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According to Global Market Insights, Digital Twin Market is anticipated to be over USD 20 billion by 2025 growing at a rate of over 28% during the forecast period. The market growth is attributed to the IoT/IIoT adoption, proliferation of connected devices, and availability of cheap IoT sensors. In addition, the rising demand to reduce Time-to-Market (TTM), optimize processes, monitor the performance, and examine conditions of the product & system is contributing to the growth of the digital twin market.The emergence of Industry 4.0 has been majorly responsible for propelling digital twin market share. Automation in various sectors has been accelerating the adoption of digital twin technology, consequently impelling the industry size. The automobile sector has also been playing a major role in the expansion of digital twin market, given the adoption of automated technologies in the domain. For instance, Bosch has been comparing sensor-driven production data to a digital twin of production lines running at 100 percent efficiency to improve its output.
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The advent of advanced technologies, such as big data analytics, AI, ML, AR, VR, and MR, is supporting the continuous evolution of digital twin technology. This helps several enterprises across various sectors to improve their operational efficiency and reduce overhead cost. AR, VR, and MR offer immersive experiences to visualize insights drawn from data obtained by sensors and processed using big data analytics. For instance, the passenger vehicle uses AR capability, providing the driver a converged view of digital and physical worlds to seamlessly navigate turns on the road. In addition, at the passenger car manufacturer's end, digital twin uses the data obtained from physical counterpart and diagnoses the fault beforehand, resulting in improved customer experience.
Digital twin technology, driven by IoT, has helped companies to reduce asset downtime, optimize process time, decrease time-to-market, and improve operational efficiency. The deployment of the technology on account of its incredible benefits will proliferate the growth of digital twin market as more companies enroll to reap the same benefits.
The digital twin market in product design & development is estimated to grow at a CAGR of over 31% during the forecast timeline due to the growing adoption of Industry 4.0 by the enterprises operating in the manufacturing and automotive sectors. The advent of advanced analytics and visualization techniques to analyze & visualize the data obtained from the physical counterpart helps in improving the product performance and overcome the shortcomings of the previous model of equipment or system. The prominent market players are focusing on strategic initiatives to develop innovative digital twin solutions to improve product design & development process for their clients.
The Asia Pacific digital twin market is projected to grow at a CAGR of over 30% during the forecast period. In this region, rising internet penetration coupled with the proliferation of smart devices and the growing adoption of IoT/IIoT are triggering the digital twin market. According to the China Internet Network Information Center (CNNIC), at the end of December 2017, the number of internet users in China reached 772 million, which is an increase of 40.74 million from the end of 2016.
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Table of Contents (ToC) of the report:
Chapter 4. Digital Twin Market Competitive Landscape, 2018
4.1. Introduction
4.2. Competitive analysis of key market players
4.2.1. Technology & platform players
4.2.1.1. Microsoft Corporation
4.2.1.2. IBM Corporation
4.2.1.3. PTC Inc.
4.2.1.4. SAS Institute
4.2.1.5. Wipro Limited
4.2.2. Digital & automation players
4.2.2.1. Autodesk, Inc.
4.2.2.2. AVEVA Group Plc
4.2.2.3. Bentley Systems Incorporated
4.2.2.4. Dassault Systèmes
4.2.2.5. General Electric Company
4.3. List of vendors
Chapter 5. Digital Twin Market, By Application
5.1. Key trends, by application
5.2. Product design & development
5.2.1. Market estimates and forecast, 2014-2025
5.3. Machine & equipment health monitoring
5.3.1. Market estimates and forecast, 2014-2025
5.4. Process support & service
5.4.1. Market estimates and forecast, 2014-2025
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