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Digital Twin Market By Type (Process Digital Twin, Product Digital Twin, System Digital Twin, Others), By Application (Performance Monitoring, Inventory Management, Predictive Maintenance, Business Optimization, Others), By Industry Verticals (Aerospace & Defense, Residential, Automotive & Transportation, Healthcare, Retail, Oil & Gas, Agriculture, Energy & Utilities, Others) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Increasing Adoption of IoT in Various Industry Verticals is expected to spur the Digital Twin Market.

The global digital twin market was valued at US$ 3.76 Bn in 2018 and is expected to reach US$ 57.38 Bn by 2027, expanding at a CAGR of 37.1% during the forecast from 2019 to 2027. A digital twin is a virtual replica of the physical system that continually adapts the environmental changes and delivers the best business outcome in real-time. Therefore, it is an ideal way to analyze, access, and structure complex-product-related data. The Internet of Things (IoT) makes digital twins feasible because it is now possible to collect a large volume of data from a wider range of products across the world. Because of same, the rapid adoption of IoT is an important factor accelerating the adoption of the digital twin. In addition, other technologies such as artificial intelligence augmented & virtual reality, cloud computing, and APIs & open standards are enabling the digital twin significantly.

Market Synopsis

Healthcare Segment is predicted to flourish at a Rapid Pace during the Forecast Period.

Healthcare is expected to be the most lucrative sector, registering a CAGR of nearly 40% during the forecast period. The researchers have explored the new potential of digital twin technology to study body parts modeling along with drug modeling. It helps doctors analyze the effect of invasive tests and new therapies on the human body virtually. Moreover, a dynamic shift towards patient monitoring in the UK, Germany, the U.S., and other countries is driving segment growth in the coming years. A recent survey by Becker’s Healthcare revealed that 92% of healthcare consumers consider improved patient experience their top priority. Additionally, strategic partnerships between healthcare solution developers and digital twin vendors are embracing the significant impact of digital twin technology on the healthcare sector. For instance, in August 2018, Sim&Cure, a healthcare software developer, in partnership with ANSYS, developed a digital twin for the treatment of brain aneurysms.

North America held the Largest Revenue Share in the year 2018

In 2018, North America dominated the global digital twin market with around 35% of the overall market revenue share. However, the region is constrained by technically advanced countries coupled with a significant presence of market leaders such as IBM Corp., Microsoft Corp., General Electric, and more are some of the leading factors guiding the prominent regional growth. Europe stood second in the digital twin market with approximately 25% of the revenue share. On the contrary, Asia Pacific is the most opportunistic region owing to favorable government policies for adopting IoT and digital twins.

Key Players & Competitive Landscape:

The global digital twin market is highly fragmented due to several regional and multinational players. However, some the companies such as IBM Corp., General Electric, Oracle Corp., SAP SE, and Microsoft Corp. have a monopoly in the market. Being leaders of existing and emerging digital technologies, they acquire approximately 50% of the market share. In addition, high spending on R&D by market leaders, along with the emergence of new entrants, has turned the market highly competitive.

Some of the major market players listed in the global digital twin market report include ABB Group, IBM Corporation, Microsoft Corporation, Oracle Corporation, General Electric Company, Rockwell Automation, SAP SE, Siemens AG, Infosys Ltd., Dassault Systemes, Ansys Inc., Accenture Plc. and Autodesk Inc. among others.

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The digital twin market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-around view of the global digital twin market based on type, application, industry verticals, and geography. 

Frequently Asked Questions:

The market for Digital Twin is expected to reach US$ 57.38 Bn by year 2027.

The Digital Twin market is expected to see significant CAGR growth over the coming years, at 37.1%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

ABB Group, IBM Corporation, Microsoft Corporation, Oracle Corporation, General Electric Company, Rockwell Automation, SAP SE, Siemens AG, Infosys Ltd. are some of the major players in the global market.

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Published Date:  Nov 2019
Category:  IT & Telecom
Report ID:   60041
Report Format:   PDF
Pages:   120
Rating:    4.4 (69)
Delivery Time: 24 Hours to 48 Hours   
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