Technical advancement has touched a
mark where we can experience and interact with the virtual counterpart of a
physical entity. Imitating real-world situations with dynamic digital replica
can ensure a better understanding of the product and enable real-time
performance monitoring. Digital twin market is gaining popularity since it is
helping to bridge the gap between the physical and virtual. Owing to the
propitious progress in the sector, the digital twins market had a market size of
$2.38 billion as of 2018. The application of digital twins is estimated to grow
at an incredible compound annual growth rate (CAGR) of 38.23% during the
forecast period of 2019 to 2025, according to a business intelligence report by
IndustryARC’s analyst.
The report is titled “Digital Twins
Market: By Type (Software, Services); By Application (Product Design &
Development, Inventory Management, Others); By End-User (Aerospace &
Defense, Automotive, Manufacturing, Others); By Geography Forecast (2019-2025).”
The report is inclusive of all the market-related forces driving the global
digital twins market and other factors such as leading segments, geographical
distribution, growth drivers, challenges, and trends.
Global
Digital Twins Market: Leading Segments
North America is the dominating
marketplace in the global digital twins market with a remarkable 39.38% market
share. The region grabs the highest market share due to the numerous technical
giants established there. Also, China and India in APAC are emerging as one of
the biggest markets to be exploited by the digital twin technology owing to the
incrementing investment in the research and development department of the
innovative technology.
Healthcare is the leading
application in the global digital twins market, which will be increasing at a
CAGR of 36.96% during the forecast period of 2019 to 2025. Healthcare sector is
growing massively owing to the increasing hospitals and care units in the
world. Additionally, the healthcare sector is also flourishing due to the
increasing vulnerabilities to diseases among the people. Digital twin
technology will optimize diagnosis methods involved in treatment.
Global
Digital Twins Industry Analysis
Healthcare: Healthcare is one of the
fastest growing industries owing to the great investments witnessed in the
research and development department of the sector. The digital twin market in
the healthcare sector could increase the efficiency in patient’s treatment.
Nano-sized sensors are being employed for remote monitoring and analyzing
patient’s condition. The application of artificial intelligence and machine
learning techniques along with software analytics is projected to bolster
efficiency and productivity in the healthcare sector which will subsequently
drive profits in the digital twins market.
Agriculture: Farm management using virtual
geographic information systems is still an emerging method to streamline the
agricultural processes. Digital twin technology helps in crop and soil health
monitoring along with livestock monitoring techniques to upturn the
productivity of the agricultural lands. According to the World Economic
Forum [1] ,
the global population is projected to reach 10 billion by the year 2050, and
this population outburst will propel the growth prospects in the agricultural
sector in order to suffice the nutritional needs. Therefore, incorporating
technology to optimize agricultural outputs is mandatory to cater to global
food demands.
Global Digital Twins Market Trends
- Virtual reality and augmented reality will play an essential role in commercializing digital twin technology. This shall introduce the development of immersive, attractive, and interacting views of the virtual counterpart.
- Digital twins are being used to create a virtual replica of people for conferences that happens across international borders. Applying digital twin technology in the meetings help in establishing a much gratitudinal business communication which further improvises the business deals. This trend is posing as the most effective factor for growth in the digital twins market.
Global
Digital Twins Market: Competitive Landscape
Some of the key companies identified
in the report that are currently holding majority shares in the digital twins
market are General Electric Company, IBM Corporation, Microsoft Corporation,
Oracle Corporation, PTC Inc., ANSYS, Inc., Dassault Systems, Siemens AG, Bosch
Software Innovation Gmbh. and SAP SE.
Talk to one of our sales
representative about the full report by providing your details in the link
below:
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Related
Reports:
A. Industry 4.0 Equipment
Market
https://www.industryarc.com/Report/17938/industry-4-equipments-market.html
What
can you expect from the report?
The global digital twins market is prepared
with the main agenda to cover the following 20 points:
1. Market Size by Product
Categories & Application
11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant
Market
Data
12. Country level
Analysis
3. Manufacturer
Landscape
13. Competitor
Analysis
4. Distributor Landscape
14. Market
Shares Analysis
5. Pricing Analysis
15. Value
Chain Analysis
6. Top 10 End user Analysis
16. Supply
Chain Analysis
7. Product Benchmarking
17. Strategic
Analysis
8. Product Developments
18. Current
& Future Market Landscape Analysis
9. Mergers & Acquisition
Analysis
19.
Opportunity Analysis
10. Patent Analysis
20.
Revenue and Volume Analysis
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databases. We can provide the following free customization:
1. Increase the level of data in
application or end user industry.
2. Increase the number of countries
in geography chapter.
3. Find out market shares for other
smaller companies or companies which are of interest to you.
4. Company profiles can be requested
based on your interest.
5. Patent analysis, pricing, product
analysis, product benchmarking, value and supply chain analysis can be
requested for a country or end use segment.
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discussed with our team, drop an e-mail to [email protected] to discuss
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and Beverages, Information Technology, and Life sciences and Healthcare.
References
–
[1]https://www.weforum.org/agenda/2019/01/four-priorities-to-help-fix-the-global-food-system/