Digital Twin Global Market – Overview
Digital twin basically is integration of machine learning, artificial intelligence and software analytics. It helps in creating a digital replica of the physical assets, systems and processes. Currently digital twin technology is extensively used for designing and repairing of airplanes and turbines. Digital twin technology has been around since 2002 and it’s all because of internet of things. Digital twin technology proves to be very cost effective and hence helps in providing better and cost effective solutions for industrial manufacturing.
The global digital twin market is expected to grow with fastest growing CAGR due to rising adoption of IoT and cloud platforms, and increasing deployment of IIOT for design and manufacturing of products by the companies. According to a recent study report published by the Market Research Future, The global market of digital twin is expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017-2023.
Digital Twin is a kind of virtual model used to create digital replica of physical assets, process and services. The digital replica then used for the analysis of future impact of data and monitoring systems thereby develop new opportunities using simulation methods.
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Major Key Players
General Electric (U.S.),
IBM Corporation (U.S.),
Microsoft Corporation (U.S.),
Oracle Corporation (U.S.),
Cisco Systems, Inc. (U.S.),
PTC, Inc. (U.S.),
Ansys, Inc. (U.S.),
Dassault Systèmes (France),
Siemens AG (Germany),
Robert Bosch GmbH (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global digital twin market. While, some other providers across the world are Allerin Tech Pvt Ltd., Altair Engineering, Inc., Amazon Web Services, Aucotec AG, Autodesk Inc., CADFEM GmbH, Computer Science Corporation, CoSMo Company SAS, DNV GL AS, FEINGUSS BLANK GmbH, Prodea System Inc., SAP SE, Siemens AG, Sight Machine Inc., TIBCO Software Inc., Toshiba Corporation, and Virtalis Limited and others.
February, 2018 – Huawei has launched the Intent-Driven Network solution to fill the gap of physical network and business goals by creating a digital twin. This solution helps in providing information of unknown attacks.
March, 2018 – Bombardier, a leading a manufacturer of trains and aircraft, went into partnership with Siemens to expand and optimize their product development processes along with digital twin development cycle. It offers high quality of information within an integrated execution strategy.
February, 2018 – General Electric went into partnership with Noble Corporation plc to launch a new product which is digital drilling vessel to enhance drilling experience. This is considered to be the advanced digital solution for offshore drilling operations. Along with digital twin and advanced analytics can easily detect off-standard behavior and inform early warning to operators.
The Digital Twin Market is growing rapidly over 37% of CAGR and is expected to reach at approx. USD 15 Billion by the end of forecast period.
Digital Twin Global Market – Competitive Analysis
The market of digital twin appears to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
North America is dominating the global digital twin market with the largest market share due to increased popularity of cloud based platform and growing demand of analytical tools and spatial data is gaining demand in digital twin market in these region, and is expected to gain growth by 2023. Global digital twin market in European market is expected to grow at a substantial high CAGR during 2016 to 2023 due to advancement in smart technology. The Asia Pacific market for digital twin market is expected to grow at a considerable CAGR (2016-2023).
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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- Global Digital Twin Providers
- Organizations, associations and alliances related to digital twin analytics
- Industry associations
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