According to the most recent report by Emergen Research, the size of the worldwide digital twin market is anticipated to reach USD 106.26 billion in 2028 at a consistent CAGR of 54.7%. The growing acceptance of IoT in businesses and the rising use of digital twin technology for monitoring, tracking, and controlling industrial systems are both contributing to the steady revenue growth of the digital twin market.
Digital twin technology offers real-time asset and production visibility to spot roadblocks, improve product development, and optimise operational flow. The technology is in great demand as a result of Industry 4.0’s growing recognition as a method for using digital twins to give a thorough understanding of equipment health and enable businesses to quickly identify irregularities in the way operations are carried out. Deploying digital twins also aids in proactive planning of maintenance and spare component replacement to shorten time to service and avoid asset breakdowns that would be prohibitively expensive.
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Key Highlights from the Report
In December 2020, Akselos entered into an enterprise framework agreement for three years with Shell for the use of structural digital twin technology of Akselos. The agreement is intended to support worldwide teams of Shell with the design, process, and asset life extension throughout oil & gas portfolios.
Process digital twin delivers real-time insight into the collaboration of various units in an entire production facility. In a production process, individual operational units may produce too quickly, resulting in an excess of some individual parts and thereby leading to high cost of storage or other challenges associated with logistics. Process digital twin deploys Artificial Intelligence, mixed reality, and high-performance computing for the optimization of equipment, as well as the entire production process by facilitating in-process analysis of operational performance.
In the automotive sector, digital twin finds application in creating a connected vehicle’s virtual model by capturing the vehicle’s operational and behavioral data and aids in analyzing the complete performance of vehicle, along with connected capabilities. Also, digital twin in automotive helps in providing customized/personalized customer services.
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The global Digital Twin market report covers the analysis of drivers, trends, limitations, restraints, and challenges arising in the Digital Twin market. The report also discusses the impact of various other market factors affecting the growth of the market across various segments and regions. The report segments the market on the basis of types, applications, and regions to impart a better understanding of the Digital Twin market.
Emergen Research has segmented the global Digital Twin market on the basis of type, technology, application, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
Process Digital Twin
Product Digital Twin
System Digital Twin
Technology Outlook (Revenue, USD Billion; 2018–2028)
Internet of Things
Artificial Intelligence & Machine Learning
Blockchain
Big Data Analytics
Virtual Reality, Augmented Reality, and Mixed Reality
5G
Application Outlook (Revenue, USD Billion; 2018–2028)
Automotive
Healthcare
Aerospace & Defense
Retail
Energy & Utilities
Telecommunication
Agriculture
Others
Key players in the market include
Microsoft Corporation,
Oracle Corporation,
IBM Corporation,
PTC Inc.,
Ansys Inc.,
General Electric Company,
SAP SE,
Siemens AG,
Hexagon AB, and
Aveva Group PLC.
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Additionally, the report covers the analysis of the key players in the industry with a special focus on their global position, financial status, and their recent developments. Porter’s Five Forces Analysis and SWOT analysis have been covered by the report to provide relevant data on the competitive landscape.
Detailed Regional Analysis covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Market Taxonomy:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Data Sources
Chapter 2:
Executive Summary
Business trends
Regional trends
Product trends
End-use trends
Chapter 3:
Industry Insights
Industry segmentation
Industry landscape
Vendor matrix
Technological and innovation landscape
Chapter 4:
Regional Landscape
Chapter 5:
Company Profile
Business Overview
Financial Data
Product Landscape
Strategic Outlook
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