Digital Twin Technology is among the top 10 strategic technology trends named by Gartner Inc. in 2017 where the virtual counterparts of the physical assets are created as digitalized duplicates of machines/ equipment or physical sites using sensors. To create a digital twin model the data get collected from various sources including physical data, manufacturing data, operational data and insights from analytics software and get integrated with AI algorithms is into a physics-based virtual model by applying Analytics to the model.
Development of IOT technology and the enhancement in artificial intelligence is majorly boosting the growth of digital twin market in upcoming period. Digital Twin market is growing owing to the increase in usage of industrial internet of things, digitization of records, optimized products, abolishment of obsolete technology, and introduction of smart technology. It is one such technology which is changing the industry dynamics thus widely used for reducing operational loss, designing and repairing of airplanes and turbines, controlling supply chain loss in a manufacturing plant, and others.
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Cloud Deployment Accounts For the Major Share during the Anticipated Period
Global digital twin technology market in terms of deployment classified as On-premises and cloud-based whereas end-users primarily adopt the digital twin through on-premises deployment type as this shields the organization’s internal PCs from the online world. Moreover, the consumers prefer this model as they are extensively focused on providing optimum security with high cost-effectiveness. However, the intense adoption among government users will further drive the industry growth in the virtual IoT twin market.
Product Design and Development- Widely Adopted the Digital Twin Technology
The global digital twin technology market in terms of application is classified as Product Design & Development, Inventory Management, Manufacturing Process & Planning, Others. Creating a digital twin of a physical product can reflect both the designers’ actual version and the practical constraints in the physical world which also takes a lot of time, where digital twins will actually cut down on the time. It instructs the designers to make changes in their design expectations and improve the design models, achieving personalized product design. In addition, it can also accurately find the defect in design in the virtual world and make rapid changes, which can lead to the improvement of the design, avoiding tedious verification and testing. Furthermore, the manufacturing industry receives a wide range of benefits from digital twin, from product designing to monitoring the plant operations, load forecasting, fleet dispatch, monitoring production losses, and expected delays in the production and others.
Electronics & Electrical/Machine Manufacturing Industry Expected To Hold the Largest Share
The global digital twin technology market in terms of End-Users is classified as Aerospace & Defense, Automotive, Manufacturing, Transportation, Energy and Utilities, Others. The increasing technological development in the electronic industry coupled with the rising adoption of the technology is anticipated to increase the market growth of the global digital twin technology market over the coming years. It is also poised to change the current face of the manufacturing sector as it makes manufacturing more efficient and optimized while reducing the throughput times.
Asia Pacific- Fastest Growing Region over the Forecast Period
Based on the region, the global digital twin market is segregated into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. APAC is the fastest growing region due to the high rate of adoption of digital twins capable of connecting data collected from sensors with IoT cloud. Moreover, increasing industrialization is leading to the expansion of the various industry verticals in this region. Therefore, increasing cyber threat demands IoT security solutions which is expected to accelerate growth of regional IoT market, thus creating a positive impact on the global digital twin market
Global Digital Twin Market: Competitive Landscape
Some of the key players in the Digital Twins Market include Tibco Software Inc., Sight Machine Inc., Siemens Ag, Virtalis Limited, Robert Bosch Gmbh ,Ibm Corporation, Prodea System Inc., Toshiba Corporation, Microsoft Corporation, Oracle Corporation, General Electric, Aucotec Ag, PTC Inc., Dassault Systemes, Amazon Web Services, Computer Science Corporation, Dnv Gl As, Autodesk Inc., Cosmo Company Sas, Ansys Inc., Feinguss Blank Gmb, Cadfem Gmbh, Allerin Tech Pvt Ltd and Altair Engineering Inc.
Detailed Analysis of Table of Content of this [email protected] https://www.blueweaveconsulting.com/global-digital-twin-market-1987/#TOC
- System Twin
- Parts Twin
- Process Twin
- Product Twin
- Cloud based
- Product Design & Development
- Manufacturing Process & Planning
- Inventory Management
By Industry verticals
- Aerospace & Defense
- Energy & Utilities
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