Digital Twin - The Giant of Global Data has arrived
August 26, 2021
The Global Digital Twin Market is valued at US $3.07 billion in 2020 and is expected to reach US $49.1 billion by 2027, growing at a CAGR of approximately 45.5%. As manufacturing activities are becoming gradually more digital, the digital twin is now within everyone's reach.
A digital twin is a replica of a product, process, or service and can be a living or non-living entity. The pairing of physical and virtual worlds facilitates the analysis of data and monitoring of systems to predict the problems before they take place. It helps to reduce the downtime in the industrial processes. Digital twin allows development opportunities and future incident planning by using virtual model simulations. The digital twin idea was developed by NASA to help in the operations and maintenance services of spacecraft that travel outside the range of physical monitoring.
The Global Digital Twin Market Report 2021 comes with an extensive industry analysis of development components, patterns, flows, and sizes. The report also calculates present and past market values to forecast potential market management through the forecast period between 2021-2027. This research study of Digital Twin involved the extensive usage of both primary and secondary data sources. This includes the study of various parameters affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies, and the technical progress in related industries.
Recent key developments in the Digital Twin Market:
- In June 2021, FARO Technologies, Inc. announced to acquire HoloBuilder. HoloBuilder's SaaS platform will add reality-capture photo documentation and added remote access capability to FARO's 3D point cloud-based laser scanning to create the industry's first end-to-end Digital Twin solution.
- In July 2020, Siemens launched the Simatic Real-time Locating Systems (RTLS) plus SieTrace software that offers real-time location information, which customers can use to control their manufacturing processes during the COVID-19 crisis and design their operating procedures accordingly. In the event of an employee contracting COVID-19, the solution enables companies to quickly control how employees interact with one another, with the production line and with the plant setup.
The report can assist with understanding the market and plan for business extension appropriately. In the procedure examination, it gives experiences from marketing channels and market situating to potential development techniques, providing an investigation to new and existing competitors in the Digital Twin business. For every maker covered, this report investigates their Digital Twin fabricating locales, limit, creation, ex-industrial facility value, income, and market share in the worldwide market.
The main factors driving the growth of the global digital twin market are the rising adoption of IoT and cloud platforms, potential reduction in the time and cost associated with product development, and reduction in the downtime of business processes. Moreover, the increasing adoption for 3D printing and 3D simulation is also fueling the growth of the market. However, the risk associated with data security is expected to impede the market growth.
According to the twin type, the market is categorized into part twin, product twin, process twin, and system twin. Among these, the product twin segment is likely to grow during the forecast period due to the increasing demand for digital twin, as it facilitates production with lesser downtime and more efficiency.
Based on application, the market is segmented into product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization. Predictive maintenance holds a dominating share in the market due to the increasing adoption of cloud-based maintenance systems across several industry verticals.
Based on the end-use industry, the market is segmented into automotive and transportation, aerospace, healthcare, electrical and electronics manufacturing, retail and consumer goods, and others. Among these, the electrical and electronics manufacturing is holding a dominating share in the market because of the popularity of 3D printing and 3D simulation.
North America holds a dominant position because of the tremendous application opportunities available in every industry vertical in this region. The Asia-Pacific region is expected to grow with the highest CAGR over the forecast period. Remarkable growth opportunities are observed in this region due to the increasing IT and manufacturing infrastructure in this region.
The key players in the global digital twin market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), PTC Inc. (U.S.), Oracle Corporation (U.S.), General Electric (U.S.), Dassault Systemes (France), Cisco Systems, Inc. (U.S.), Ansys Inc. (U.S.), Siemens AG (Germany), and Robert Bosch GmbH (Germany), amongst others.
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