Digital Twin Market is Flourishing Due to Rapid Developments in the Sensor Technology and IoT

Digital Twin Market: By End-User Application (Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial and Others)

Pune, India - June 13, 2019 /MarketersMedia/ —

Market Highlights

Digital twin technology facilitates an integrated multi-physics, multi-system simulation to a complex product, which functions to mirror the life of its corresponding twin. Leveraging the full might of cutting-edge digital technologies, digital twins virtually mimic plant and factory products and processes which support the end-users in achieving continuous improvement and innovation.

This technology has successfully paved its way across major industry verticals such as manufacturing, automotive, and electronics. With its promises such as time required for product development processes spiralled down to half, dropped down cost of development, speedier production systems which are 25% more efficient, and downtimes tending almost to zero, digital twin technology is poised to drive the manufacturing sector, encouraging more verticals for its deployment.

As a result, the twin technology market has been growing rapidly. Huge demand from the electronic and electrical/machine manufacturing sector is expected to continue to usher growth for the market further. Moreover, the popularity of digital twin led by the rapid adoption of 3D printing and 3D simulation is escalating market on the global platform.

Acknowledging the accruals this market is garnering currently, Market Research Future (MRFR), in its recently published study report foretells that the global digital twin market would reach USD 35,462.4 MN by 2025, registering a massive CAGR of 42.54% throughout the forecast period (2018 – 2025). In 2017, the market had valued at USD 2,156.5 MN only which means the market would witness a phenomenal growth in just seven years.

Other factors that are propelling the growth of the market include the rapid developments in the sensor technology and IoT. The rising demand for automation and digitization in the manufacturing industry further ensures revenue acceleration for the market participants. Furthermore, the increasing deployment of 3D printing and 3D simulation software is expected to increase the size of the digital twin market over the assessment period.

Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/4504

Segmentation:

For a better understanding of the report, the market is segmented into three key dynamics:

By Type: Parts Twin, Product Twin, Process Twin, and System Twin.
By End-user Application: Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, and Home & Commercial among others.
By Regions: North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).

Regional Analysis:

The North America digital twin market is expected to retain its dominance, globally throughout the forecast period. Factors such as the huge demand for security system and business intelligence drive the growth of the digital twin technology in the region. The presence of major players that have facilitated the early adoption of the technology in the region drives the regional market.

Additionally, huge technological advances alongside the growing application-industries of digital twin technology impact market growth, positively. 2017, the market had valued at USD 691.2 MN and is further expected to grow with a massive CAGR of 42.77% during 2018 and 2025.
The digital twin market in the Asia Pacific region has evolved as a profitable market, globally. Factors such as rapid technological advancements in the region and investments from foreign investors foster the growth in the regional market. Manufacturing sectors in countries such as China and India are flourishing dynamically.

Especially in India, Industry 4.0 has taken a strong root and ready to bring unprecedented efficiencies in the manufacturing sector. In India, the revolutionary practice of digital twinning is a new norm in Industry 4.0, which signifies lucrative growth opportunities.

Resultant, the digital twin market in the APAC is expected to thrive at a comparatively higher CAGR of 45.19% over the review period. Furthermore, the increasing penetration of high-tech devices, increased requirement of miniaturization, developments of auto electronics, economic development, growing digitization, and rapid industrialization are some of the other factors driving the APAC market.

Get the Discount @ https://www.marketresearchfuture.com/check-discount/4504

Global Digital Twin Market – Competitive Landscape

Highly competitive, the global digital twin market appears to be fragmented due to the presence of several major players. These players incorporate strategic initiatives such as partnership, acquisition, collaboration, expansion, and technology launch to gain a competitive advantage in this market.

Technology providers emphasize on improving their market performance and acquire promising companies in the fast-growing markets to support their expansion plans. They employ continuous improvement strategies to analyze and update the improvements the digital twin is implementing, launching technology updates that can meet the changing needs of end-users.

Market players strive to develop a well-established infrastructure that allows the seamless implementation of advanced technologies. Massive investments transpired in R&D sector from the major players, are in turn, helping the market to grow.

Major Players:

Key players leading the clientless remote support software market include PTC Inc., ANSYS Inc., SAP SE, Microsoft Corporation, Dassault Systemes SE, IBM Corporation, Cisco Systems, Inc., General Electric, Accenture PLC, Oracle Corporation, and Siemens AG among others.

