Rising adoption of Industry 4.0 standards, increasing penetration of SMACT technologies and burgeoning digitalization to fuel global digital twin market through 2024
According to TechSci Research report, “Global Digital
Twin Market By Application, By End User Sector, By Region,
Competition , Forecast & Opportunities, 2014 – 2024”, global digital twin market is projected to exhibit
a CAGR of over 33% during the forecast period of 2019-2024. Increasing adoption of digital twin technology in manufacturing,
transportation, energy & utilities, healthcare, consumer goods, agriculture
and several other sectors over the coming years to boost their
production line, process and automate the decision processes. Additionally, Smart
Factory revolution – Industry 4.0, rapid deployment of SMACT (Social, Mobile,
Analytics, Cloud and Internet of Things) technologies, and rising inclination
towards digitization across the globe would aid global digital twin market during the forecast period.
Browse 20 market data
Tables and 79 Figures spread through 172 Pages and an in-depth TOC on“Global Digital
In terms of application, manufacturing process planning is expected to dominate
digital twin market across the globe through 2024, on account of its ability to
provide virtual process, effective product line, 3D graphics & design and
Electronic Design Automation (EDA), resource optimization, etc. In 2018, manufacturing
sector held the largest share in global digital twin market, backed by rapidly
proliferating digitalization, rising demand for ‘connected and smart’ devices,
and adoption of smart analytics in various segments of the manufacturing sector.
Moreover, during the forecast period, energy & utilities sector would
witness the highest growth rate due to rapid increase in adoption of Industrial Internet
of Things (IIoT) for machinery
management and predictive and preventative analytics coupled with increasing
use of smart grids in oil & gas sector.
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“There has been an
increase in the adoption of digital twin software across various end user
sectors, attributed to growing data mobility, digitalization of industrial
assets from records, process planning to blueprint of system designs, and
rising adoption of Industrial Internet of Things across heavy industries including
manufacturing, energy & utilities, healthcare and aerospace & defense.
Furthermore, owing to equipment designing, automated workflow management,
automate decision making process and monitoring capabilities offered by digital
twin technology, its deployment across the energy & utilities sector is
expected to grow over the coming years”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
“Global Digital Twin Market By
Application, By End User Sector, By Region, Competition, Forecast &
Opportunities, 2014 – 2024” has evaluated the future growth potential of the
digital twin market and has also provided the statistics and information on
market structure, size, and trends of the global digital twin market. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in the market.
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