Global digital twin market is projected to grow from $ 3.1 billion in 2018 to $ 17.4 billion by 2024
NEW YORK, June 4, 2019 /PRNewswire/ --
Global Digital Twin Market By Application (Manufacturing Process Planning, Product Design & Others), By End User Sector (Manufacturing, Energy & Utilities, Transportation & Others), By Region, Competition, Forecast & Opportunities, 2014 – 2024
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Global digital twin market is projected to grow from $ 3.1 billion in 2018 to $ 17.4 billion by 2024, exhibiting a CAGR of more than 33% during 2019-2024, on account of rising adoption of Industrial Internet of Things (IIoT) and use of virtual model for production line & automate the decision process. Some of the other factors expected to drive global digital twin market include rising adoption of connected devices and Industry 4.0, which refers to the application of mining and data analytics in manufacturing technologies. Moreover, rising technology demand in diverse sectors including energy & utilities, consumer goods and transportation would fuel digital twin market, globally, through 2024.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
• To define, classify and forecast global digital twin market on the basis of application, end use sector, region and company.
• To analyze and forecast global digital twin market size
• To scrutinize the detailed market segmentation and forecast the market size on the basis of end user sector by segmenting global digital twin market into various end-use sectors, namely, manufacturing, transportation, energy & utilities, healthcare, consumer goods and others (aerospace & defense, agriculture, etc.)
• To scrutinize the detailed market segmentation and forecast the market size on the basis of regions, namely, Asia-Pacific, South America, North America, MEA and South America.
• To identify the drivers and challenges for the global digital twin market.
• To strategically profile the leading players operating in global digital twin market.
Some of the leading players in global digital twin market include General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., ANSYS, Inc., Dassault Systèmes, Siemens AG, Bosch Software Innovation Gmbh and SAP SE.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of digital twin software developers, procurers and industry experts.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
The analyst further examined the product offerings or variants, distribution channels, and regional presence of major digital twin software providers.
The analyst calculated global digital twin market size by using a bottom-up approach, where data standard applications (user sectors such as Manufacturing, Transportation, Energy & Utilities, Healthcare, Consumer Goods and Others) was recorded as well as forecast for the future years. The analyst sourced these values from industry experts and company representatives and these were externally validated through analyzing historical data of digital twin market to arrive at the overall market size.
Various secondary sources such as company websites, annual reports, World Bank website, government websites, press releases, company annual reports, whitepapers, investor presentations and financial reports were also reviewed by the analyst.
Key Target Audience:
• Digital Twin Software Providers and other stakeholders
• IoT Vendors
• End users of Digital Twin such as Manufacturing, Transportation, Energy & Utilities, Healthcare, Consumer Goods and Others
• Application or Software Developers, Entrepreneurs, Digital Twin Software Integrators
• Associations, Organizations, Forums and Alliances associated with Digital Twin Technology & Start ups Government bodies such as regulating authorities and policy makers
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as digital twin software providers, procurers, customers and policy makers. The report would enable the stakeholders in identifying which market segments should be targeted in the coming years and accordingly strategize investments and capitalize on the growth opportunities.
Report Scope:
In this report, global digital twin market has been segmented into the following categories in addition to the industry trends which have also been detailed below:
• Market, by Application:
o Manufacturing Process Planning
o Product Design
o Others
• Market, by End Use Sector:
o Manufacturing
o Transportation
o Energy & Utilities
o Healthcare
o Consumer Goods
o Others
• Market, by Region:
o North America
- United States
- Canada
- Mexico
o Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Region
o Asia-Pacific
- China
- Japan
- South Korea
- India
- Singapore
- Rest of Region
o Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- South Africa
- Rest of Region
o South America
- Brazil
- Argentina
- Colombia
- Rest of Region
Competitive Landscape
Competition Benchmarking: Benchmarking of leading 10 players
Company Profiles: Detailed analysis of the major companies providing digital twin software.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
• Five more players in the market
• Further bifurcation in the regional market
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