Industry/ Innovation /Related News:

May 21, 2019 ---– Bentley Systems, Incorporated (the US), a software development company announced the acquisition of Keynetix Limited (the UK), a software company that develops and provides cloud-based software for capturing, visualizing, modeling, and sharing geotechnical data to enable subsurface digital twin services.

The addition of Keynetix software expands Bentley’s geotechnical offerings, accelerating Bentley’s vision of enabling subsurface digital twins for infrastructure projects and assets.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/digital-twin-market-4504

Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com/reports/digital-twin-market-4504

Source URL: https://marketersmedia.com/digital-twin-market-is-flourishing-due-to-rapid-developments-in-the-sensor-technology-and-iot/523913

Source: MarketersMedia

Release ID: 523913

More News From Morning Dispatcher

Egypt's el-Sissi dismisses corruption allegations

Sep 16, 2019

CAIRO — Egypt's president on Saturday dismissed corruption allegations made by a businessman-in- exile about the country's military as "sheer lies and defamation." In viral social media videos posted over the past week, the entrepreneur alleged large-scale misuse of public funds in the building of luxurious hotels, presidential palaces and a tomb for President Abdel-Fattah el-Sissi's mother who died in 2014. "I've built presidential palaces and I will continue to do so," el-Sissi, a general-turned-president, said in televised comments. "I am building a new country. ... All of this is not mine. It's Egypt's." El-Sissi was responding to claims by...

New Saudi energy minister calls for OPEC 'cohesiveness'

Sep 16, 2019

ABU DHABI, United Arab Emirates — Saudi Arabia's new energy minister on Thursday reiterated calls for "cohesiveness" in OPEC ahead of a key meeting in Abu Dhabi. "To achieve market stability, it's important we sustain a high level of cohesiveness," said Prince Abdulaziz bin Salman, speaking at a meeting of the organization's Joint Ministerial Monitoring Committee in Abu Dhabi, the capital of the United Arab Emirates. Crude oil sold for over $100 a barrel in the summer of 2014 before bottoming out below $30 a barrel in January 2016. That fall largely came from a boom in U.S. shale oil...

Rocket blast at US Embassy in Kabul on 9/11 anniversary

Sep 16, 2019

KABUL, Afghanistan — A rocket exploded at the U.S. Embassy in Afghanistan just minutes into Wednesday, the anniversary of the 9/11 attack on the United States, but officials at the compound later declared an all-clear and reported no injuries. A plume of smoke rose over central Kabul shortly after midnight and sirens could be heard. Inside the embassy, employees heard this message over the loudspeaker: "An explosion caused by a rocket has occurred on compound." About an hour later the all-clear announcement was made, with no reports of injuries. There was no immediate comment from Afghan officials or those with...

Iranian female soccer fan dies after setting herself on fire

Sep 16, 2019

DUBAI, United Arab Emirates — An Iranian woman detained for dressing as a man to sneak into a soccer stadium to watch a match has died after setting herself on fire upon learning she could spend six months in prison, semi-official news outlets reported Tuesday. The self-immolation death of 29-year-old Sahar Khodayari has shocked Iranian officials and the public, becoming an immediate hashtag trend across social media in the Islamic Republic. It also comes as FIFA is working with Iranian authorities to overcome a ban on women entering stadiums for men's games, a ban in place since the country's 1979...

US military officials in Turkey for Syria 'safe zone' talks

Sep 16, 2019

ANKARA, Turkey — Turkey's defense ministry says two top U.S. military officials are in Turkey for talks over a planned "safe zone" in northeast Syrian. A ministry statement said a delegation headed by Lt. Gen. Stephen Twitty, deputy commander of the U.S. European Command, and Lt. Gen. Thomas Bergeson, deputy commander of the U.S. Central Command, would meet with Turkish military officials on Tuesday. Their visit comes days after Turkish and U.S. troops conducted their first joint ground patrol of the "safe zone" that Ankara has been pressing for in the Kurdish-administered region. Turkey hopes the buffer zone will keep...

About Us

Get all the up-to-date breaking news about politics, business, entertainment, sports, lifestyles, weather, traffic, and local news in a seamless digital environment only in Morning Dispatcher.

Contact us: sales[at]morningdispatcher.com

Subscribe Now!

Quick Links

HomePress