The digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8%. Declining time and cost of product development and unplanned downtime with the adoption of digital twins, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance are among the factors fuelling the growth of the digital twin market. Furthermore, leading players adopt strategies such as product launches and developments to strengthen their market position.
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The market for system digital twins to grow at the highest CAGR during the forecast period
Several industries are focusing on digital twin of the complete system digital twin for better performance and predictive maintenance, which, in turn, is expected to boost the demand for system digital twin during the forecast period.
Digital twins are increasingly used in automotive & transportation, aerospace & defense, healthcare, and other industries
Digital twin types such as product, process, and system digital twins are widely used for designing, monitoring, controlling, and predictive maintenance of various types in several industries. The increasing adoption of digital twin in North America for industries such as aerospace & defense, automotive & transportation, and home & commercial are boosting the growth of this market. Additionally, the increasing adoption of emerging technologies such as IoT and cloud for the implementation of digital twin is also driving this market.
The digital twin market in APAC is expected to grow at the highest CAGR during the forecast period
The growth of the digital twin market in APAC is primarily due to increasing manufacturing facilities across various industries in this region. Furthermore, emerging economies such as China and India have a huge potential for creating digital transformation in manufacturing industries. Moreover, dense population and growing per capita income of this region along with large-scale industrialization and urbanization, and increasing adoption of IoT are the factors driving the growth of the digital twin market in this region.
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Key Market Players
Key players in the market include General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US).
General Electric has its headquarters in the US. The business model of GE focuses on the development of the Industrial Internet of Things (IIoT) ecosystem.