The trend of Global Digital Twin Market has gained popularity due to industrial Internet revolution which is a combination of Industrial Internet-of-things (IIoT) and big data analytics. Additionally, demand for sensors have occurred as they offer benefits like low cost and low power consumption. The global digital twin market size is anticipated to attain expansion of USD xx.xx by the end of 2025, growing with an impressive CAGR of x.x% during the forecast period of 2019-2025.
Digital Twin Technology is one of the top 10 strategic technology trends selected by Gartner Inc. in 2017. The Digital Twin concept represents the fusion of physical and virtual worlds in which all industrial products can achieve dynamic digital representation. Throughout the product development lifecycle from design to deployment, organizations can have a complete digital footprint for their products.
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Some of the international leading players of global digital twin market are IBM Corporation, ABB Group, Oracle Corporation, ANSYS, Inc., Siemens AG, Bosch Software Innovation Gmbh, General Electric Company, Siemens AG, Hexagon Geosystems AG, Schneider Electric SE, Microsoft Corporation, PTC Inc., Dassault Systèmes and SAP SE.
The geographical segmentation of global digital twin industry includes regions, Asia Pacific, Americas, Europe, and ROW. America is anticipated grow with highest CAGR in the near future and have highest global digital twin market share. The UK, Germany, the US, Canada, and Japan are projected to adopt more digital twin technologies. Switzerland, Brazil, and Poland are the emerging nations for the adoption of digital twin technology owing to growing trend for spending on industrial digital technologies. In APAC, especially India, China and Japan have undertaken various initiatives to encourage the implementation of IoT. Besides that, growing per capita income, dense population, large-scale urbanization and industrialization will offer tremendous market opportunities in the upcoming years.
The global digital twin industry on the basis of deployment, is bifurcated into On-premises and Cloud-based. Most of the end-users adopt the digital twin through on-premises deployment as this protects the company’s internal systems from the web world. Consumers highly prefer these models due to its cost-effectiveness and optimum security. Huge adoption by the government users will certainly lead to higher growth rate in the virtual IoT twin market.
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Based on the end-user segmentation of global digital twin market, the categories include Aerospace, Energy, Home automation, residential and commercial, Automotive and Manufacturing, energy and utilities, retail and consumer goods, and healthcare and life sciences. The primary end-user of this market is aerospace industry. The advent of the digital twin technology coupled with higher up-gradation of their technology will aid in the maximum utilization of resources. The digital twin technology is capable to develop a replica than can be fed in real-time data for analysis and data collection of flight records and jet engine sensors. In 2017, residential and commercial segment accounted highest market share.
Digital twins facilitate the urban sustainability by capturing time-based and 3D implications of smart buildings. For examples, ‘Virtual Singapore’ is an initiative by the by the Singaporean government towards a smart nation. It world’s first digital twin of an existing city-state that concretes the way for its citizens to involve in the digital economy in best possible manner.
These organizations come up with various innovative applications of digital twin technology to stay in the competitive landscape. For instance, General Electric with the help of advanced technology, determine the optimal maintenance intervals for the components of jet engine. These companies are strive on advancing the technology to enhance the success rates of product innovation and improve the organizational productivity.
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