Press release
What's driving the Digital Twin Market Size? General Electric, Microsoft, IBM, SAS, Wipro, Autodesk, AVEVA Group Plc, Bentley Systems Incorporated, Dassault Systems,
Digital Twin Market
Digital Twin market is projected to surpass USD 20 billion by 2025. The market growth is attributed to the IoT/IIoT adoption, proliferation of connected devices, and availability of cheap IoT sensors. In addition, the rising demand to reduce Time-to-Market (TTM), optimize processes, monitor the performance, and examine conditions of the product & system is contributing to the growth of the digital twin market.
Request a sample of this premium report at https://www.marketstudyreport.com/request-a-sample/2100665?utm_source=openpr.com&utm_medium=Abhijeet
Competitive analysis of key market players
o Technology & platform players
o Microsoft Corporation
o IBM Corporation
o SAS Institute
o Wipro Limited
o Digital & automation players
o Autodesk, Inc.
o AVEVA Group Plc
o Bentley Systems Incorporated
o Dassault Systèmes
o General Electric Company
The major players in the digital twin market are focusing on various business growth strategies such as new product developments and partnerships. This enables them to expand their existing portfolio and increase their geographical reach. For instance, in October 2018, Atos strategically partnered with Bentley Systems to offer a complete solution to create and operate Digital Twins on behalf of the industry and infrastructure asset owners.
The software is anticipated to be a cloud-based service with real-time monitoring, performance analysis, full immersive visibility of assets, and supports decision making on asset operational strategies. The partnership also enabled the companies to enhance their capabilities and add new customers to their portfolio. The Asia Pacific digital twin market is projected to grow at a CAGR of over 30% during the forecast period.
In this region, rising internet penetration coupled with the proliferation of smart devices and the growing adoption of IoT/IIoT are triggering the digital twin market. According to the China Internet Network Information Center (CNNIC), at the end of December 2017, the number of internet users in China reached 772 million, which is an increase of 40.74 million from the end of 2016. The rise in the number of connected devices has increased the use of digital twin coupled with advanced technologies, such as AR, VR, MR, AI, ML, and big data analytics, to draw actionable insights to reduce lead time, running cost, and improve product performance.
For instance, the passenger vehicle uses AR capability, providing the driver a converged view of digital and physical worlds to seamlessly navigate turns on the road. In addition, at the passenger car manufacturers end, digital twin uses the data obtained from physical counterpart and diagnoses the fault beforehand, resulting in improved customer experience.
The highly evolving and competitive sectors, such as automotive, manufacturing, and aerospace & defense, are increasingly embracing digital twin technology to reduce their asset downtime & maintenance cost and improve operational efficiency. For instance, in July 2017, Airbus partnered with a software manufacturer, ASCon Systems, in a prostep ivip project to build a digital twin of its factory to improve the production line efficiency & process optimization and reduce lead times & running costs.
The product design & development is estimated to grow at a CAGR of over 31% during the forecast timeline due to the growing adoption of Industry 4.0 by the enterprises operating in the manufacturing and automotive sectors. The advent of advanced analytics and visualization techniques to analyze & visualize the data obtained from the physical counterpart helps in improving the product performance and overcome the shortcomings of the previous model of equipment or system.
The prominent market players are focusing on strategic initiatives to develop innovative digital twin solutions to improve product design & development process for their clients. For instance, in April 2019, Capgemini partnered with Autodesk to deploy Reflect, a new cloud-enabled and secure digital twin platform. This software will include design reviews in operations, IoT alerts to prevent fluctuations, support for real-time diagnosis & inspections, remote assistance, and asset revamping.
The infrastructure buildings market held a market share of around 6% in 2018 and will maintain a significant market share during the forecast period. The supportive government initiatives & funding to build smart cities to avert environmental challenges is supporting the growth of the digital twin market. The governments are partnering with prominent technology players to build a digital twin of the physical city to improve key public services for the citizens in that city
For instance, the Singapore government is investing over USD 73 million in building digital twin of the city. The government partnered with Dassault Syst?mes and 3DEXPERIENCity to build data-rich digital twin and improve public services with reduced cost for its citizens. Additionally, India is investing USD 1.2 trillion over the next 20 years to transform 100 cities into smart cities.
This drives the growth of digital twin to cater to the growing demand for cost-efficient operation, reduced time-to-market, and optimization of processes. Also, various government initiatives to speed up the digital transformation in various sectors including manufacturing, automotive, and healthcare are supporting the market growth. The countries including China, India, and Singapore have introduced several cybersecurity policies and reforms to ensure stronger data protection to avert the restraints hindering the market growth.
