Global Digital Twin Market, By Type (Product, Process, System), By End User(Aerospace & Defense, Aut

Published Date: | Report Code : IT1956224

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The Global Digital Twin Market is expected to promise high growth owing to the increasing adaptation of AI technology by various retailers in recent years. Increasing demand from aerospace & defense, automotive, Oil & Gas, etc is expected to drive the growth of the global digital twin market. This market has witnessed a number of key developments by major companies including General Electric (GE), IBM, Simens, Microsoft and other companies with a focus on organic as well as inorganic growth strategies.  Developing regions including the Asia Pacific and the Middle East have been among the high potential markets with high growth in some of the key economies.

The digital twin market is the digital representation of machinery systems for a better understanding of product design and physical deployment of the systems. The digital twin is an integration of all modern intelligence technologies including Big Data, artificial intelligence, machine learning and IoT used for predictive analysis of any system or equipment. 

Segment Analysis:

On the basis of type, it is segmented into Product, Process, System type. The system digital twin type is majorly used owing to its increasing demand in various industries, such as aerospace & defense, home & commercial, and automotive & transportation. There is increasing adoption of system digital twin as it provides visibility into a set of interdependent equipment for a complete system because system digital twin is a collection of assets/products and processes that together performs as a system. A few examples of system digital twins are a refinery or plant, production line in a factory, an assembly line, and a traffic network.

By end-user, it is segmented into aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas. There has been a brisk rise in the usage of the digital twin in the healthcare sector. The healthcare industry is among the most promising industries for the adoption of digital twins in various phases. The dynamic shift toward patient care will be the most significant factor contributing to the growth of digital twins in this sector. Digital twins are used in applications such as monitoring, diagnostics, and prognostics. The digital transformation in the healthcare industry enables dynamic growth opportunities for the adoption of digital twins.

 Key Factors Impacting Market Growth:

  • The increasing adoption of artificial intelligence (AI) by numerous retailers
  • Growth of the aerospace, automotive, healthcare, and defense sector

Key Developments:

  • In March 2019, Lanner Group Limited launched WITNESS Horizon, Version 22.5, an advanced version of its digital twin solution to make predictive aggregation and visualization of business data, with the objective to achieve better investment plans for its client organizations.
  • In February 2019, Rescale, Inc. became a partner with Siemens PLM to offer its digital twin solution on Siemens’ Simcenter Rescale’s ScaleX cloud platform. This partnership is expected to provide a seamless offering of digital twin solutions on a cost-effective cloud platform.

Regional Analysis: 

By region, the global digital twin market is estimated to be dominated by North America, Western Europe, and the Asia Pacific during the forecast period. With technological advancements and a cluster of global companies operating in these regions, these regions hold key to the growth and development of a global digital twin market during the forecast period. Most of the leading companies have operations in these regions to cater to the potential end-users in the respective region. The North America global digital twin market is further segmented by the US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe. Asia Pacific region is segmented by China, Japan, South Korea, India, and Australia. The Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.

Companies Covered:  General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, ANSYS, SAP, Oracle, Robert Bosch, and SWIM.AI.

Market Segmentation:

By Type:

  • Product
  • Process
  • System

By Application:

  • Aerospace & Defense
  • Automotive & Transportation
  • Home & Commercial
  • Healthcare
  • Energy & Utilities
  • Oil & Gas

 By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Application
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Type
    • By Application
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia Rest of Asia Pacific)
    • By Type
    • By Application
  • Middle East
    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
    • By Type
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Type
    • By Application

Reasons To Buy This Report:

  • Market size estimation of the global digital twin market on a regional and global basis
  • The unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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