[137 Pages Report] The digital twin market​ was valued at USD 1.82 Billion in 2016 and is expected to reach USD 15.66 Billion by 2023, at a CAGR of 37.87% during the forecast period. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2023.

The digital twin technology has applications in product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization. The digital twin technology is used to generate the virtual models outside of engineering environments involving the applications such as product design and development, and production.

Ask for PDF Copy:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225269522

The digital twin market based on end user has been segmented into aerospace and defense, automotive and transportation, energy and utilities, home and commercial, electronics and electrical/machine manufacturing, healthcare, and retail and consumer goods, and others. The other industries include materials and chemicals and agriculture. The rising need for digitalization in agriculture, and chemicals & materials industries is one of the major factors contributing to the growth of digital twin market in this region. Moreover, the presence of few major IoT vendors such as IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US) have started offering products and solutions that help create the digital twins that form a core part of the digital transformation of many industries.

The digital twin market in APAC is expected to grow at the highest CAGR during the forecast period, followed by the market in RoW. The growth of the market in APAC is attributed to the increase in development of various industries that has led to growth in the adoption of digital twin systems for digitalization of various end user industries present in developing countries such as India, Japan, and China.

Increasing occurrences of viruses and cyber-attacks lead to many security concerns. Important information can be stolen by malicious viruses in computer systems, causing a major loss to the industries. Hence the risk associated with the data security is one of the restraining factors for the growth of the digital twin market.

Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=225269522

Key players in this market focus on the product developments and launches, strategic partnerships, collaborations and acquisitions to increase their revenue. For instance, in November 2016, GE launched the Predix system software architecture and services designed to make any machine an intelligent asset, and to bring visibility, control, and analytic insights to industrial infrastructure and operations. The platform is compatible with a variety operating systems, devices, and form factors. This new software would also focus on expanding the platform and development of digital twins.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]