Digital Twin Market was estimated at USD 1,865 Million in 2019 and is projected to grow at a CAGR of 55.9% during forecast period.

Introduction of Digital Twin Market Report

The global digital twin market has witnessed a substantial growth in recent years. The increase in the adoption rate of internet of things devices and cloud platforms as well as increased focus towards improving the business performance in terms of cost-effectiveness, process optimization as well as time to market are the key factors fuelling the market growth of the digital twins. In addition, the new technological advancements in the area virtual and augmented reality will further help the market to grow at a substantial rate during the forecast period.

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The electronics and electrical/machine manufacturing industry is estimated to hold the largest share in digital twin market in 2016. The key factors propelling the growth of the electronics and electrical/machine manufacturing industry include the increasing digitization for designing and manufacturing process of electrical and electronic equipment’s as well as in after-sales services.

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Asia-Pacific region is expected to grow at the highest rate during the forecast period in the global market of digital twins. The major factors propelling the growth of the market in the region is the increased adoption rate of digital twins which typically drive the business impact of Internet of Things. The emerging economies such as India, China are focusing towards increasing the implementation of Internet of things in the region. Also, the other factors such as industrialization and high disposable income of people are the key factors which are fuelling the market growth of digital twins in the region.

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This research report on global digital twins market provides in-depth analysis of the global digital twin market based on end-user, application and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants. The research report provides market size and forecast for digital twin market. The report also analyses the competitive landscape and the major player and their market share in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.

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The report also profiles the major companies active in this field, including IBM Corporation, Siemens AG, General Electric, PTC Inc., Microsoft Corporation, Robert Bosch GmbH, Dassault Systems, SAP SE, ANSYS Inc., Oracle Corporation

Key questions this research would answer:
1- Is the digital twin market growing? How long will it continue to grow and at what rate?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? What are the regional hotspots for growth in the digital twin market?

The global digital twin market is segmented on the basis of end-user, application and geography:

Global Digital Twins Market by End-User
• Aerospace and Defense
• Automotive & Transportation
• Home and Commercial
• Electronics and Electrical/Machine Manufacturing
• Healthcare
• Energy and Utilities
• Retail & Consumer Goods
• Others

Global Digital Twins Market by Application
• Product Design and Development
• Machine & Equipment Health Monitoring
• Predictive Maintenance
• Dynamic Optimization

Global Digital Twin Market by Region
• North America
• Europe
• Asia-Pacific
• RoW

Global Digital Twins Market Competitive Landscape
• Major Players and their Market Share Analysis
• New product launches
• Mergers and acquisitions
• Collaborations, partnerships, agreements and joint ventures