Request a discount on standard prices of this premium report at https://www.marketstudyreport.com/check-for-discount/2100665?utm_source=openpr.com&utm_medium=Abhijeet
Report Content
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Digital Twin Industry Insights
Chapter 4. Competitive Landscape, 2018
Chapter 5. Digital Twin Market, By Application
Chapter 6. Digital Twin Market, By End-Use
Chapter 7. Digital Twin Market, By Region
Chapter 8. Company Profiles
8.1. Technology & platform players
8.2. Digital & Automation Players
buying decision on this premium report https://www.marketstudyreport.com/enquiry-before-buying/2100665?utm_source=openpr.com&utm_medium=Abhijeet
Contact Us:
Market Study Report LLC
4 North Main Street,
Selbyville, Delaware 19975
USA
Phone: 1-302-273-0910
US Toll Free: 1-866-764-2150
Email: sales@marketstudyreport.com
Website: https://www.marketstudyreport.com
Blog: https://www.marketstudyreport.com/blog
About Us:
Marketstudyreport.com allows you to manage and control all corporate research purchases to consolidate billing and vendor management. You can eliminate duplicate purchases and customize your content and license management.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release What's driving the Digital Twin Market Size? General Electric, Microsoft, IBM, SAS, Wipro, Autodesk, AVEVA Group Plc, Bentley Systems Incorporated, Dassault Systems, here
News-ID: 2004343 • Views: …
More Releases from Market Study Report LLC
COVID-19 Detection Kits Market Size o witness substantial growth during 2020-202 …
The research report on ‘COVID-19 Detection Kits market’ scrutinizes the current industry scenario to predict market size, market share, and projects valuation for different segmentations of the industry over 2020-2026. It provides business intelligence regarding various factors driving the industry growth in consort with discussing the challenges faced by the industry, and the approaches followed by market players to counter their impact. COVID-19 Detection Kits Market size to grow with…
What's driving the Small Satellite Market trends? Raytheon, Lockheed Martin, Nor …
Market Study Report LLC adds new research on Small Satellite market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Small Satellite market also includes an in-depth study of the industry competitive scenario.
The global Small Satellite market is valued at 1340 million US$ in 2018…
What's driving the Antibiotics Market trends? Sanofi, Novartis AG, Pfizer Inc., …
Market Study Report LLC has added a new report on Antibiotics market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of Antibiotics market in tandem with its competitive terrain.
The antibiotics was valued at US$ 43,348.38 million in 2019 and is…
What's driving the Electrical House (E-House) Market trends? Schneider Electric, …
Market Study Report LLC has added a new report on Electrical House (E-House) market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of Electrical House (E-House) market in tandem with its competitive terrain.
Electrical House (E-House), also called Power House, is…
More Releases for Digital
Introducing Digital Sales Pro, Inc: Revolutionizing Digital Sales in the Digital …
Digital Sales Pro, Inc. is a company that helps content creators and publishers make money from content and reach a larger audience with their craft.
In today's world, it can be tough for content creators and publishers to make money and connect with their audience.
At, Digital Sales Pro, Inc. we understand these challenges and have created a suite of solutions that help our clients build a strong online presence, monetize…
Digital Twin in Healthcare Market Analysis By Type - Product Digital Twins, Proc …
Introduction
The healthcare industry has seen significant growth and development over the years, with technology playing a critical role in transforming patient care. One such innovative technology that has emerged in recent years is the Global Digital Twin in Healthcare Market. This technology allows healthcare professionals to create a virtual replica of a patient's physical self, enabling them to monitor and analyze patient data in real-time. The Global Digital Twin in…
Digital Twin in Healthcare Market Analysis By Type - Product Digital Twins, Proc …
In 2021, the market for Digital Twin in Healthcare worldwide was worth $6.75 billion US dollars. AMR Group projects that the market will reach US$ 96.5 billion by 2031, growing at a CAGR of 40 percent between 2022 and 2031.
Industry Overview
Digital twins are virtual copies of physical objects or things that data scientist & IT professionals can use to compute simulations prior to developing and deploying the original devices. Digital…
Digital Therapeutics Market, Digital Therapeutics Market Size, Digital Therapeut …
The global digital therapeutics market is expected to reach US$ 8,941.1 Mn by 2025 from US$ 1,993.2 Mn in 2017. The market is estimated to grow with a CAGR of 20.8% during the forecast period from 2018 to 2025.
North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period, whereas the market is expected to witness growth at a significant…
Digital Advertising on Mobil Market Analysis 2019 Top Growing Companies: Adverti …
Digital Advertising on Mobil Market
Digital Advertising on Mobile Market is a type of advertising that shows that mobile devices such as smart phones and tablets have wireless connectivity. For mobile devices with fewer lenses than computers or laptops, digital media formats are often the most suitable for small displays through outputs. Telephone advertising is the communication of products or services of mobile devices and consumers. Telephone announcements range from…
Digital Display Market Future Growth with Worldwide Players (Digital Virgo, Digi …
Digital Display Industry 2019 Global Market 2025 research report represents the historical overview of current Market situation, size, share, trends, growth, supply, outlook and manufacturers with detailed analysis. It also focuses on Digital Display volume and value at global level, regional level and company level. From a global perspective, this report represents overall Digital Display market size by analyzing historical data and future prospect.
Get Sample Copy of this Report -…
