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DUBLIN, July 22, 2020 /PRNewswire/ -- The "Digital Twin Market Research Report: By Type, Technology, Enterprise, Application, Industry - Global Industry Size, Share, Trends, Growth Analysis and Forecast Report to 2030" report has been added to ResearchAndMarkets.com's offering. By 2025, the number of internet of things (IoT) devices in operation will surge beyond 41 billion. The technology is rapidly finding its way into the industrial sector, with the new concept being termed industrial internet of things (IIoT). To analyze the huge volumes of unstructured data generated by these connected devices and share it among the different manufacturers of these devices, digital clone technology is being adopted.Additionally, this technology helps in the enhancement of the entire production ecosystem, by monitoring the performance of every device. Hence, with the increasing adoption of IIoT, the global digital twin market share is expected to witness a 31.9% CAGR between 2020 and 2030 (forecast period). At this rate, the revenue generated in the industry would rise from $3,645.1 million in 2019 to $73,245.4 million by 2030.Predictive Maintenance to Be the Fastest Growing ApplicationDuring the forecast period, predictive maintenance is expected to witness the highest CAGR, of 33.7%, in the digital twin market, as organizations are utilizing this technology to automate operations, gather real-time information, schedule maintenance, and forecast downtime. Further, cloning a product digitally helps users in making their operations more efficient.The product category dominated the digital twin market in 2019, owing to the rapid integrating of digital clones to track the performance of every individual component of a product, in order to bring down the mean time to repair (MTTR) and mean time between failure (MTBF). All this ultimately decreases the operating costs and increases the operational efficiency.The IoT division will generate the highest revenue in the market till 2030, as the number of IoT devices is rising, and companies are rapidly shifting toward using sensors in product development.In 2019, large enterprises were the largest digital twin market category. This is ascribed to the quick penetration of Industry 4.0 in large enterprises, as these updated standards lead to better flexibility and agility, improved productivity, and increased profitability. With digital transformation, large companies are using digital twins for predicting faults at an early stage, developing better products, and scheduling timely maintenance.The automotive division is expected to experience the fastest growth in the digital twin market during the forecast period. The automotive industry quickly is embracing Industry 4.0 standards, which is why it is increasingly using data in the manufacturing process. By using digital twins, challenges in vehicle manufacturing, design, services, and sales can be effectively addressed, which is why automakers are swiftly incorporating this technology into their operations.Asia-Pacific (APAC) would grow at the highest pace in the digital twin market till 2030. This is attributed to the surging investments in the IT sector, economic prosperity, increasing number of government initiatives promoting the deployment of artificial intelligence (AI) and IoT, and technological advancements.In the last few years, the major companies in the digital twin market have engaged in a number of partnerships, to: Create more effective solutions by combining their capabilities Enhance their portfolio of digital clone software Target a wider customer base with better offerings Intensify research and development (R&D) in the field Explore the growth areas in the market Key Topics Covered Chapter 1. Research BackgroundChapter 2. Research MethodologyChapter 3. Executive SummaryChapter 4. Introduction4.1 Definition of Market Segments4.1.1 By Type4.1.1.1 Product4.1.1.2 System4.1.1.3 Process4.1.2 By Technology4.1.2.1 IoT4.1.2.2 AI & ML4.1.2.3 Blockchain4.1.2.4 Big Data Analytics4.1.2.5 Others4.1.3 By Enterprise4.1.3.1 Large Enterprises4.1.3.2 SMEs4.1.4 By Application4.1.4.1 Product Design & Development4.1.4.2 Performance Monitoring4.1.4.3 Predictive Maintenance4.1.4.4 Inventory Management4.1.4.5 Business Optimization4.1.4.6 Others4.1.5 By Industry4.1.5.1 Manufacturing4.1.5.2 Automotive4.1.5.3 Aerospace & Defense4.1.5.4 Energy & Utilities4.1.5.5 Oil & Gas4.1.5.6 Healthcare4.1.5.7 Others4.2 Value Chain Analysis4.3 Market Dynamics4.3.1 Trends4.3.1.1 Common Platform for Multiple Digital Twins4.3.2 Drivers4.3.2.1 Widespread Adoption of IoT4.3.2.2 Growing Focus on Intelligent Maintenance4.3.2.3 Impact Analysis of Drivers on Market Forecast4.3.3 Restraints4.3.3.1 Concerns Over Data Security4.3.3.2 Impact Analysis of Restraints on Market Forecast4.3.4 Opportunities4.3.4.1 Logistics & Transportation Sector to Leverage the Technology4.3.4.2 Convergence of Information Technology (IT) and Operational Technology (OT)4.4 Porter's Five Forces AnalysisChapter 5. Global Market Size and Forecast5.1 By Type5.2 By Technology5.3 By Enterprise5.4 By Application5.5 By Industry5.6 By RegionChapter 6. North America Market Size and ForecastChapter 7. Europe Market Size and ForecastChapter 8. APAC Market Size and ForecastChapter 9. MEA Market Size and ForecastChapter 10. LATAM Market Size and ForecastChapter 11. Competitive Landscape11.1 Market Share Analysis of Key Players11.2 List of Players and Their Offerings11.3 Strategic Developments of Players11.3.1 Mergers & Acquisitions11.3.2 Partnerships11.3.3 Product LaunchesChapter 12. Company Profiles12.1 IBM Corporation12.1.1 Business Overview12.1.2 Product & Service Offerings12.1.3 Key Financial Summary12.2 Microsoft Corporation12.3 PTC Inc.12.4 SAS Institute Inc.12.5 Oracle Corporation12.6 Siemens AG12.7 Dassault Systemes12.8 Robert Bosch GmbH12.9 Ansys Inc.12.10 Swim.AI Inc.12.11 TIBCO Software Inc.12.12 ABB Ltd.12.13 Bentley Systems IncorporatedFor more information about this report visit https://www.researchandmarkets.com/r/csa3o1 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets Laura Wood, Senior Manager [emailprotected] For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716 SOURCE Research and Markets Related Links http://www.researchandmarkets.com

Answer: Global Digital Twin Market Outlook, 2030 - Widespread Adoption of IoT and Growing Focus on Intelligent Maintenance are Key Drivers