Digital twin is the creation of a digital replica of physical assets, processes, and systems to generate living digital simulations, which update according to their physical counterparts. Digital twin integrates artificial intelligence, machine learning, and software analytics and is a complementary technology for the Internet of Things. The global digital twin market is projected to grow at a 37 % CAGR during the forecast period of 2017 to 2023.
In this rapidly changing world of technology, digital twin market is projected to show major growth prospects during the forecast period. Major factor driving the digital twin market is the increasing adoption of internet of things and growing urbanization and large scale industrialization. Rise in growth of cloud based platforms is another major factor responsible for fueling the growth of digital twin market.
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Major Key Players
- General Electric (U.S.),
- IBM Corporation (U.S.),
- Microsoft Corporation (U.S.),
- Oracle Corporation (U.S.),
- Cisco Systems, Inc. (U.S.),
- PTC, Inc. (U.S.),
- Ansys, Inc. (U.S.),
- Dassault Systèmes (France),
- Siemens AG (Germany),
- Robert Bosch GmbH (Germany)
Also, Allerin Tech Pvt Ltd., Altair Engineering, Inc., Amazon Web Services, Aucotec AG, Autodesk Inc., CADFEM GmbH, Computer Science Corporation, CoSMo Company SAS, DNV GL AS, FEINGUSS BLANK GmbH, Prodea System Inc., SAP SE, Siemens AG, Sight Machine Inc., TIBCO Software Inc., Toshiba Corporation, and Virtalis Limited are few other major players in the digital twin market. These companies have not been profiled in our study, but it can be taken up as a part of customization, as per client requirements.
According to MRFR, The Digital Twin Market is growing rapidly over 37% of CAGR and is expected to reach at approx. USD 15 Billion by the end of forecast period.
Application Expanse And Potential Is Expected To Drive Faster Market Growth
Digital twin technology has a wide array of applications in asset performance and utilization, intelligent maintenance system platforms, maintenance of equipment such as turbines, jet engines, and locomotives. Digital twin is a formative technology for the development of Industrial Internet of Things. Market enthusiasm is being generated by the investment of technology giants such as General Electric, IBM Corporation, and Microsoft Corporation. Increasing adoption of cloud-based platforms and advancements in software architectures is fuelling additional demand. The rise in the need for cost-effective solutions for industrial manufacturing is also driving the growth of digital twin market. Current applications of digital twin technology include designing and repairing of airplanes and turbines.
Nascent Stage And High Uncertainty Of The Potential Of The Digital Twin Technology Is Expected To Result In High Market Anxiety
Digital twin technology suffers from poor experimental validation owing to its nascent stage. The unproven nature of the technology and high risk to investment is a barrier to further development.
The global digital twin market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the digital twin market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of digital twin market. This is owing to the presence of large number of established key players like General Electric, IBM Corporation and Microsoft Corporation in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing adoption of internet of things and growing popularity of cloud based platforms is another major factor responsible for driving the growth of digital twin market.
In the global digital twin market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, digital twin market is projected to contribute faster to the growth of revenue backed by predominant use of industrial internet of things solutions for designing and manufacturing in countries such as Japan, China, South Korea and India.
The digital twin market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Application: Dynamic optimization, predictive maintenance, machine & equipment health monitoring and product design & development and others.
Segmentation by End-users: Automotive & transportation, aerospace & Defense, healthcare, retail, energy & utilities, home & commercial, electronics & electrical manufacturing among others
Segmentation by Regions: Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- Global Digital Twin Providers
- Organizations, associations and alliances related to digital twin analytics
- Industry associations
LIST OF TABLES
TABLE 1 DIGITAL TWIN MARKET, BY APPLICATION
TABLE 2 DIGITAL TWIN MARKET, BY END USER
TABLE 3 DIGITAL TWIN MARKET, BY REGIONS
TABLE 4 NORTH AMERICA DIGITAL TWIN MARKET, BY APPLICATION
TABLE 5 NORTH AMERICA DIGITAL TWIN MARKET, BY END USER
TABLE 6 U.S. DIGITAL TWIN MARKET, BY APPLICATION
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 DIGITAL TWIN MARKET, BY APPLICATION (%)
FIGURE 3 DIGITAL TWIN MARKET, BY END USER (%)
FIGURE 4 DIGITAL TWIN MARKET, BY REGIONS (%)
FIGURE 5 NORTH AMERICA DIGITAL TWIN MARKET, BY APPLICATION (%)
FIGURE 6 NORTH AMERICA DIGITAL TWIN MARKET, BY END USER (%)
For More Information Visit @ https://www.marketwatch.com/press-release/digital-twin-market-2019-size-share-leading-players-key-companies-strategies-development-technology-process-solutions-sales-profit-and-analysis-2019-01-16