DUBLIN--(BUSINESS WIRE)--The "Digital Twin Market: Global Opportunity and Trend Analysis, 2020-2035" report has been added to ResearchAndMarkets.com's offering.
This reports estimates suggest that the global digital twin market is likely to be worth USD 5.1 billion in 2020 and this value is projected to reach USD 115.1 billion by 2035, growing at an estimated CAGR of 23.2%.
A digital twin is the digital replica of the physical entity of the product, processes, places or human. The concept of digital twin technology was first introduced by NASA in 2010. The aforementioned organization used digital twin technology for developing a highly detailed simulation model of a spacecraft or aircraft. The simulated model was demonstrated to reproduce the physical behavior of the aircraft or spacecraft as close as possible in the virtual world. Nowadays, owing to the growing penetration of IoT based technologies, digital twin is being utilized by industries, such as manufacturing, retail and healthcare, for reducing the overall operational costs and eliminating unplanned downtimes.
In addition, the recent global pandemic COVID-19 is supporting the growth of the digital twin market. For instance, the researchers at the University of Virginia's Biocomplexity Institute have developed a digital twin simulation platform which can assist state and local governments to better anticipate the contagion's spread. Thus, it will help governments to understand the widespread impacts of coronavirus policies based on the analysis of large data sets.
Digital twin technology, with the help of the analytics, can also provide machine and equipment health support. For instance, the analytics solutions in digital twin, provides real-time tracking and monitoring of physical assets. Our estimates suggest that the machine and equipment health application segment of this market is likely to grow at an estimated CAGR of 27.2%, during the period 2020-2030.
Further, growing technological advancements in the manufacturing sector are paving the way for the adoption of digital twins. Therefore, we anticipate that the manufacturing sector is likely to capture more than one-fifth of the overall digital twin market share by 2035. The global digital twin market has been segmented into four regions, namely, North America, Europe, Asia-Pacific and the rest of the world. Currently, based on geography, North America holds the largest share of the overall digital twin market. This can be attributed to the early adoption of digital twin technology and the presence of key players in this region.
Companies Mentioned
- Ansys
- Autodesk
- Aveva
- Dassault Systems
- GE Digital
- IBM
- Microsoft
- Oracle
- Robert Bosch
- Siemens
Key Topics Covered:
CHAPTER 1: PREFACE
1.1. Scope of the Report
1.2. Research Methodology
1.3. Report Assumptions
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market Overview
3.1.1. Impact of COVID-19 on the Digital Twin Market
3.2. Market Dynamics
3.2.1 Drivers
3.2.2. Restraints
3.2.3. Opportunities
CHAPTER 4: Digital Twin Market, By Application Areas
4.1 Market Overview
4.1.1 Market Size and Analysis,2020-2035
4.2 Application Design and Development
4.2.1 Market Size and Analysis,2020-2035
4.3 Machine and Equipment Health
4.3.1 Market Size and Analysis,2020-2035
4.4 Wireless Charging
4.4.1 Market Size and Analysis,2020-2035
CHAPTER 5: Digital Twin Market, By Industry Vertical
5.1 Market Overview
5.1.1 Market Size and Analysis,2020-2035
5.2 Manufacturing
5.2.1 Market Size and Analysis,2020-2035
5.3 Healthcare
5.3.1 Market Size and Analysis,2020-2035
5.4 Automotive
5.4.1 Market Size and Analysis,2020-2035
5.5 Aerospace and Defense
5.5.1 Market Size and Analysis,2020-2035
5.5 Others
5.5.1 Market Size and Analysis,2020-2035
CHAPTER 6: Digital Twin Market, By Geography
6.1 Market Overview
6.2 North America
6.3. Europe
6.4 APAC
6.5 Rest of the World
CHAPTER 7: Company Profiles
CHAPTER 8: Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/rj16af
