According to the report, digital twins - virtual replicas of real-world objects which are run in a simulation for testing their performance and efficacy - will reach a global market size of over $35,462.4 million by 2025. The emergence of connected ecosystems and internet of things (IoT) is expected to bring the concept into the mainstream, along with rising adoption of 3D simulation software, automation across industries, and awareness of advanced data analytics.
Currently major software companies are offering the technology to enterprises for minimizing maintenance and operational costs in sectors such as manufacturing, healthcare, and automotive. According to a Gartner survey across 600 organizations, more than 60% of them were in the process of adopting digital twins, says the firm.
The report segments the global digital twin market by type and end-user. Types discussed in the market report include parts twin, process twin, system twin, and product twin.
The product twin segment is expected to gain a larger market share over the forecast period due to the impending need for developing products rapidly in a shorter duration. On the other hand, system twins - which allow a virtual model with realistic features to be run in a simulation - are predicted to exhibit 44.46% CAGR during the forecast timespan.
Major end-users are seen as including aerospace and defense, electronics and electrical/machine manufacturing, automotive transportation, home and commercial, energy and utilities, healthcare, retail, and others. The electronics and electrical/machine manufacturing segment is expected to touch a high valuation of $9,461.3 million by 2025.
Top players within the global digital twin market include IBM Corporation, General Electric, SAP SE, Accenture PLC, PTC Inc., Siemens AG, Dassault Systèmes SE, Cisco Systems, Microsoft Corporation, ANSYS, and Oracle Corporation.
For more, see " Global Digital Twin Market Research Report Forecast to 2025 ."