Digital Twin Market is Flourishing Due to Rapid Developments in the Sensor Technology and IoT

Digital Twin Market: By End-User Application (Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial and Others)

Pune, India - June 13, 2019 /MarketersMedia/ —

Market Highlights

Digital twin technology facilitates an integrated multi-physics, multi-system simulation to a complex product, which functions to mirror the life of its corresponding twin. Leveraging the full might of cutting-edge digital technologies, digital twins virtually mimic plant and factory products and processes which support the end-users in achieving continuous improvement and innovation.

This technology has successfully paved its way across major industry verticals such as manufacturing, automotive, and electronics. With its promises such as time required for product development processes spiralled down to half, dropped down cost of development, speedier production systems which are 25% more efficient, and downtimes tending almost to zero, digital twin technology is poised to drive the manufacturing sector, encouraging more verticals for its deployment.

As a result, the twin technology market has been growing rapidly. Huge demand from the electronic and electrical/machine manufacturing sector is expected to continue to usher growth for the market further. Moreover, the popularity of digital twin led by the rapid adoption of 3D printing and 3D simulation is escalating market on the global platform.

Acknowledging the accruals this market is garnering currently, Market Research Future (MRFR), in its recently published study report foretells that the global digital twin market would reach USD 35,462.4 MN by 2025, registering a massive CAGR of 42.54% throughout the forecast period (2018 – 2025). In 2017, the market had valued at USD 2,156.5 MN only which means the market would witness a phenomenal growth in just seven years.

Other factors that are propelling the growth of the market include the rapid developments in the sensor technology and IoT. The rising demand for automation and digitization in the manufacturing industry further ensures revenue acceleration for the market participants. Furthermore, the increasing deployment of 3D printing and 3D simulation software is expected to increase the size of the digital twin market over the assessment period.

Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/4504

Segmentation:

For a better understanding of the report, the market is segmented into three key dynamics:

By Type: Parts Twin, Product Twin, Process Twin, and System Twin.
By End-user Application: Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, and Home & Commercial among others.
By Regions: North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).

Regional Analysis:

The North America digital twin market is expected to retain its dominance, globally throughout the forecast period. Factors such as the huge demand for security system and business intelligence drive the growth of the digital twin technology in the region. The presence of major players that have facilitated the early adoption of the technology in the region drives the regional market.

Additionally, huge technological advances alongside the growing application-industries of digital twin technology impact market growth, positively. 2017, the market had valued at USD 691.2 MN and is further expected to grow with a massive CAGR of 42.77% during 2018 and 2025.
The digital twin market in the Asia Pacific region has evolved as a profitable market, globally. Factors such as rapid technological advancements in the region and investments from foreign investors foster the growth in the regional market. Manufacturing sectors in countries such as China and India are flourishing dynamically.

Especially in India, Industry 4.0 has taken a strong root and ready to bring unprecedented efficiencies in the manufacturing sector. In India, the revolutionary practice of digital twinning is a new norm in Industry 4.0, which signifies lucrative growth opportunities.

Resultant, the digital twin market in the APAC is expected to thrive at a comparatively higher CAGR of 45.19% over the review period. Furthermore, the increasing penetration of high-tech devices, increased requirement of miniaturization, developments of auto electronics, economic development, growing digitization, and rapid industrialization are some of the other factors driving the APAC market.

Get the Discount @ https://www.marketresearchfuture.com/check-discount/4504

Global Digital Twin Market – Competitive Landscape

Highly competitive, the global digital twin market appears to be fragmented due to the presence of several major players. These players incorporate strategic initiatives such as partnership, acquisition, collaboration, expansion, and technology launch to gain a competitive advantage in this market.

Technology providers emphasize on improving their market performance and acquire promising companies in the fast-growing markets to support their expansion plans. They employ continuous improvement strategies to analyze and update the improvements the digital twin is implementing, launching technology updates that can meet the changing needs of end-users.

Market players strive to develop a well-established infrastructure that allows the seamless implementation of advanced technologies. Massive investments transpired in R&D sector from the major players, are in turn, helping the market to grow.

