Digital Twin Market in Product Design & Development Application is Expected to Grow At A CAGR of Over 31% by 2025

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 industry growth.
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.
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The emergence of Industry 4.0 has been majorly responsible for propelling digital twin market share. Automation in various sectors has been accelerating the adoption of digital twin technology, consequently impelling the industry size. The automobile sector has also been playing a major role in the expansion of digital twin market, given the adoption of automated technologies in the domain. For instance, Bosch has been comparing sensor-driven production data to a digital twin of production lines running at 100 percent efficiency to improve its output.
With the rapid proliferation of the Internet of things, a slew of opportunities are knocking the doors of leading players operating in the digital twin market space. Moreover, with digital twins, it is possible that the data which is transferred between blocks can be highly protected and made universally transparent through the blockchain paradigm, thus inspiring global digital transformation. Speaking of the future outlook of this industry, digital twin industry statistics by Global Market Insights, Inc.. indicate that the industry valuation is projected to exceed USD 20 billion by 2025.
The infrastructure buildings market held a market share of around 6% in 2018 and will maintain a significant market share during the forecast period. The supportive government initiatives & funding to build smart cities to avert environmental challenges is supporting the growth of the digital twin market. The governments are partnering with prominent technology players to build a digital twin of the physical city to improve key public services for the citizens in that city. For instance, the Singapore government is investing over USD 73 million in building digital twin of the city. The government partnered with Dassault Systems and 3DEXPERIENCity to build data-rich digital twin and improve public services with reduced cost for its citizens. Additionally, India is investing USD 1.2 trillion over the next 20 years to transform 100 cities into smart cities.
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The Asia Pacific digital twin market is projected to grow at a CAGR of over 30% during the forecast period. In this region, rising internet penetration coupled with the proliferation of smart devices and the growing adoption of IoT/IIoT are triggering the digital twin market. According to the China Internet Network Information Center (CNNIC), at the end of December 2017, the number of internet users in China reached 772 million, which is an increase of 40.74 million from the end of 2016. The rise in the number of connected devices has increased the use of digital twin coupled with advanced technologies, such as AR, VR, MR, AI, ML, and big data analytics, to draw actionable insights to reduce lead time, running cost, and improve product performance.
The major players in the digital twin market are focusing on various business growth strategies such as new product developments and partnerships. This enables them to expand their existing portfolio and increase their geographical reach. For instance, in October 2018, Atos strategically partnered with Bentley Systems to offer a complete solution to create and operate Digital Twins on behalf of the industry and infrastructure asset owners.
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. Manufacturing
6.2.1. Market estimates and forecast, 2014-2025
6.3. Healthcare
6.3.1. Market estimates and forecast, 2014-2025
6.4. Automotive
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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