Digital Twin - An Emerging Virtual Technology to Govern the New Age of Industrialization: Infinium Global Research

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Mar 02, 2020, 08:45 ET

PUNE, India, March 2, 2020 /PRNewswire/ -- Digital twins are virtual representations of physical assets that are used to interpret, predict, and optimize performance in order to achieve improved business outcomes. This technology is also changing how technologies such as IoT, AI and analytics are optimized. Digital twins are approved in industries such as manufacturing, automotive and construction to assess the performance of given physical resources and then, identifying where improvements can be made to reach more favorable outcomes for the future. Infinium Global Research has recently added a report on the "Digital Twin Market (Applications - Manufacturing Process Planning, Product Design, and Other Applications; End Use Industry - Manufacturing, Transportation, Energy & Utilities, Healthcare, Consumer Goods, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025". According to the study, the digital twin market was valued at USD 2,871.3 Million and it is projected to reach USD 23,479.9 Million by 2025, registering a CAGR of 35.20% between 2019 and 2025.

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Growing pressure on industries to reduce the time and cost of product development and unplanned downtime is expected to increase the adoption of digital twins in the manufacturing sector. According to a report by General Electric, the reliability of the users increased by 93-99.49% in less than 2 years, reduced 40% of reactive maintenance in less than 1 year and reduced 75 % time to achieve outcomes by the employment of digital twins. Consequently, companies are using digital twins as they enable to understand, predict, and optimize the performance of their machines and their business by reducing asset downtime, cycle times, and maintenance costs and to improve plant and factory efficiency and increase market agility. Furthermore, the growing adoption of the Internet of Things (IoT) and big data analytics is also boosting the growth of the market. However, the risk of data security is expected to obstruct the growth of the market. Moreover, the growing applications of digital twin technology in the healthcare sector to improve medical care will create beneficial opportunities for market players in the digital twin market.

Continuous Growth in the Manufacturing Sector to Increase the Deployment of Virtual Twins in Industries

The report gives an in-depth analysis of the Digital Twin market, focuses on market opportunities along with the trends driving the market. It provides market segments by application and end-use industry. Based on the application, the market is categorized into manufacturing process planning, product design, and other applications. In 2019, manufacturing process planning had the largest market share, accounting for 53.72% among all types. Digital Twins have a remarkable impact on the way products are manufactured, designed and maintained. It makes manufacturing more efficient and optimized while reducing throughput times. On the other hand, the end-use industry is divided into manufacturing, automotive and transportation, energy and utilities, healthcare, consumer goods, and other applications. Among all of them, Automotive and Transportation hold the largest market share. This is mainly due to the growing usage of digital twins for designing, production, simulation, maintenance, repair, and after service.

North America to Remain Foremost in the Global Digital Twin Market Over the Period of 2019 To 2025

In terms of region, the global digital twin market was dominated by the North America region in 2019, accounting for 38.62% of the overall market. The share of North America is likely to reach 38.86% of the total market by 2025. North America Digital Twin market was worth USD 1,107.8 Million in 2018 and it is projected to reach USD 9,124.3 Million in 2025. Increasing adoption of the industrial internet of thing (IIOT) and the availability of extensive cloud infrastructure are the key factors driving the growth of the digital twin market in the North America region. Asia-Pacific is expected to be the fastest-growing market in terms of CAGR during the forecast period. Increasing government initiatives for digitalization and smart city projects in countries such as India, China, and Japan boost the growth of the digital twin market in the Asia Pacific region.

Current Strategic Collaborations to Toughen the Competition in the Digital Twin Market

The digital twin market is fragmented and intensely competitive. The companies operating in the digital twin market are strengthening their competitive position through investments in technology, globalization, partnerships, and agreements. The digital twin market has witnessed several collaborations. For instance, in January 2019, Bosch entered into a partnership with MTU Friedrichshafen to accelerate MTU's digital segment that will include digital twins, connected engines, FOTA (flashing over the air) and other products. In another instance, business software giant SAP has collaborated with a simulation market player, ANSYS in June 2018. ANSYS is pairing its digital twin technology with SAP's cloud platform and manufacturing and asset management software portfolio to create a platform to help manufacturers optimize operations and maintenance based on real-time engineering insights. Moreover, the market is expected to witness expansion through mergers of major players, acquisition of new entrants and up-gradation in existing technologies over the forecast period.

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Global Digital Twin Industry Coverage

Chapter - 1 Preface

Report Description
Research Methods
Research Approaches

Chapter - 2 Executive Summary

Digital Twin Market Highlights
Digital Twin Market Projection
Digital Twin Market Regional Highlights

Chapter - 3 Global Digital Twin Market Overview

Introduction
Market Dynamics
Porter's Five Forces Analysis
IGR-Growth Matrix Analysis
Value Chain Analysis of Digital Twin Market

Chapter - 4 Digital Twin Market Macro Indicator Analysis

Chapter - 5 Global Digital Twin Market by Applications

Manufacturing Process Planning
Product Design
Other Applications

Chapter - 6 Global Digital Twin Market by End Use Industry

Manufacturing
Transportation
Energy & Utilities
Healthcare
Consumer Goods
Other Applications

Chapter - 7 Global Digital Twin Market by Region 2019-2025

North America
Europe
Asia-Pacific
RoW

Chapter - 8 Company Profiles and Competitive Landscape

General Electric
SAP SE
Dell
Siemens AG, PTC
Alphabet Inc.
Bosch Software Innovations GmbH
Cisco Systems, Inc.
AT&T
Tibco Software Inc.
CSC
Other companies

Browse in-depth TOC on "Digital Twin Market"

About Us

Infinium Global Research is a business consulting and market research firm; a group of experts that caters to fulfilling business and market research needs of leading companies in various industry verticals and business segments. The company also serves the government bodies, institutes and non-profit/non-government organizations to meet their knowledge and information needs.

Through our information services and solutions, we assist our clients to improve their performance and assess the market conditions to achieve their organizational goals. Our team of experts and analysts are engaged in continuously monitoring and assessing the market conditions to provide knowledge support to our clients. To help our clients and to stay updated with the advances and inventions in technology, business processes, regulations and environment, Infinium often conducts regular meets with industry experts and opinion leaders. Our key opinion leaders are involved in monitoring and assessing the progress in the business environment, so as to offer the best opinion to our clients.

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