Digital twin technology represents virtual replica of physical assets, processes and systems to analyze the product development life cycle, right from the design phase to the deployment phase enabling organizations to have a complete digital foot print of their products. Digital twin provides an overall product visibility, it is an integrated collection of artificial intelligence, software analysis and machine learning. It is used in various industries. For instance, digital twin technology is used in building management, healthcare, smart cities, oil and gas, smart buildings and far more. Global digital twin market was valued, in 2017 USD XX million and in 2025 is expected to reach at XX million with growing CAGR of XX%.
Rising demand of cost effective solutions for these industrial manufacturing is boosting the digital twin market. Increasing advancements in technology owing to which growing adoption of internet of things and increasing popularity of cloud platforms is also one of the major driver of the digital twin market.
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Some of the key players operating in the digital twin market are Oracle, General Electric, Dassault, Sight Machine, Ansys, IBM, Siemens, SAP, Infosys, TIBCO Software, AT&T, Cosmo Company Sas, TwinThread, Prodea System, Autodesk, SimScale, DIGITAL TWIN, Concirrus, Bosch and Computer Science Corporation.
The digital twin market is segmented based on application, software and geography. On the basis of application the digital twin market is segmented into manufacturing process planning, product design and other. Manufacturing process planning is expected to grow in the forthcoming years as there is need of digitalization for designing and manufacturing process of equipment such as transformers, generators, industrial equipment, motor, home electronic equipment and computer, Also digital twin reduces the product development time and cost for these industries. On the basis of software the market is segmented into APDV, Predix, DTS-Si and other.
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On the basis of geography the market is segmented into North America, Latin America, Europe, Asia pacific and Middle East & Africa. It is seen that 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. Followed by North America, Europe will acquire the highest revenue share of digital twin market. Asia Pacific is expected to grow with high CAGR in the coming years, owing to increase in industrialization and urbanization.
Market segmented based on application:
– Manufacturing process planning
– Product design
Market segmented based on software:
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Market segmented based on region:
– North America
• Rest of Europe
• Rest of Asia-Pacific
– Latin America
• Rest of Latin America
– Middle East and Africa (MEA)
• South Africa
• Saudi Arabia
• Rest of MEA