Global Digital Twin Market, By Application (Dynamic Optimization, Predictive Maintenance, Machine & Equipment Health Monitoring, Product Design & Development), By End User (Automotive, Transportation, Aerospace, Defense, Healthcare) - Forecast 2023
New York, NY -- (ReleaseWire) -- 09/13/2018 --Market Scenario:
Major giants like General Electric, IBM Corporation and Microsoft Corporation are investing into the digital twin market due to increasing demand for digital twin solutions across various industry verticals. Increasing demand for cloud based platforms and growing popularity of internet of things are major factors driving the growth of digital twin market. General Electric has come up with a predix system software architecture which will convert any system into an intelligent system and will help in gaining insights to industrial infrastructure and operations. Rise in the demand for cost effective solutions for industrial manufacturing is another major factor fueling the growth of digital twin market. Predominant use of industrial internet of things for manufacturing and designing is one major factor driving the growth of digital twin market.
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North America region holds the largest market share of global digital twin market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for analytical tools and spatial data in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies. Increasing popularity and rise in adoption of business intelligence is one major factor responsible for driving the growth of digital twin market.
Digital twin market has been segmented on the basis of application & end user. The application segment is further bifurcated 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. Digital twin technology will help in optimizing the workflow and also provide cost effective solutions for the same.
Digital twin basically is integration of machine learning, artificial intelligence and software analytics. It helps in creating a digital replica of the physical assets, systems and processes. Currently digital twin technology is extensively used for designing and repairing of airplanes and turbines. Digital twin technology has been around since 2002 and it's all because of internet of things. Digital twin technology proves to be very cost effective and hence helps in providing better and cost effective solutions for industrial manufacturing.
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The prominent players in digital twin market are –
-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.
Digital twin market can be segmented on the basis of following:
- Dynamic Optimization
- Predictive Maintenance
- Machine & Equipment Health Monitoring
- Conditional Monitoring
- Structural Health
Product Design & Development
By End User
- Automotive & Transportation
- Aerospace & Defense
- Energy & Utilities
- Home & Commercial
- Electronics & Electrical Manufacturing
The regional analysis of digital twin market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in digital twin market in North America is attributed to technical advancements and increasing popularity of internet of things in that region.
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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