Global Digital Twin Market, Competition, Forecast & Opportunities, 2024 - ResearchAndMarkets.com
Summary
DUBLIN--(BUSINESS WIRE)--The "Global Digital Twin Market By Application (Manufacturing Process Planning, Product Design & Others), By End User Sector (Manufacturing, Energy & Utilities, Transportation & Others), By Region, Competition, Forecast & Opportunities, 2014 - 2024" report has been added to ResearchAndMarkets.coms offering. The global digital twin market is projected to grow from $ 3.1 billion in 2018 to $ 17.4 billion by 2024, exhibiting a CAGR of more than 33% during 2019-2024, on account of rising adoption of Industrial Internet of Things (IIoT) and use of virtual model for production line & automate the decision process. Some of the other factors expected to drive the global digital twin market include rising adoption of connected devices and Industry 4.0, which refers to the application of mining and data analytics in manufacturing technologies. Moreover, rising technology demand in diverse sectors including energy & utilities, consumer goods and transportation would fuel digital twin market, globally, through 2024. Some of the leading players in the global digital twin market include General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., ANSYS, Inc., Dassault Systmes, Siemens AG, Bosch Software Innovation Gmbh and SAP SE.