Key players in the Digital Twin 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.
/EIN News/ — Vancouver, British Columbia, April 27, 2021 (GLOBE NEWSWIRE) — The global digital twin market size is expected to reach USD 106.26 Billion at a steady CAGR of 54.7% in 2028, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to growing use of digital twin technology in manufacturing to optimize process planning. Digital twin helps in ingestion and processing of data collected through Internet of Things (IoT) sensor data in a manufacturing facility to analyze vital KPIs (Key Performance Indicators), including production rates, machine downtime, and scrap counts. Digital twin helps to identify the root cause behind any inefficiencies in a production process and throughput losses, and optimizes yield and decreases wastage. In addition, integrated historical process, equipment, and environment data allows for forecasting downtimes to enhance proper scheduling of production.
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Rising implementation of digital twin in retail sector to improve customer experience is driving growth of the digital twin market. Digital twin augments customer experience by creating a virtual twin of a customer and modeling fashion products on it to enable a clearer idea about the product without even touching. The COVID-19 pandemic has been instrumental in fueling demand for digital twin technology owing to benefits to enhance customer appeal while enabling contactless shopping to curb the spread of the virus. Also, digital twin assist in optimizing instore planning, energy management, and security implementation.
Some Key Highlights From the Report
- In August 2020, FARO Technologies made an announcement about the purchase of Advanced Technical Solutions, a company providing solutions for 3D digital twin technology.
- The system digital twin merge individual product twins and provide an opportunity to gain an understanding about how collaborative performance of individual assets. In an automotive, a system digital twin brings together all necessary units for producing a car component. Thus, a system twin enhances individual asset collaboration improve production performance with reduced downtime.
- Digital twin using IoT data is of immense significance in the healthcare sector as it allows improved preventative maintenance, patient monitoring, and delivering of personalized health care.
- Digital twin market revenue in Asia Pacific is expected to register the fastest growth rate over the forecast period, attributed to increasing Internet penetration, growing popularity of IoT, and growth of the automotive sector.
- 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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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
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
- North America
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