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Global Digital Twin Market analysis (Report 2019-2027): market size US$ 57.38 Bn by 2027

January 30, 2020 GMT

Sanjose, CA USA, January 30, 2020 (Wired Release) Credence Research The global digital twin market was valued at US$ 3.76 billion in 2018 and is projected to reach US$ 57.38 billion by 2027, increasing to CAGR by 37.1 per cent throughout the forecast period. The impact of digitization on the industrial market can be seen from decades, but it is likely to have an enormous impact in the coming years at an even faster rate than in the past years. The advent of IoT and connected devices has added a boost to the digitalized industrial infrastructure. Besides all the above, the arrival of the digital twin heralds a turning point in the industrial revolution. Its ability to optimize costs and operating time gives firms the upper hand. In addition, the integration of digital twins with emerging technologies such as IoT, artificial intelligence, analytics, and machine learning can help digital twins update their system data in real-time.

By type, the digital twin system held around 50% of the revenue share in 2018. The growth of the segment is largely supported by its significant demand in various industries, such as automotive, home and aerospace defence. Collectively, industry verticals, aerospace defence, automotive transport, and energy utilities account for almost 65 per cent of the overall market share. Its benefit in optimizing product performance and also providing an in-depth analysis of the functioning of the product in the real world is the primary factor behind its increasing demand in the various vertical sectors of the industry. General Electric (GE) was one of the early adopters of the digital twin technology and has implemented it for parts supplied to wind farms, power plants and electrical grids.

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In 2018, North America held a dominant share in the digital twin market of over 34.4 per cent. The significant share is attributed to the regions rapidly expanding e-commerce landscape, growing IoT adoption, and the availability of extensive cloud infrastructure. According to the International Trade Administration (ITA) of the US Department of Commerce, in 2017 the US manufacturing industry received Foreign Direct Investment (FDI) worth USD 1.7 trillion. Europe is the second-largest market, with revenue expected to hit 23 per cent by 2025. The growing concern among retailers about narrow profit margins due to increased retail shrinkage will result in an increasing need for real-time inventory monitoring and tracking. This growing retail shrinkage is fueling the growth of the market as digital twin offers real-time inventory monitoring and monitoring with its digital twin in virtual space.  The retail sector is among the major sectors of the European Union (EU) economy, with nearly 1 in 10 people employed in more than 3.6 million retailers. In addition, the demand for solutions is likely to steadily increase over the forecast timeline in the regions automotive sector due to the rise in the production of electric vehicles (autonomous vehicles) and passenger cars as a response to the increasing global demand.

Browse Full Report Originally Published by Credence Research at: https://www.credenceresearch.com/report/digital-twin-market

Geographic Coverage

North America Digital Twin Market Revenue and Forecast

Europe Digital Twin Market Revenue and Forecast

Asia Pacific Digital Twin Market Revenue and Forecast

Latin America Digital Twin Market Revenue and Forecast

Middle East and Africa Digital Twin Market Revenue and Forecast

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List of Companies Covered:

ABB Group

IBM Corporation

Microsoft Corporation

Oracle Corporation

General Electric Company

Rockwell Automation

SAP SE

Siemens AG

Infosys Ltd.

Dassault Systemes

Ansys Inc.

Accenture Plc.

Autodesk Inc.

Key questions answered in this report

-What was the global market size of the digital twin in 2017 2018?

What are estimated forecast and market projections up to 2027?

Which is largest regional market for digital twin?

Which type has the largest penetration in digital twin market?

Which is the most lucrative application of digital twin?

Which are the predominant trends shaping the global digital twin market?

Which is the most promising, attractive, and less-explored region in the global digital twin market?

Who are the leading vendors in the global digital twin market?

What are the premiere strategies adopted by the leading vendors in the global digital twin market?

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Research methodology devised for this study:

Our methodology comprises a blend of primary and secondary research for engineering the market size, shares and estimations for global Digital Twin market specific to key segments, and regional segmentation.

Secondary Research

Some of the basic, but most important sources referred during the study included company annual reports, press releases, and relevant documents throwing light upon the recent developments in the global Digital Twin market. Reliable sources such as scientific journals, university research papers and government websites were equally referred for recognizing business opportunities in various geographical markets and market penetration of various products/services. In addition, paid databases were referred to collect information useful for the extensive commercial study of the key players operating in Digital Twin market. In case where no data was available on the public domain, we used modeling and estimates to arrive at comprehensive data sets. Secondary research helped to prepare a base for Digital Twin market study.

Primary Research

The extensive secondary research carried out was complemented by extensive primary research to validate data and analysis. Primary research involved telephonic interviews, e-mail interactions as well as face-to-face interviews with leading industry experts.

The participants tracked for primary interviews include:

Vice President/ CEOs

Marketing/product managers

Market intelligence managers

National sales managers

Purchasing managers

Distributors

Other stakeholders

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About Credence Research:

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, nonlegislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, weve manufactured a firm extraordinarily prepared for this task.

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