February 18, 2020
According to the recent study titled ‘Digital Twin Market Size By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), By End-Use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Energy & Utility, Infrastructure Buildings, Retail & Consumer Goods), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, GCC), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, global digital twin market is anticipated to accrue USD 20 billion by the year 2025.
According to the report, high adoption of IoT/IIoT technology, availability of inexpensive IoT sensors, and proliferation of connected devices are the key factors driving the growth of digital twin market. Moreover, the burgeoning demand to optimize processes, lessen the time-to-market, track performance, and evaluate conditions of the products & systems is further amplifying the revenue share of digital twin market.
Considering the regional outlook, Asia Pacific digital twin market is subjected to register accelerated growth over the forecast period, on account of increasing internet penetration in the region. Improving disposable income in countries like China, India, Thailand, Singapore, and Japan is propelling the demand for consumer electronic devices, such as smartphones. The rising use of IoT is another integral factor outlining industry trends. As per China Internet Network Information Center, the total number of internet users in China was 772 million in the year 2017 showcasing a 40.74 million increase as compared to the end of 2016.
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Developments in industries such as aerospace and defense, manufacturing, and automotive are supplementing the adoption of digital twin technology to lower the cost of maintenance, improve operational efficiency, and reduce asset downtime. In July 2017, French aerospace company, Airbus collaborated with software manufacturer ASCon Systems to develop a digital twin of its factory in order to enhance the production line efficiency and reduce running cost and lead times.
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