Digital Twin Market Trends, Growth & Forecast with Companies - "Capgemini, IBM, Infosys, Microsoft, Oracle, PTC, SAP, SAS, Wipro, ABB, Ansys, Autodesk., AVEVA, Bentley Systems, Dassault Systèmes, General Electric Company, Robert Bosch, Rockwell Automation

The emergence of Industry 4.0 has been majorly responsible for propelling digital twin market share. Automation in various sectors has been accelerating the adoption of digital twin technology, consequently impelling the industry. The automobile sector has also been playing a major role in the expansion of digital twin market, given the adoption of automated technologies in the domain. For instance, Bosch has been comparing sensor-driven production data to a digital twin of production lines running at 100 percent efficiency to improve its output.

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The changing digital twin market outlook can be accredited to the increasing adoption of IoT and rapidly rising rate of digitalization across the globe. According to the Annual IoT Barometer of Vodafone, more than a third (34%) of businesses have adopted IoT to some extent. Around 70 percent of the companies have moved beyond the pilot and 95 percent report witnessing clear benefits of their investment. This has led to growing confidence in the technology with 83 percent firms now expanding their deployment of IoT.

The Major Key Players in the Market are as follows:
"Capgemini, IBM, Infosys, Microsoft, Oracle, PTC Inc., SAP, SAS, Wipro, ABB, Ansys, Autodesk., AVEVA Group, Bentley Systems, Dassault Systèmes, General Electric Company, Robert Bosch GmbH, Rockwell Automation, Schneider Electric, Siemens"

The global inventory management software market space has lately been brainstorming the possibilities of digital twin to reduce cost and revenue leakages, for gargantuan warehouses and supermarkets, where managing optimum inventory level is the biggest challenge. Digital twin market analysis suggests that the availability of real-time consumption data can lead to a quicker replenishment of supplies and avert over-inventorying, which can cause product spoilage. Hence, the fast-paced adoption of digital twin in the inventory market offers lucrative growth opportunities for the digital twin industry.

Digital twins can potentially help industries in reducing product development and testing expenses. Companies depending heavily on destructive testing for developing products can use the virtual replica of the real-world scenario for significant portion of the product testing. Say for example, automotive industry can employ digital twin for crash testing prototype vehicles. Likewise, enterprises creating giant models and prototypes for feasibility analysis can save money with digital twins during product development. Digital twin market is slated to advance at a rapid pace in the coming years, given the above backdrop.

Digital twin technology has provided the manufacturing sector with huge time and cost saving benefits and has vastly enhanced its operations and outputs. The need to increase production, quality and efficiency will contribute to the growth of digital twin industry. The manufacturing sector is projected to account for a share of more than 25% in digital twin market by 2025.

By adopting IoT, digital twin technology and smart products, brands are expected to reduce waste and improve processing time, particularly with packaged consumer products. Digital twinning plays a significant role in tracking and tracing products, services that have become increasingly important to logistic companies and supply-chain managers.

The automotive sector has also been undertaking efforts to deploy digital twin technology to take advantage of the substantial benefits being offered by the technology. For instance, Tesla Motors has been expansively investing in digital twin technology to provide better service and reliability to car owners. The company creates a digital twin of every car it sells and then updates software based on the individual vehicles' sensor data. This data-driven software development process enables more efficient resource allocation and a markedly better user experience for the vehicle owner.

Digital twins can potentially help industries in reducing product development and testing expenses. Companies depending heavily on destructive testing for developing products can use the virtual replica of the real-world scenario for significant portion of the product testing. Say for example, automotive industry can employ digital twin for crash testing prototype vehicles. Likewise, enterprises creating giant models and prototypes for feasibility analysis can save money with digital twins during product development. Digital twin market is slated to advance at a rapid pace in the coming years, given the above backdrop.

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Currently, the term digital twin looks like a future concept surrounded by a lot of marketing hype from some top-notch technology companies like Amazon, Microsoft, IBM, and the like. But, considering the unparalleled growth of the digital twin market share in recent years, it can be alleged that this disruptive technology will ensue a broad and deep impact on a plethora of industries in 2019 and beyond.

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