Digital Twin Market (2019 - 2024) Report:
There are so many new technologies changing the present business landscape that at times it’s hard to keep up. While many people are familiar with the Internet of Things (IoT), the Digital Twin is another approach that is steadily picking up traction.
The motto of a digital twin is to create a digital version of a real thing in the cloud of a product, process, or service. Later, with an online connection between the digital version and the real one, it’s possible to perform analyses to find out health conditions and prevent potential problems from happening. Experimenting on physical products and assets can be a time taking and costly process. A digital replica, however, can be quickly edited to analyze new solutions and to control simulations.
According to the latest reports, the global digital twin market is projected to grow to US$ 22.6 billion by 2025, exhibiting a CAGR of more than 33% during 2019 - 2024.
Recent Developments:
OEM giants are the foundation of digital twin solutions. Airlines attach barcodes to every significant part, mark them in a complete airplane, and analyze their performance through virtual models. Real vehicle systems, from brakes to car interiors, are built on designers’ and engineers’ laptops.
Healthcare leverages digital twin technology to enhance hospital management and strategic planning, that is, improve the efficiency of building designs, avoid bottlenecks, create operating room schedules etc. Predict maintenance concerns and avoid critical system failures of MRI, CT, X-ray, and other systems.
Market Drivers and Restraints:
Digital twin technology gives businesses improved productivity and greater operational efficiency. It enables different companies to collaborate on shared interests, as well as provide a low-cost, risk-free way to test new designs, solutions, and services. Moreover, rising technology demand in diverse sectors including consumer goods, energy & utilities and transportation would fuel the digital twin market.
One of the major restraints to the digital twin market is that this industry is highly competitive with constant technological innovations, which is difficult for new players to enter and fight the game of the market share.
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Report Segmented as:
By Type
• Process
• System
• Product
By End-User Industry
• Aerospace & Defence
• Energy & Utilities
• Home & Commercial
• Healthcare
• Automotive & Transportation
• Oil & Gas
Geographical Segmentation:
There has been a significant expansion of this technology in advanced countries like North America, Europe and Asia. Growth in these regions has been driven by a massive population shift and rise in expendable income. The increasing adoption of technology in different end-user verticals offer humungous growth potential for digital twin industry in the emerging economies of the Asia Pacific.
Key market players:
1. ANSYS Inc.
2. PTC Inc.
3. SAP SE
4. Microsoft Corporation
5. IBM Corporation
6. General Electric
7. Cisco Systems
8. Accenture PLC
9. Siemens AG
10. Oracle Corporation
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level.
Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategic activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
What else? Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
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