Major Players:

Key players leading the clientless remote support software market include PTC Inc., ANSYS Inc., SAP SE, Microsoft Corporation, Dassault Systemes SE, IBM Corporation, Cisco Systems, Inc., General Electric, Accenture PLC, Oracle Corporation, and Siemens AG among others.

Industry/ Innovation /Related News:

May 21, 2019 ---– Bentley Systems, Incorporated (the US), a software development company announced the acquisition of Keynetix Limited (the UK), a software company that develops and provides cloud-based software for capturing, visualizing, modeling, and sharing geotechnical data to enable subsurface digital twin services.

The addition of Keynetix software expands Bentley’s geotechnical offerings, accelerating Bentley’s vision of enabling subsurface digital twins for infrastructure projects and assets.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/digital-twin-market-4504

Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com/reports/digital-twin-market-4504

Source URL: https://marketersmedia.com/digital-twin-market-is-flourishing-due-to-rapid-developments-in-the-sensor-technology-and-iot/523913

Source: MarketersMedia

Release ID: 523913

More News From Enter Hollywood

North, South Korean musicians hold rare joint performance

Jun 15, 2019

SHANGHAI — South Korean violinist Won Hyung Joon took the stage, nodded once to his North Korean soprano partner, and placed his instrument on his shoulder. With a flick of the conductor's wrist, she began to sing, and he began to bow — the beginning of a rare joint performance Sunday that they hope will bring the Koreas closer amid deadlocked nuclear diplomacy. "Until today, I was thinking, will this really happen? Will it suddenly be canceled?" Won said. "Today was the day my dream finally came true." Won, donning a white shirt, and Kim Song Mi, sporting a sparkling...

Michael Wolf, photographer of mega-cities, dies in Hong Kong

Jun 15, 2019

HONG KONG — Michael Wolf, an award-winning photographer known for his work depicting megacities, has died at his home in Hong Kong. He was 64. Wolf died in his sleep on Wednesday, said Sarah Greene, an art gallery director who worked closely with him. She did not give a cause of death. Wolf won first prize in the World Press Photo competition twice, for contemporary issues in 2005 and for daily life in 2010. His body of work included Tokyo, Chicago, Paris and Hong Kong, where Wolf moved in 1994. "His main muse was Hong Kong," said Greene, the director...

Artisan keeps his craft alive with each carved mahjong tile

Jun 15, 2019

HONG KONG — Just opposite the entrance to a neon-lit night market, one of Hong Kong's few remaining carvers of mahjong tiles engraves the two Chinese characters for the number 8,000 on a piece of acrylic. With a knife in his right hand, Cheung Shun-king turns the tile with the other to cut into it. From time to time, he gently blows away the shavings. His is a dying craft in an era of mass-produced tiles for the table-top game, popular in southern China, Hong Kong and Taiwan. The 65-year-old artisan believes there are only three or four carvers left...

Fed Cup semi: Australia, Belarus tied 2-2 ahead of doubles

Jun 15, 2019

BRISBANE, Australia — The Fed Cup semifinal between Australia and Belarus is going to a doubles decider. Victoria Azarenka beat Australia's Sam Stosur in the second reverse singles Sunday 6-1, 6-1 in 59 minutes to even the match at 2-2 on hard courts at Pat Rafter Arena. In the second set, Azarenka went ahead 3-1 when Stosur double-faulted to set up break point. Azarenka's win was met with loud cheers from the small but noisy group of Belarusian fans waving their country's red and green flag. In the deciding doubles, Ashleigh Barty and Stosur were expected to play Vera Lapko...

Fed Cup semifinal: Australia, Belarus level after 1st day

Jun 15, 2019

BRISBANE, Australia — Australian Ashleigh Barty beat doubles partner Victoria Azarenka of Belarus 7-6 (2), 6-3 to level their Fed Cup semifinal at 1-1 on Saturday. Barty's win on hard courts at Pat Rafter Arena ended Azarenka's 13-match winning streak in the Fed Cup. "I knew the first set would be key," Barty said after the opening day of singles. "It was just about me coming out and doing everything right. I prepared really well all week. This is why we train, we want to get down to crunch time, go out and enjoy it." Earlier, Aryna Sabalenka gave Belarus...

Sign up now!