Digital twin technology is the one of the well-paid markets in the existing century. According to experts, in this era data is the next gold after oil & gas. This technology has capacity to control, record and monitor dynamic process, service or a product by creating a hypothetical model using simulation computer-based aids and soft wares. Thus, bridging the gap between virtual system and real
In recent years, oil & gas, aerospace ,automotive, space exploration and power generation startups and heavyweight companies have started using digital twin technology to decrease the paperwork and increase optimized solutions .Global digital twin market was valued, in 2019 USD XX million and in 2027 is expected to reach at XX million with growing CAGR of XX%.
Rising claim of cost effective solutions for industrial manufacturing is increasing the digital twin market. Growing advancements in technology owing to which increasing adoption of internet of things and increasing popularity of cloud platforms is also one of the most important drivers of the digital twin market.
However, less alertness of digital technology in rural areas and increasing the number of cyber-attacks restrains the growth of the market. Moreover, increased investment in R&D is predictable to open new opportunities in the market.
The digital twin market is segmented based on software, application, and geography. Based on software the market is segmented into, Predix, APDV ,DTS-Si and other, On the basis of application the digital twin market is segmented into product design, manufacturing process planning and other. Manufacturing process scheduling is likely to grow in the forthcoming years as there is such need of digitalization for manufacturing process and designing of equipment such as transformers ,generators,industrial equipment, home electronic equipment, motor and computer. Also digital twin decreases the product development time and cost for these industries
On the basis of geography the market is segmented into Latin America, North America, Asia pacific, Europe and Middle East & Africa. Europe will gain the highest revenue share of digital twin market. Followed by Europe, North America will dominate the market due to the rapid adoption of IoT enabled technology by medium and large scale enterprises to improve operational performance.Asia Pacific is predictable to grow with high CAGR in the coming years, owing to increase in industrialization and urbanization
Some of the key players operating in the digital twin market are General Electric, Oracle, Sight Machine, Dassault, Ansys, SAP , IBM, Siemens ,TIBCO Software, Cosmo Company Sas, AT&T, TwinThread, Autodesk, Prodea System, SimScale, Concirrus, Bosch, SimScale and Computer Science Corporation.
Digital Twin Market Key Segments:
On the Basis of Application:
• Product design
• Manufacturing process planning
On the Basis of Software:
On the Basis of Region:
• North America
• Rest of Asia-Pacific
• Rest of Europe
• Middle East and Africa (MEA)
• South Africa
• Saudi Arabia
• Rest of MEA
• Latin America
• Rest of Latin America