Digital Twin Market Anticipates a CAGR of 37.8% till 2025 - Leading Players are General Electric, IBM, PTC, Microsoft, Siemens, ANSYS, SAP, Oracle, Bosch, and SWIM.AI

/EIN News/ -- Dublin, Sept. 18, 2019 (GLOBE NEWSWIRE) -- 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 was valued at USD 2.9 billion in 2018 and is projected to reach USD 35.8 billion by 2025; it is expected to grow at a CAGR of 37.8% during the forecast period.

• Illustrative segmentation, analysis, and forecast for the market, by type, industry, and geography have been provided to give the overall view of the digital twin market.
• Major drivers, restraints, opportunities, and challenges pertaining to the digital twin market have been provided in the research report.
• The report includes a detailed competitive landscape and revenues of key players.

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.

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.

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-upSWIM.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.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Digital Twin Market
4.2 Market, By Type
4.3 Market, By Country and Industry
4.4 Market, By Country (2019)

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Declining Time and Cost of Product Development and Unplanned Downtime With Adoption of Digital Twin
5.2.1.2 Increasing Adoption of Emerging Technologies Such as IoT and Cloud
5.2.1.3 Growing Use of Digital Twin for Predictive Maintenance
5.2.2 Restraints
5.2.2.1 Risks Associated With Data Security Due to the Use of IoT and Cloud Platforms
5.2.3 Opportunities
5.2.3.1 Promising Growth of Digital Twin Technology in Industries Such as Healthcare, Aerospace, and Automotive
5.2.3.2 Increasing Adoption of Industry 4.0 and IIoT
5.2.4 Challenges
5.2.4.1 Lack of Awareness Regarding Cost Benefits of Digital Twin Adoption
5.2.4.2 Lack of Skilled Workforce and Technical Knowledge
5.3 Value Chain Analysis
5.4 Case Studies
5.4.1 Aerospace & Defense
5.4.1.1 NASA Uses Digital Twin for Its Space Station and Spacecraft
5.4.1.2 Lockheed Martin's Digiverse - the Complete Digital Twin of Everything
5.4.2 Automotive & Transportation
5.4.2.1 Man Truck Uses PTC's Thingworx Platform for Building Digital Twin
5.4.2.2 Allego Uses Microsoft's Azure Digital Twin Platform for E-Charging Solutions
5.4.3 Home & Commercial
5.4.3.1 Dassault Systems Along With the Government of Singapore is Building A Digital Twin of the Complete Country - Virtual Singapore
5.4.3.2 CBRE Uses Microsoft's Azure Digital Twin Platform for CBRE 360 Employee
5.4.4 Healthcare
5.4.4.1 John Hopkins Hospital Uses Ge's Digital Twin Platform for Building Digital Twin of Patient Pathways
5.4.4.2 Siemens Healthineers Develops Digital Twin of A Heart
5.4.5 Energy & Utilities
5.4.5.1 GE Builds A Digital Twin of Wind Turbine
5.4.5.2 GE's Digital Twin of A Power Plant
5.4.6 Oil & Gas
5.4.6.1 Ansys, PTC, Flowserve, National Instruments, and HPE Built and Demonstrated Digital Twin of A Pump
5.4.6.2 Shel Together With Swiss Engineering Builds Digital Twin of A Test RigDigital Rig
5.4.7 Others
5.4.7.1 Siemens PLM Software and Bridg Together Build Digital Twin for Semiconductor Manufacturing Process
5.4.7.2 ABB Built Digital Twin of Electromagnetic Flowmeter to Be Used in Water & Wastewater Transport and Treatment

6 Technologies of Digital Twin
6.1 Introduction
6.2 IoT & IIoT
6.3 Blockchain
6.4 Artificial Intelligence and Machine Learning
6.5 Augmented Reality, Virtual Reality, and Mixed Reality
6.6 Big Data Analytics
6.7 5G

7 Digital Twin Market, By Type
7.1 Introduction
7.2 Product Digital Twin
7.2.1 Product Digital Twin to Witness Significant Growth in the Market
7.3 Process Digital Twin
7.3.1 Process Digital Twin Plays Significant Role in Digital Twin Market
7.4 System Digital Twin
7.4.1 System Digital Twin to Dominate Digital Twin Market During Forecast Period

8 Digital Twin Market, By Industry
8.1 Introduction
8.2 Aerospace & Defense
8.2.1 Aerospace & Defense to Witness Significant Growth in This Market
8.3 Automotive & Transportation
8.3.1 Automotive & Transportation to Dominate This Market During Forecast Period
8.4 Home and Commercial
8.4.1 North America to Dominate Market for Home and Commercial Industry During Forecast Period
8.5 Healthcare
8.5.1 Healthcare to Be Fastest-Growing Industry for Digital Twin Market
8.6 Energy & Utilities
8.6.1 Rising Digitization is Driving Energy & Utilities in Digital Twin Market Growth During Forecast Period
8.7 Oil & Gas
8.7.1 System Digital Twin to Digital Twin Market for Oil & Gas Industry
8.8 Others
8.8.1 APAC to Be Fastest-Growing Region of Digital Twin for Other Industries

9 Digital Twin Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 US Holds Largest Share of Market in North America
9.2.2 Canada
9.2.2.1 Emerging Digital Technologies Drive Market in Canada
9.2.3 Mexico
9.2.3.1 Increasing Adoption of Digitization for Home & Commercial Drives Market in Mexico
9.3 Europe
9.3.1 Germany
9.3.1.1 Industry 4.0 Initiative Drives Market in Germany
9.3.2 UK
9.3.2.1 Market in UK to Grow Significantly During Forecast Period
9.3.3 France
9.3.3.1 IoT & Cloud Plays Vital Role in Driving Digital Twin Market in France
9.3.4 Rest of Europe
9.4 APAC
9.4.1 China
9.4.1.1 China to Hold Largest Share of Market During Forecast Period
9.4.2 Japan
9.4.2.1 Growing Adoption of IoT Drives Market in Japan
9.4.3 India
9.4.3.1 Government Initiatives Spur Growth of Market in India
9.4.4 Rest of APAC
9.5 RoW
9.5.1 Middle East
9.5.1.1 Growth in Oil & Gas Will Drive Market in Middle East
9.5.2 South America
9.5.2.1 Brazil and Argentina Contribute Significantly for Growth of Market in South America
9.5.3 Africa

10 Competitive Landscape
10.1 Overview
10.2 Competitive Scenario
10.2.1 Product Developments/Launches
10.2.2 Partnerships, Mergers and Acquisitions
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Dynamic Differentiators
10.3.3 Innovators
10.3.4 Emerging Companies
10.4 Strength of Product Portfolio (For All 25 Players)
10.5 Business Strategy Excellence (For All 25 Players)

11 Company Profiles
11.1 Introduction
11.2 Key Players
11.2.1 General Electric
11.2.2 IBM
11.2.3 PTC
11.2.4 Microsoft Corporation
11.2.5 Siemens AG
11.2.6 Ansys
11.2.7 SAP
11.2.8 Oracle
11.2.9 Robert Bosch
11.2.10 Swim AI
11.3 Innovators
11.3.1 DNV GL
11.3.2 Sight Machine
11.3.3 Tibco Software Inc.
11.3.4 Aucotec AG
11.4 Other Important Key Players
11.4.1 Wipro Limited
11.4.2 ABB
11.4.3 Dassault System
11.4.4 Honey Well
11.4.5 Schneider
11.4.6 Emerson

For more information about this report visit https://www.researchandmarkets.com/r/6z137j

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