(EMAILWIRE.COM, November 02, 2018 ) The digital twin market was valued at USD 1.82 Billion in 2016 and is expected to reach USD 15.66 Billion by 2023, at a CAGR of 37.87% during the forecast period. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2023.

Don’t miss out on business opportunities in Digital Twin Market. Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalyst.asp?id=225269522

The digital twin technology has applications in product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization. The digital twin technology is used to generate the virtual models outside of engineering environments involving the applications such as product design and development, and production.

The digital twin market based on end user has been segmented into aerospace and defense, automotive and transportation, energy and utilities, home and commercial, electronics and electrical/machine manufacturing, healthcare, and retail and consumer goods, and others. The other industries include materials and chemicals and agriculture. The rising need for digitalization in agriculture, and chemicals & materials industries is one of the major factors contributing to the growth of digital twin market in this region. Moreover, the presence of few major IoT vendors such as IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US) have started offering products and solutions that help create the digital twins that form a core part of the digital transformation of many industries.

Browse and in-depth TOC on "Digital Twin Market"
30 - Tables
40 - Figures
137 - Pages

View more detailed TOC @
https://www.marketsandmarkets.com/Market-Reports/digital-twin-market-225269522.html

The digital twin market in APAC is expected to grow at the highest CAGR during the forecast period, followed by the market in RoW. The growth of the market in APAC is attributed to the increase in development of various industries that has led to growth in the adoption of digital twin systems for digitalization of various end user industries present in developing countries such as India, Japan, and China.

Increasing occurrences of viruses and cyber-attacks lead to many security concerns. Important information can be stolen by malicious viruses in computer systems, causing a major loss to the industries. Hence the risk associated with the data security is one of the restraining factors for the growth of the digital twin market.

Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsample.asp?id=225269522

Key players in this market focus on the product developments and launches, strategic partnerships, collaborations and acquisitions to increase their revenue. For instance, in November 2016, GE launched the Predix system software architecture and services designed to make any machine an intelligent asset, and to bring visibility, control, and analytic insights to industrial infrastructure and operations. The platform is compatible with a variety operating systems, devices, and form factors. This new software would also focus on expanding the platform and development of digital twins.

Browse Adjacent Markets @ Semiconductor and Electronics Market Research Reports & Consulting

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Visit MarketsandMarkets Blog@ http://www.marketsandmarketsblog.com/market-reports/electronics-and-semiconductors
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
Website: http://www.marketsandmarkets.com/