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.
Advent Of Machine Learning And Other Complimentary Technology Is Expected To Drive A Revolution Of The Industry
A digital twin continuously learns and adapts itself using data from multiple sources to represent its real-time status, working condition, and position using sensor data. The advent of the internet of things and interconnected systems is driving an exodus of data, which can be used in comparative, longitudinal, and time series modes. Growing digitalization and advent of machine learning is creating antecedents for the application of digital twin technology.
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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) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global digital twin market. While, some other providers across the world are 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 and others.
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.
North America led by the U.S. holds the most significant market share of the global digital twin market followed by Europe. The developed regions are expected to uphold their market share owing to their first comer status, the presence of significant players, faster adoption of latest technology and unique research ecology. The increasing demand for analytical tools and spatial data, increasing popularity and rise in adoption of business intelligence in the region and the well-established infrastructure which allows implementation of advanced technologies is another driver of the market.
To generate an accurate view considering the nascent stage of the market, the global digital twin market is segmented based on application, end users, and regions.
Based on the application segment, the market is segregated into dynamic optimization, predictive maintenance, machine & equipment health monitoring and product design & development. The machine & equipment health monitoring sub-segment is further bifurcated into conditional monitoring and structural health.
Based on the end users, the market is segregated into automotive, transportation, aerospace, defense, retail, energy & utilities, home & commercial, electronics & electrical manufacturing, healthcare and others
Based on regions, the market is segregated into North America, Europe, Asia Pacific, Middle East and Africa.
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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