the said market during the forecast period. Increasing manufacturing facilities across various industries in this region along with the rising adoption of digital technology are expected to drive the demand for digital twin solutions in this region. Additionally, the dense population and growing per capita income of this region, along with large-scale industrialization and urbanization are among the factors boosting the digital twin market growth in this region.

General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US) are among the major players in the digital twin market.

Market Dynamics

Drivers

  • Declining Time and Cost of Product Development and Unplanned Downtime With Adoption of Digital Twin
  • Increasing Adoption of Emerging Technologies Such as IoT and Cloud
  • Growing Use of Digital Twin for Predictive Maintenance

Restraints

  • Risks Associated With Data Security Due to the Use of IoT and Cloud Platforms

Opportunities

  • Promising Growth of Digital Twin Technology in Industries Such as Healthcare, Aerospace, and Automotive
  • Increasing Adoption of Industry 4.0 and IIoT

Challenges

  • Lack of Awareness Regarding Cost Benefits of Digital Twin Adoption
  • Lack of Skilled Workforce and Technical Knowledge

Case Studies

Aerospace & Defense

  • Nasa Uses Digital Twin for Its Space Station and Spacecraft
  • Lockheed Martin's Digiverse - the Complete Digital Twin of Everything

Automotive & Transportation

  • Man Truck Uses PTC's Thingworx Platform for Building Digital Twin
  • Allego Uses Microsoft's Azure Digital Twin Platform for E-Charging Solutions

Home & Commercial

  • Dassault Systems Along With the Government of Singapore is Building A Digital Twin of the Complete Country - Virtual Singapore
  • CBRE Uses Microsoft's Azure Digital Twin Platform for Cbre 360 Employee

Healthcare

  • John Hopkins Hospital Uses Ge's Digital Twin Platform for Building Digital Twin of Patient Pathways
  • Siemens Healthineers Develops Digital Twin of A Heart

Energy & Utilities

  • Ge Builds A Digital Twin of Wind Turbine
  • Ge's Digital Twin of A Power Plant

Oil & Gas

  • Ansys, PTC, Flowserve, National Instruments, and Hpe Built and Demonstrated Digital Twin of A Pump
  • Shel Together With Swiss Engineering Builds Digital Twin of A Test RigDigital Rig

Others

  • Siemens Plm Software and Bridg Together Build Digital Twin for Semiconductor Manufacturing Process
  • ABB Built Digital Twin of Electromagnetic Flowmeter to Be Used in Water & Wastewater Transport and Treatment

Companies Mentioned

  • ABB
  • Ansys
  • Aucotec AG
  • DNV GL
  • Dassault System
  • Emerson
  • General Electric
  • Honey Well
  • IBM
  • Microsoft Corporation
  • Oracle
  • PTC
  • Robert Bosch
  • SAP
  • Schneider
  • Siemens AG
  • Sight Machine
  • Swim AI
  • Tibco Software Inc
  • Wipro Limited
  • innovators

For more information about this report visit https://www.researchandmarkets.com/r/1o6h24

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900


Source: Business Wire (August 7, 2019 - 7:53 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice