Digital Twins Market
Posted by Venkatesh on September 3rd, 2018
According to the new market research report by IndustryARC titled “igital Twins Market: By Type (Design and Development, Performance Monitoring, Predictive Maintenance and Others); By End User (Aerospace & Defense, Automotive & Transportation, Smart Home & Commercial, Manufacturing, Energy & Utilities and Others) & Geography - Forecast(2018 - 2023),” the market will be driven by increased adoption in most of the enterprises as it widely helps in optimizing the physical world which in turn significantly improves the operational efficiency and the business process.
The digital twin technology market is foreseen maintain its dominance in by North America. The North America region is mainly dominated by the U.S. and Canada and is attributed by spatial data in the region. The factors that attribute to this growth are increasing adoption in IoT technology by several large and medium scale organizations in the coming years. The use of digital twin technology helps in improving the overall operational performance. Asia is the next expected region to grow significantly in market share contributing by aerospace and defense, automotive, electronics, energy and utilities.
Selected Type and End-User Analysis Done in the Full Report:
Digital twin market is segmented on the basis of applications and end user. The application segment is further divided into dynamic optimization, predictive maintenance, product design and development, machine & equipment health monitoring. Currently the digital twin concept is growing extensively in designing and repairing of airplanes and turbines. The market of expected to grip effectively in terms of revenue for the forecast period and it’s all because of internet of the things. Digital twin technologies prove to very effective and hence helpful in a cost effective and providing better solutions for industrial manufacturing.
Selected Driving Factors Mentioned in the Full Report
In the energy industry usage of digital twins in turbine, functions in informing an operator in its absence, when an asset begins to show signs of non-optimal execution, without an engineer having access to the physical turbine. This will help the industry to minimize the risk of unexpected downtime. Hence, improved operation, reduced in outrages and better managed variants will increase the adoption in the future.
In highly digitized factories, real time enterprise decision management can be made using digital twin products. The machine will collect data over a period of time and will enable digital prototypes to help human operators make better decisions. In such case it will develop intelligence that will feed advancements in the future.
Key Players of the Digital Twins Market
Some of the established players in the market are General Electric, IBM Corporation, Dassault Systemes, Siemens AG, Robert Bosch GmbH, PTC, Inc., Autodesk Inc., and others. IBM Corporation launched new digital twins and platform for Watson Internet of Things to build specialized integrated solutions to solve business challenges in Asset Management, Facilities Management and Product Development. Dassault Systemes also came up with a digital twins service that allows to analyze the product’s current status and performance for arranging preventive and predictive maintenance activities for calibration and tooling management.
The Digital Twins Market is Segmented as Indicated Below:
The growing popularity of digital transformation of manufacturing and industrial market in developed countries will drive the demand for digital twins market.
A. Digital Twins Market– By Type
1. Product Design and Development
2.1. Structural Health
3. Predictive Maintenance
B. Digital Twins Market– By End-Users
1. Aerospace and Defense
2.1. Aircraft Engine Design and Production
2. Automotive and Transportation
2.1. Vehicle Designing and Simulation
3. Home and Commercial
3.1. Enterprise Infrastructure Management
4. Electronics & Electrical/Machine Manufacturing
4.1. Industrial Equipment Design and Simulation
5.1. Medical Device Simulation
6. Energy and Utilities
6.1. Wind Turbines
7. Retail and Consumer Goods
7.1. Chemicals and Materials
C. Digital Twins Market By Geography (16+ countries)
1. Tibco Software Inc.
G. Appendix: Abbreviations, Sources, Research Methodology, Bibliography, Compilation of Experts, Disclaimer.
What can you expect from the report?
The Digital Twins Market Report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Category
Mr. Venkat Reddy
IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, and Life Sciences & Healthcare.
IndustryARC primarily focuses on cutting-edge technologies and newer applications in a market. Our custom research services are designed to provide insights on the constant flux in the global supply–demand gap of markets. Our strong team of analysts enables us to meet the client’s research needs at a rapid speed and with a variety of options.
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About the AuthorVenkatesh
Joined: August 23rd, 2018
Articles Posted: 184
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