(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Digital Twin Market by Application (Product, Production, and Performance) and by End-Use Industry (Automotive, Aerospace & Defense, Retail, Energy & Utilities, Healthcare, Logistics & Transportation, Electronics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025'. According to the report, the global digital twin market was USD 3.2 billion in 2018 and is expected to reach USD 29.1 billion by 2025, at a rate of 37.3% between 2019 and 2025.
The digital twin technology has been widely used in tracking aircrafts to ensure the safety of their day-to-day travels. This technology is also used in developing digital models for commercial aircrafts. Various aircraft manufacturers, such as Boeing and Airbus, are manufacturing new aircrafts yearly. In 2018, these companies announced their aim to manufacture 857 and 848 units of aircrafts, respectively for the year. Furthermore, in 2017, Airbus and Boeing received 776 and 912 number of aircraft orders. Thus, the development of the digital twin market will be majorly due to the increasing digital twin technology usage by the aerospace sector in the upcoming years. Additionally, the adoption of artificial intelligence (AI) by numerous retailers is also fueling this market. Using AI with digital twin technology provides numerous benefits to retailers, such as elimination of repetitive tasks, cost reduction, maintaining schedule, etc. Considering the rising investments made in the automotive sector, the number of vehicles produced is expected to increase in the upcoming years. Furthermore, technological developments witnessed in the automotive industry are likely to create new market growth opportunities.
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The global digital twin market is divided on the basis of application and end-use industry. On the basis of application, the market includes product, production, and performance. The production segment is projected to grow at a notable rate in the years ahead, owing to the growing adoption of 'Internet of Things (IoT) in the manufacturing sector and the increasing digital twin demand for various designing and simulation applications. Based on end-use industry, the digital twin market is fragmented into aerospace and defense, automotive, retail, energy and utilities, healthcare, logistics and transportation, electronics, and others. The aerospace and defense segment is likely to witness significant growth in the digital twin market over the estimated time period, due to the rising investments made in technology to manufacture technically advanced machines.
By region, Asia Pacific is anticipated to hold a notable share of the global digital twin market in the future. China, India, and Japan are projected to be major contributors to this regional market, owing to the rising number of government initiatives for digitalization and smart city projects. The Latin American digital twin market is expected to witness significant growth over the forecast time period, due to the rising product demand in the Brazilian automotive sector.
Some noticeable companies operating in the global digital twin market include IBM Corporation, SAP, Siemens, Microsoft Corporation, PTC, General Electric, Oracle Corporation, ABB, and Dassault Systèmes.
This report segments the global digital twin market into:
Global Digital Twin Market: Application Analysis
- Product
- Production
- Performance
Global Digital Twin Market: End-Use Industry Analysis
- Automotive
- Aerospace and Defense
- Retail
- Energy and Utilities
- Healthcare
- Logistics and Transportation
- Electronics
- Others
Global Digital Twin Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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