Jan 27, 2021 (AmericaNewsHour) -- A digital twin is a digital replica of physical assets (product, system, process, or place) that act as its virtual equivalent throughout its development lifespan. This replica is a dynamic software model that uses data acquisition tools such as sensors to monitor the asset and collect data related to the operating parameters. A digital twin can be a weak correlation of the physical asset or almost exact design time and runtime clone depending upon the underlying technology. Rising adoption of 3D printing and 3D simulation software, increasing awareness about advanced data analytics across industries, and the emergence of digitization in manufacturing are expected to drive the digital twin market during the forecast period. However, the risk of security breaches is expected to restrain the market during the forecast period.
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In 2017, North America dominated the global market with the regional share valued at USD 691.2 million; it is expected to register a CAGR of 42.77% during the forecast period. However, the market in Asia-Pacific is expected to be the fastest-growing at the highest CAGR of 45.19% during the review period. The global digital twin market has been segmented on the basis of end-use application, type, and region. By end-use application, the market has been segmented into aerospace & defense, automotive & transportation, electronics & electrical/machine manufacturing, healthcare, retail, energy & utilities, home & commercial, and others. Based on type, the market has been segmented into parts twin, product twin, process twin, and system twin.
Under the end-use application, the electronics & electrical/machine manufacturing segment held the largest market share, valued at 528.8 million in 2017; it is projected to register a CAGR of 43.97% during the forecast period. However, the automotive & transportation segment is expected to grow at faster CAGR of 44.94% during the forecast period. By type, the product twin segment accounted for the highest market value of 713.2 million in 2017; the segment is projected to exhibit a CAGR of 43.35% during the review period. However, system twin segment is expected to grow at a higher CAGR of 44.46% during the forecast period.
The key players in the global digital twin market are IBM Corporation (US), Accenture PLC (Ireland), Microsoft Corporation (US), Oracle Corporation (US), Dassault Systemes SE (France), Cisco Systems, Inc. (US), SAP SE (Germany), General Electric (US), Siemens AG (Germany), ANSYS Inc (US), PTC Inc. (US),
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Global Digital Twin Market Analysis & Forecast, from 2018 to 2025
? To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the global digital twin market
? To provide insights into factors affecting market growth
? To analyze the global digital twin market based on Porter's Five Forces analysis
? To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries--North America, Europe, Asia-Pacific, and the rest of the world
? To provide country-level analysis of the market with respect to the current market size and future prospects
? To provide country-level analysis of the market for segments on the basis of end user application and type
? To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
? To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, product developments, and research and developments in the global digital twin market
? Technology investors
? Research/consultancy firms
? Original equipment manufacturers (OEMs)
? Government bodies
? Digital twin service providers
? Organizations, associations and alliances
? Industry associations
? The global digital twin market is expected to reach USD 35462.4 million by 2025.
? Based on end-use application, electronics & electrical/machine manufacturing segment held the largest market share which was valued at 528.8 million in 2017; it is projected to register a CAGR of 43.97% during the forecast period
? By type, the product twin segment accounted for the highest market value of 713.2 million in 2017; the segment is projected to exhibit a CAGR of 43.35% during the review period. However, system twin segment is expected to grow at faster CAGR of 44.46% during the forecast period.
? Geographically, North America is projected to be the largest regional market in the global smart hospital market.
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Regional and Country-Level Analysis of the Global Digital Twin Market, Estimation and Forecast
North America is expected to lead the global digital twin market with a CAGR of 42.77% during the forecast period. Europe is projected to be the second-largest market exhibiting a CAGR of 41.89%. However, the market in Asia-Pacific is expected to be the fastest-growing at 45.19% CAGR. The market in the rest of the world is projected to register a CAGR of 38.89% during the forecast period.
The report on the global digital twin market also covers the following country-level analysis:
? North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
? Rest of the World
o Middle East and Africa
o South America
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The post Digital Twin Technology Market Report Analysis and Forecast 2021 to 2023 | Global Key Players, Industry Size & Share, Business Growth Rate, Revenue with Regional Trend Analysis appeared first on America News Hour .
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