As per our latest survey, the size and share of Digital Twin Market are expected to hold a CAGR of 35.0% over the estimated course of 2021 - 2026.
A digital twin is a digital clone of an asset, product, component, process, or a complete system/unit. This market assists clarity in view of the functioning of a remotely located element, system or method. It is used together with the entire value process of an asset/product manufacturing course.
Development in the Internet of Things and cloud-based platforms, rise in acceptance of 3D printing technology in the construction business and intention to curtail project prices are some of the extensive aspects contributing to the development of this market. IoT sensors have constructed a promising area for engineers’ approval and connect with sensors mingled with the operating goods, hence bearing the real-time authority of system operating and timely care.
In February 2019, Ansys launched Ansys Twin Builder, which enables firms to boost product operations and hasten product development.
Siemens signed a procurement agreement with a Saab Medav Technologies GmbH (Germany) for vibration, noise, and harshness (NVH) end-of-line quality testing business of Saab. This acquirement boosted the quality testing for Siemens product digital twin, in March 2019
In June 2018, Ansys and SAP (Germany) partnered to create unique solutions for anticipating the maintenance of industrial assets, facilitated by ANSYS Twin Builder.
Drivers in the Digital Twin Market
A decrease of spare time in the industries can be accomplished with the application of a digital twin. The implementation of this digital twin aids the company in collecting information and adapt it to compelling specific business results. The information collected is evaluated with respect to numerous guidelines, and both predictive and preventive measures are eagerly taken up to avert any loss to the process, product and system, which would, in order, aid in decreasing spare time and therefore boosts the total performance.
In the recent years, this technology has created a position in numerous industries such as energy and power, manufacturing, oil and gas, aerospace, automobile, and others, contributing regular testing and amount solution on actual time ground. In addition to that, this technology aids in developing physical output layout for the integrated product lifecycle over the pre-analysis of the specific output in its growth phase. In the industrial internet of things (IIoT), this technology detects mistakes and differences of vast machinery apparatus over its systematic software allied with the Internet of Things factors such as networks and smart sensors. With the increasing tendency of cloud deployment platforms and the internet of things, the market for digital twins is likely to develop at a sufficient rate in the near future.
The implementation of digital twin aids in estimating the spare time, which can alleviate airline costs and the trouble caused by travel setbacks in the aerospace industry. By adopting digital twins, engineers can boost output performance by customizing the physical model, in which alternations are made as per the conditions during the designing stage. Thus, inventing a digital model with a digital twin to run imitations aid in evaluating the course and taking exact remedies at any situation at minimal costs and lesser time. Therefore, the implementation of digital twins has the dormant to conserve production time and cost. All these aspects promote the expansion of the global digital twin market.
Challenges in the Digital Twin Market
There is the increasing use of digital technologies, such as Big Data, cloud, IoT, artificial intelligence and IIoT, in various face of business. Digital twin affects the integration of different IoT sensors and digital technologies for virtualizing a physical twin. Developing connectivity tenor leads to a higher challenge on the level of compliance, security, and regulations, as well as data protection.
Expanding occurrences of cyberattacks and viruses lead to security concerns. Critical information can be under threat by lethal viruses, causing a significant loss to industries. The collapse of IoT infrastructure jobholder and cloud platform jobholders to implement decent security measures may lead to the separation of an entire stream of information. Enterprises implementing the objective of this market with such principles are level to malware that is aimed at industrial systems due to growing dependence on web-based information exchange and off-the-shelf IT solutions.
The growing threat related to the security of the information, which is associated with the cloud, is a great restraint for the growth of this market. To overcome the barrier of cyberattacks or solution, data security, and service providers can add an extra level of protection by adopting certification tools that are regularly checked for authorized keys and credentials. This boosts the level of security, and the information gap can be averted to a large degree.
Market Size Available
2019 – 2025
2020 - 2025
By Type, Technology, Industry, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
General Electric Company, IBM Corporation, Microsoft Corporation, SAP SE, Rescale, Inc, PTC, Siemens AG, Oracle Corporation, Robert Bosch, SWIM.AI & More Companies
Segmentation for the Digital Twin Market as per the research report with evaluated size, trends & forecast until 2025.
Digital Twin Market: By Technology
The IoT and IIoT are the prominent segments in terms of technology in the global digital twin market. The increasing adoption of IoT in different end-user applications has created a great growth opportunity for the market players. It is estimated that other technologies like blockchain, big data, 5G and others will also contribute significantly in the coming years.
Digital Twin Market: By Type
The system digital twin segment is likely to account for the predominant share in the foreseen period due to the rising adoption of this type in oil and gas refineries, traffic networks, hospitals, factory production and assembly units, wind farms, and so on. System twin increases the transparency associated with different devices.
Digital Twin Market: By Industry
Automotive and transportation are predicted to the fastest-growing segment in the digital twin business in the forecast period due to the mounting demand for connected and self-driving vehicles around the world. Moreover, the healthcare segment is also anticipated to register a considerable growth rate in the future, with a gradual shift towards digitization.
Digital Twin Market: By Geography
The Digital Twin Market Report includes the Region study of their respective Countries.
North America Digital Twin Market includes U.S, Canada
Europe Digital Twin Market includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe
Asia Pacific Digital Twin Market includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC
Latin America Digital Twin Market includes Brazil, Mexico, Argentina, Chile & Rest of LATAM
Middle East & Africa Digital Twin Market includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA
Geographically, North America's digital twin market held the largest portion of the global industry, attributing to the presence of key players, early adoption of technologies and robust infrastructure abilities. However, the Asia Pacific digital twin market is predicted to expand at the highest growth rate in the estimated period due to the increasing investments for the adoption of advanced technologies in end-user applications, especially in China, Japan, India, etc.
Major Players listed in Digital Twin Market research report are:
Key Questions Answered by the Report?
For any customized requirement feel free to Ask our Analyst @ https://www.marketdataforecast.com/market-reports/digital-twin-market/customization
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By End - Industry
5.1.2 Aerospace & Defense
5.1.3 Energy & Utilities
5.1.4 Home & Commercial
5.1.5 Automotive & Transportation
5.1.7 Oil & Gas
5.1.8 Y-o-Y Growth Analysis
5.1.9 Market Attractiveness Analysis
5.1.10 Market Share Analysis
5.2 By Type
5.2.5 Y-o-Y Growth Analysis
5.2.6 Market Attractiveness Analysis
5.2.7 Market Share Analysis
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By End-Industry
22.214.171.124 By Type
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By End-Industry
184.108.40.206 By Type
6.1.5 Market Share Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By End-Industry
22.214.171.124 By Type
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leader Analysis
8.1 ABB Group
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 PTC, Inc.
8.3 AVEVA Group plc
8.4 Schneider Electric SE
8.5 Hexagon Geosystems AG
8.6 Dassault Systemes
8.7 SAP SE
8.8 Siemens AG
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, Collaborations, and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
The segment-level analysis in terms of By Type, By End-use industry, and along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market