Digital twin is a combination of intelligence and data. In other words, digital replica of process, product, facility and system that can be used for ensuring a better digital experience and creating a sustainable environment for customers. It can help in optimizing systems and processes, monitoring performance and machines and examining products machines, among others. It is developing digital profile pf physical product or process representing its behavioral and functional traits used for optimization of performance. This technology uses machine language, artificial intelligence & software analytics for creating digital simulation model that work according to the physical model.
Drivers and restrain factor of the market
The digital twin technology is attracting traction owing capacity to bridge gap between virtual world and physical world. The global digital twin market is anticipated to rise significantly over the forecast period in line with growing adoption of big data analytics and Internet of Things (IoT). Other factors that are helping for the growth of the market include rising demand for cost-efficient operations, optimizing processes, and lessening the Time to Market (TTM). Simultaneously, digital twins would continue to evolve with innovations in the field of Augmented Reality (AR) and Virtual Reality (VR), thereby boosting the growth of the market.
Major players in the market
Major players present in market are ANSYS, PTC, General Electric, IBM Corporation, Dassault Systems, Microsoft Corporation, Oracle Corporation, Siemens and others. The companies are working in stiff competition to gain a major market share and for that they are adopting various strategies such as product launches, developments, partnerships, forming alliances and many more to increase their customer base and strengthen their product portfolio.
Leading region and fastest growing region
Geographically, the market is segmented into different regions such as North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is growing rapidly in term of growth as countries such as India, Japan, China and Japan have undertaken various initiatives to encourage the implementation of IoT in these countries along with high adoption rate of digital twins to connect the data collected from various points such as sensors, IoT cloud and others. Moreover, Asia-Pacific is expected to register incredible market potential in forthcoming years due to growing per capita income and high population present in this region, along with large-scale urbanization and industrialization.
The global digital twin market is segmented on the basis of product type and application. The product segment is sub-segmented by parts twin, product twin and system twin. On the other side, application segment is sub-segmented by aerospace & defense, automotive & transportation, machine manufacturing, energy utilities and others. Industries that are segmented are particularly adopting technologies to augment productivity, increase efficiency and ensure cost-efficient operations. The growth of the market is attributed due to rising demand of digitalization for manufacturing and designing process of electronic equipment such as computers, industrial equipment, printers, generators, transformers, home electronic equipment and motors along with after-sale services that typically lead to significant growth in revenue streams. Moreover, rising adoption of digital twins considerably decreases the product development cost and time for these industries.