According to the new market research report "Digital Twin Market by Technology, Type (Product, Process, and System), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas), and Geography - Global Forecast to 2025", the digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 45.4%.
Major factors surging the demand for digital twin include declining time and cost of product development and unplanned downtime with the adoption of digital twins, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance.
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Automotive & transportation to account for largest size of digital twin market from 2019 to 2025
Automotive & transportation is expected to be the key end-user industry for the digital twin market. This industry is growing rapidly due to the increasing usage of digital twins for designing, simulation, maintenance, repair, and overhaul, production, and after service. Moreover, the automotive & transportation industry is the early adopter of technologies, and there is a rising demand for connected devices in this sector owing to the advancements such as connected cars & autonomous cars, which, in turn, boosts the growth of the digital twin market.
System digital twin to boost demand for digital twin market during forecast period
System digital twin is expected to hold the largest share of the digital twin market during the forecast period. This growth is attributed to the increasing demand for system digital twin type from several industries as a system digital twin is a collection of assets/products and processes that together perform as a system- or network-wide function, such as an oil & gas refinery/plant, a production line in a factory, an assembly line, a traffic network, a wind farm, a hospital, and a country. A system twin provides visibility into a set of interdependent equipment.
North America to hold largest share of digital twin market from 2019 to 2025
North America held the largest share of the overall digital twin market in 2018, and APAC is likely to exhibit the highest CAGR during the forecast period. Major factors driving the growth of the digital twin market in North America is due to the strong economic infrastructure and significant presence of digital twin vendors in the region. Moreover, increasing R&D activities in the field of IoT and IIoT, and growing demand for efficient and cost-effective technologies for product manufacturing are the factors driving the market in this region.
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General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), Ansys (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US) are among the major players in the digital twin market.
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