Digital Twin Market is expected to grow at approx. USD 15 Billion, at 37% of CAGR between 2017 and 2023.

Market Highlights

Major giants like General Electric, IBM Corporation and Microsoft Corporation are investing into the digital twin market due to increasing demand for digital twin solutions across various industry verticals. Increasing demand for cloud based platforms and growing popularity of internet of things are major factors driving the growth of digital twin market. General Electric has come up with a predix system software architecture which will convert any system into an intelligent system and will help in gaining insights to industrial infrastructure and operations. Rise in the demand for cost effective solutions for industrial manufacturing is another major factor fueling the growth of digital twin market. Predominant use of industrial internet of things for manufacturing and designing is one major factor driving the growth of digital twin market.

Digital twin market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of digital twin solutions and services. Major driving factor in the growth of digital twin market is the growing adoption of internet of things and increasing popularity of cloud platforms. Increasing advancements in technology is another major factor responsible for the growth of digital twin market. Increasing awareness about data security is another major factor driving the growth of digital twin market.

Giants like General Electric, IBM Corporation and Microsoft Corporation are among the major players in the digital twin market. General Electric has come up with a predix system software architecture which will convert any system into an intelligent system and will help in gaining insights to industrial infrastructure and operations. It will also help in bringing visibility and control to industrial operations. General Electric also aims to replicate digital twin success with a security focused digital ghost, which will help control systems found in industrial technology. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Digital twin technology is expected to witness significant growth with the introduction of smart technology and growing adoption of smart devices.

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The prominent players in digital twin market are – General Electric (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.), PTC, Inc. (U.S.), Ansys, Inc. (U.S.), Dassault Systèmes (France), Siemens AG (Germany), Robert Bosch GmbH (Germany) and others.

The Digital Twin Market is growing rapidly over 37% of CAGR and is expected to reach at approx. USD 15 Billion by the end of forecast period.

Also, Allerin Tech Pvt Ltd., Altair Engineering, Inc., Amazon Web Services, Aucotec AG, Autodesk Inc., CADFEM GmbH, Computer Science Corporation, CoSMo Company SAS, DNV GL AS, FEINGUSS BLANK GmbH, Prodea System Inc., SAP SE, Siemens AG, Sight Machine Inc., TIBCO Software Inc., Toshiba Corporation, and Virtalis Limited are few other major players in the digital twin market. These companies have not been profiled in our study, but it can be taken up as a part of customization, as per client requirements.

Regional Analysis:
The regional analysis of digital twin market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in digital twin market in North America is attributed to technical advancements and increasing popularity of internet of things in that region.

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Intended Audience
• Technology Investors
• Research/Consultancy Firms
• Original equipment manufacturers (OEMs)
• Government Bodies
• Global Digital Twin Providers
• Organizations, associations and alliances related to digital twin analytics
• Industry associations

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This release was published on openPR.