February
19, 2019: Global Digital Twin Market is estimated to grow at
a substantial CAGR in the forecast period as the scope, product types, and its
applications are increasing across the globe. “Digital Twin” could be defined
as a near-real-time digital image relating to the historical and present
behavior of a physical object or process that assists in optimizing the
performance of the business.
The factors that
propel the growth of the Digital Twin Market include increasing use of
industrial internet of things, digitization of records, optimized products,
abolishment of obsolete technology, and introduction of smart technology.
However, the factors that are hampering the market growth include increase in
number of cyber-attacks, and less awareness regarding digital technology in
rural areas.
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Digital Twin Market
is categorized based on applications, end user, and geography. Digital Twin
Market is categorized based on applications as Product Design, Manufacturing
Process Planning, and Others. The “Product Design” segment led the Digital Twin
Market in 2016 and is anticipated to maintain its dominance by 2018. Digital
Twin Market is categorized based on end user as Electronics & Electricals/Machine
Manufacturing, Automotive & Transportation, Aerospace & Defense, Home
& Commercial, Healthcare, Energy & Utilities, Retail & Consumer
Goods.
The “Electronics
and Electrical/machine” segment led the Market in 2016 and is anticipated to
maintain its dominance by 2025 owing to increasing requirement of
digitalization for the manufacturing and designing procedure of electronic
equipment such as home electronic equipment, computers, industrial equipment,
printers, motors, generators, and transformers, along with the after-sale
facilities; which usually lead to a substantial development in the profits
streams. Furthermore, the acceptance of digital twins significantly decreases
the product growth cost and time for these businesses.
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Digital Twin Market
is categorized based on geography into North America, Latin America, Japan,
Middle East and Africa, Western Europe, Asia Pacific, and Eastern Europe. APAC
accounted for the major share of the Market and will continue to lead in the
forecast period. The factors that can be accredited to the growth includes
surge in growth of several businesses that has led to development in the
acceptance of digital twin systems for digitalization of numerous end user
industries existing in emerging nations such as Japan, India, and China.
The key players
contributing in the robust growth of the Digital Twin Market are comprised as
PTC, General Electric, Siemens AG, Alphabet Inc., SAP SE, Dell, Cisco Systems,
Inc., CSC, AT&T and Bosch Software Innovations GmBH. The leading companies
are taking up partnerships, mergers and acquisitions, and joint ventures in
order to boost the inorganic growth of the industry.
This report studies
Digital Twin in Global market, especially in North America, China, Europe,
Southeast Asia, Japan and India, with production, revenue, consumption, import
and export in these regions, from 2012 to 2016, and forecast to 2022.
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