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.
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 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.
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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 behaviour and inform early warning to operators.
According to MRFR, 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.
Application Expanse And Potential Is Expected To Drive Faster Market Growth
Digital twin technology has a wide array of applications in asset performance and utilization, intelligent maintenance system platforms, maintenance of equipment such as turbines, jet engines, and locomotives. Digital twin is a formative technology for the development of Industrial Internet of Things. Market enthusiasm is being generated by the investment of technology giants such as General Electric, IBM Corporation, and Microsoft Corporation. Increasing adoption of cloud-based platforms and advancements in software architectures is fuelling additional demand. The rise in the need for cost-effective solutions for industrial manufacturing is also driving the growth of digital twin market. Current applications of digital twin technology include designing and repairing of airplanes and turbines.
Nascent Stage And High Uncertainty Of The Potential Of The Digital Twin Technology Is Expected To Result In High Market Anxiety
Digital twin technology suffers from poor experimental validation owing to its nascent stage. The unproven nature of the technology and high risk to investment is a barrier to further development.
North America led by the U.S. holds the most significant market share of the global digital twin market followed by Europe. The developed regions are expected to uphold their market share owing to their first comer status, the presence of significant players, faster adoption of latest technology and unique research ecology. The increasing demand for analytical tools and spatial data, increasing popularity and rise in adoption of business intelligence in the region and the well-established infrastructure which allows implementation of advanced technologies is another driver of the market.
To generate an accurate view considering the nascent stage of the market, the global digital twin market is segmented based on application, end users, and regions.
Based on the application segment, the market is segregated into dynamic optimization, predictive maintenance, machine & equipment health monitoring and product design & development. The machine & equipment health monitoring sub-segment is further bifurcated into conditional monitoring and structural health.
Based on the end users, the market is segregated into automotive, transportation, aerospace, defense, retail, energy & utilities, home & commercial, electronics & electrical manufacturing, healthcare and others
Based on regions, the market is segregated into North America, Europe, Asia Pacific, Middle East and Africa.
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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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