LONDON--(BUSINESS WIRE)--The global digital twin market size is poised to grow by USD 12.27 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of close to 38% during the forecast period.
Read the 150-page research report with TOC on "Digital Twin Market Analysis Report by deployment (on-premise and cloud), end-user (manufacturing, energy and utilities, aerospace and defense, automotive, healthcare, and other end-users) and geography (North America, Europe, APAC, MEA, and South America) 2019 - 2023" Request a Free Sample Report
The market is driven by the increase in demand for predictive maintenance and real-time data for monitoring the performance and condition of assets. In addition, the need for reduced time-to-market and improved decision making are expected to further boost the growth of the digital twin market.
The demand for predictive maintenance is increasing as it enables companies to monitor the performance and condition of their assets during the normal operation to reduce the likelihood of downtime. There is also a high demand for real-time data that enables companies to monitor their important key performance indicators. Thus, the increasing demand for predictive maintenance and rising need for real-time data for monitoring will drive the growth of the digital twin market.
Enterprises are increasingly focusing on making their products available faster than their competitors. Digital twin empowers companies to introduce their products in the market rapidly. With a digital twin, companies can validate the actual behavior of their products, to enhance and optimize the effectiveness of the products while reducing the development time. Thus, the growing need for reduced time-to-market and improved decision making will drive the growth of the digital twin market.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- General Electric Co.
- IBM Corp.
- Microsoft Corp.
- PTC Inc.
- Siemens AG
Market Segmentation by Deployment:
The digital twin market can be broadly categorized into the following segments:
Key Regions for the Digital Twin Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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