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  , 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.
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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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