FELTON, Calif., Feb. 1, 2021
FELTON, Calif., Feb. 1, 2021 /PRNewswire/ -- The global digital twin market size is anticipated to value USD 26.07 billion by 2025. It is also projected to witness a CAGR of 38.2% over the forecasted years, 2018 to 2025. The shifting trend towards the adoption of digital and VR technologies prevailing among several organizations is expected to drive the market growth for digital twins in the upcoming years.
The segment of residential & commercial end-use dominated the global market in 2017 on account of its feature of capturing of time-based and 3D implications of buildings and other infrastructure properties. While the automotive & transport segment is projected to register the fastest growth with more than 40.0% CAGR from 2018 to 2025 owing to increasing demand for connected vehicles across the globe.
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North America and Europe accounted for more than half of the overall share across the global digital twins market due to the increasing number of organizations adopting these technologies residing across these regions. While the Asia Pacific is expected to register the highest growth with more than 40.0% CAGR over the forecasted period, 2018 to 2025 owing to the surging number of initiatives being undertaken by governing authorities for adoption of IoT Technology across countries like China and India.
The market includes key players like Siemens AG; PTC, Inc.; ABB Group; Schneider Electric SE; Dassault Systèmes; and SAP SE. They are constantly engaged in product development, innovation, to leverage competitive advantage over others and to widen the geographical reach.
Further key findings from the report suggest:
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Million Insights has segmented the global digital twin market on the basis of end use and region:
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