Emergence of advanced technologies like big data analytics, ML, AI, VR, AR and MR will influence the growth of digital twin market
Ocean View, DE -- (SBWIRE) -- 05/22/2020 -- The digital twin market share from product design & development application is anticipated to exhibit a CAGR of over 31% during the forecast period owing to implementation of Industry 4.0 by the automotive and manufacturing sectors. Moreover, the emergence advanced data visualization & analytics techniques help in optimizing product performance, thus driving the digital twin market growth.
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Emergence of advanced technologies like big data analytics, ML, AI, VR, AR and MR will influence the growth of digital twin market. Also, increasing adoption of IoT and IIoT along with rapidly growing digitalization in automotive, manufacturing and healthcare industries will drive the digital twin market growth. Moreover, growing demand for optimizing process time, reducing asset downtime, improving operational efficiency and reducing time-to-market are anticipated to proliferate market growth over forecast timeline.
Key Companies: - Technology & platform players, Accenture plc, Capgemini SE, IBM Corporation, Infosys Limited, Microsoft Corporation, Oracle Corporation, PTC Inc., SAP SE, SAS Institute, TIBCO Software Inc., Wipro Limited, Digital & Automation Players, ABB Group, Ansys Inc., Autodesk, Inc., AVEVA Group plc, Bentley Systems, Incorporated, Dassault Systèmes, General Electric Company, Robert Bosch GmbH, Rockwell Automation, Schneider Electric SE, Siemens AG,
The process support & service application segment is expected to witness a stellar growth at a CAGR of over 30% during the forecast timeframe. Growing use of digital twins in the application enables efficient inventory optimization by reducing inventory carrying costs and facilitating improved customer services, which in turn will stimulate segmental growth.
The manufacturing sector is anticipated to account for more than 25% market share by 2025 owing to the advent of automation systems to enhance production capabilities, and the healthy growth of the sector after Industry 4.0. The steady progress of the sector will further increase the demand for digital twin to optimize and streamline flaws in manufacturing process.
The healthcare sector is expected to secure a considerable share in the market over analysis period. The digital twin offers real-time analytics and monitoring using machine learning to simplify operations and processes in the hospital, enhancing customer experience. In addition, growing demand for advanced healthcare options will further fuel digital twin market growth.
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The Asia Pacific market is estimated to exhibit a remarkable growth with a CAGR of over 30% during the forecast timeline. Also, the presence of leading automotive players in countries including India, South Korea and Japan will influence industry growth. Additionally, increasing adoption of IoT and IIoT coupled with the surge in smartphones will fuel digital twin market growth.
Some Points From Table Of Content: -
Chapter 5. Digital Twin Market, By Application
5.1. Key trends, by application
5.2. Product design & development
5.2.1. Market estimates and forecast, 2014-2025
5.3. Machine & equipment health monitoring
5.3.1. Market estimates and forecast, 2014-2025
5.4. Process support & service
5.4.1. Market estimates and forecast, 2014-2025
Chapter 6. Digital Twin Market, By End-Use
6.1. Key trends, by end-use
6.2.1. Market estimates and forecast, 2014-2025
6.3.1. Market estimates and forecast, 2014-2025
6.4.1. Market estimates and forecast, 2014-2025
6.5. Aerospace & defense
6.5.1. Market estimates and forecast, 2014-2025
6.6. Energy & utility
6.6.1. Market estimates and forecast, 2014-2025
6.7. Infrastructure buildings
6.7.1. Market estimates and forecast, 2014-2025
6.8. Retail & consumer goods
6.8.1. Market estimates and forecast, 2014-2025
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