London, UK -- (SBWIRE) -- 08/17/2021 -- The global digital twin market is projected to grow from $2.70 billion in 2020 to above $29.00 billion by 2025, at a CAGR of around 62.00% from 2020 to 2025. Digital twins also referred to as "cyber objects", or "digital avatars" are dynamic digital or virtual replicas of physical assets or products which record, control, and monitor the dynamic processes, product, or service by creating a hypothetical model using simulation software and computer-based aids.

They are a malleable technology for Industrial IoT where physical objects can live, learn and interact with other machines and people virtually, which, therefore, bridges the gap between real and virtual systems.

In various industrial sectors, twins are used to optimizing the operation and maintenance of physical assets, systems, and manufacturing processes. Their potential in improving production layout, reducing paperwork and operational costs, increasing optimized solutions, enhancing productivity, and reducing the Time to Market (TTM) has made them tremendously popular in the healthcare, oil & gas, aerospace, automotive, space exploration, power generation startups, and heavyweight companies.

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DIGITAL TWIN MARKET SEGMENTATION:
By Software:
Predix
APDV
DTS-Si
Others

By Type:
Parts Digital Twin
Product Digital Twin
Process Digital Twin
System Digital Twin

By Technology:
IoT & IIoT
Blockchain
Artificial Intelligence & Machine Learning
Augmented Reality, Virtual Reality, and Mixed Reality
Big Data Analytics
5G
Others

By End-Use Vertical:
Aerospace & Defense
Automotive & Transportation
Home & Commercial
Healthcare & Life Sciences
Energy & Utilities
Residential & Commercial
Retail & Consumer Goods
Manufacturing
Oil & Gas
Agriculture
Telecommunication
Others

By Application:
Product Design and Development
Machine and Equipment Health Monitoring
Process Support and Service
Predictive Maintenance
Dynamic Optimization
Manufacturing Process Planning
Others

The North American region dominates the digital twin market and is expected to maintain its position at the top in the coming years also. The growth in the region can be attributed to various factors such as the increasing demand for digital twins in the automobile and aerospace industry, the increasing development of various software coupled with the deployment of automation solutions in the manufacturing industries in the region, and the increased R&D in the field of the IoT and IIoT. Also, high economic growth, supportive government initiatives to support the advent of Industry 4.0, and the increasing presence of vendors that offer digital twin solutions in the region contribute to the growth of this market in the region. The U.S and Canada are the major contributors in the region.

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The key players covered in this report:
Alphabet Inc.
Honeywell International
Emerson Electric
Cognizant
AVEVA Inc.
Bentley Systems
PTC Inc.
Rockwell Automation
SAP SE
SAS Institute
Schneider Electric Inc.
Siemens AG
International Business Machines Corp.
Johnson Controls International Plc
Kongsberg Gruppen ASA
ScaleOut Software Inc.
Dell
ABB Group
Accenture
Ansys Inc.
Autodesk Inc.
TIBCO Software Inc.
Hexagon Geosystems AG
Wipro Ltd.
Amazon Web Services
Cisco Systems Inc.
CSC
AT&T
Capgemini SE
Dassault Systems
General Electric Company
Infosys Ltd.
Microsoft Corporation
Oracle Corporation
Robert Bosch
SWIM.AI

Table of Contents
1 Scope of the Report
2 Executive Summary
3 Digital Twin Market Key Players
4-7 Digital Twin Market by Regions {Americas, APAC, Europe}
8 Market Drivers, Challenges, and Trends
9 Key Investors in Digital Twin Market
10 Key Players Analysis
11 Research Findings and Conclusion

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