What’s driving the digital twin market growth? |by key players General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, Robert Bosch GmbH, SAP SE, Siemens AG
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The digital twin market growth is attributed to the increasing adoption of the IoT and IIoT and the rapidly growing digitalization in manufacturing, automotive, and healthcare industries. The continuously rising adoption of the IoT that is empowered & backed by 3D simulation, deep learning, Artificial Intelligence (AI), and big data analytics will help in the cost-effective implementation of digital twin in aerospace & defense, healthcare, and retail & consumer goods sectors. The digital twin enables real-time and predictive analytics, helping in cost & time savings. For instance, in the aviation sector, GE helps its client companies in understanding airline routes, dynamic optimization of maintenance schedule of jet engines, and maintenance shop availability through digital twin with the help of its Predix platform.
The rising demand for reducing asset downtime, optimizing process time, reducing time-to-market, reducing asset downtime, and improving operational efficiency is proliferating the growth of the digital twin market. The supportive government initiatives related to the construction of smart cities and energy-efficient smart buildings are anticipated to drive the market over the forecast timeline. For instance, in January 2018, the Singapore government invested approximately USD 73 million in data-rich, live digital twin of the Singapore city. This will help officials make the best urban planning decisions and communicate with citizens by sharing information visually.
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The healthcare sector is anticipated to hold a significant market share in the digital twin market. The digital twin offers real-time monitoring & analytics with machine learning and helps to streamline operations & processes in hospitals, improving customer experience. For instance, a single MRI scanner produces an average of 800,000 log messages, which reflects how a system works technically. The proactive remote monitoring services with the digital twin of MRI scanner will help to track & analyze these log messages for early warning signs of impending technical issues.
The manufacturing sector is expected to secure a market share of over 25% in digital twin market by 2025. This impressive growth is attributed to the robust growth of the manufacturing sector after Industry 4.0 and the emergence of automation systems in the manufacturing sector to rapidly increase production capacities. According to the World Bank, manufacturing globally contributed to 16% of the total economic value in 2016. This steady growth of the sector is expected to further fuel the demand for digital twin to streamline and optimize the manufacturing process flows.
The companies operating in the digital twin market are focusing on technological innovations, strategic acquisitions, and mergers to strengthen their market position and acquire new customers. For instance, in May 2019, Bentley Systems acquired Keynetix, a UK-based provider of cloud-based software for capturing, modeling, visualizing, and sharing geotechnical data to build subsurface digital twins. These models of underground assets and environments for infrastructure projects will be easily monitored in real-time.
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Some of the key players operating in the digital twin market are ABB Group, Ansys Inc., Autodesk Inc., Dassault Systèmes, General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, Robert Bosch GmbH, SAP SE, Siemens AG, and Wipro Limited.
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