Digital Twin Technology Market Overview
Digital twin is a virtual prototype of a product and service. The digital twin technology can record, control and analyze the data by creating a hypothetical model by using application software and computer aids. It is obtained by combining data with artificial intelligence. It is opted by various organizations on the account of enhancement of the business operation and improvement in the overall efficiency by predicting the future prospects. It also analyses the past and present operation conditions of the system. It is a digital representation of the product lifecycle from starting stage to distribution stage. It uses sensors and digital network for the creation of digitalized equipment. The digital twin technology is used in the artificial intelligence machine learning and IOT. The various applications include automotive, manufacturing, healthcare, smart cities, IOT and big data.
Market Size and Forecast
The global digital twin technology market is anticipated to expand at a significant CAGR during 2018-2027. It is projected to reach significant market size by 2027. The increasing technological development in the electronic industry coupled with rising adoption of the technology by various end-user industries is anticipated to increase the market growth of the global digital twin technology market over the forecast period. The global digital twin technology market can be segmented on the basis of software and end-user. On the basis of software, it is sub-segmented into APDV, predix, DTS-Si and others. Predix sub-segment is anticipated to witness substantial growth during the forecast period. It is cloud based platform-as-a-Service (PaaS) software that is used to collect and analyze the data. On the basis of end-user, it is sub-segmented into manufacturing, aerospace, automotive, power generation, oil & gas and others. Manufacturing end-user sub-segment is anticipated to observe healthy growth over the forecast period. The digital twin technology in manufacturing industries is primarily used for the designing and manufacturing of devices which include printers, computers, transformers, industrial machines, and household machines.
By region, global digital twin technology market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to lead the global digital twin technology market during the forecast period. The increasing adoption of various IOT technologies in organizations especially in U.S is the major reason the expansion of global digital twin technology market in the region. The organizations are using digital twin technology in order to improve the operational efficiency. Asia-Pacific is anticipated to be the fastest growing region for the global digital twin technology market. The increasing industrialization is leading to the expansion of the various end-user industries in the region. Additionally, the increasing penetration of internet in the various countries of the region is anticipated to increase the cloud computing activity. The increasing adoption of the IOT technology in the region is anticipated to fuel the use of digital twin technology.
Our in-depth analysis segmented the global digital twin technology market in the following segments:
- Power Generation
- Oil & Gas
Global digital twin technology market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
The increasing of penetration of IoT and cloud computing is anticipated to be a major growth driver for the global digital twin technology market during the forecast period. The increasing digitalization of data and increasing use of the smart technology is anticipated to provide key opportunities for the market players. The increasing investment in research and development in order to produce more efficient technology is anticipated to provide better market prospects for the global digital twin technology market. The user friendly approach by the digital twin technology enables the multitasking.
However, the increasing cybercrime and less awareness regarding the digital twin technology is anticipated to be a major restrain for the global digital twin technology market throughout the forecast period.
Top Featured Companies Dominating The Market
- Microsoft Corporation
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