Digital Twins Market Growth 2020-2025: Sap Se, Tibco Software Inc., Sight Machine Inc., Siemens Ag, Virtalis Limited

Digital Twins Industry

Description

The global digital twin market size has reached to a greater extent and is anticipated to record a robust CAGR in the coming years. The digital twin is considered as a dynamic digital replica of a product, process, system, or facility, that can be easily used for various purposes such as to create a bearable environment for offering a better digital experience for customers. The digital twin technology, as a trending note, is gaining substantial traction due to its potential to create a link between the physical world and the virtual world.

As per the reports, healthcare and life sciences, aerospace and defense, automotive and transport, manufacturing, and energy and utilities are some top-grossing end-use industries to advantage the digital twin technology over the years. Involvement of these industries is making the most of the adoption of the technology, which is boosting the market considerably. The digital twin technology assists in enhancing efficiency, augment productivity, ensure cost-efficient operations, and streamline the processes., which makes it reliable to all the industries. As a case, supposedly in hospitals, the officials can create a digital twin of their systems as a part of their traction to gauge the impact of changes and thus, can ensure a safer environment in hospitals. At the same time, for instance, a surgeon can also create a digital twin of the heart and study it before heading towards heart surgery. Thus, the technology of digital twin has helped companies to adopt it and make their processes more robust and reliable.

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More to add, the digital twin facilitates the function of active tracking, monitoring, and optimizing the industry operations, which eventually results in cost & time savings in the manufacturing sector. Therefore, it has been observed that the innovation of digital twin technology is anticipated to enhance the trending applications such as diagnostics, smart cities, and monitoring of traffic congestion with the help of its potential to improve analysis of a product, decision making and advancement in the process. These factors are numbered to be impactful to the growth of the market during the assessment period.

Additionally, the key factor facilitating the growth of the digital twin market is the rising need to control the inventory shrinkage in the supply chains. As per the report, the primary four sources of inventory shrinkage, especially in the retail sector are shoplifting, employee theft, supplier fraud, and paperwork errors. As a highly effective technology, it can increase the profit margins of SMEs and thus, the demand of such a modern digital twin system in the retail sector is accounted to increase over the forecast period and would contribute to the market growth remarkably.

In the study, the global digital twin technology market is also expected to bring lucrative opportunities during the assessment period with the inclusion of AI (Artificial Intelligence) that would provide numerous benefits to retailers in the coming years. The benefits would be the elimination of repetitive tasks, cost reduction, maintaining schedule, and many more. With this, the factors in consideration of rising investment in the automotive sector with a rise in the number of vehicles are expected to increase in the foreseeable years. These are some of the prime factors that are continuously surging the global digital twin technology market growth, which could lead to high valuation in the future as well.

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Table of Content

1 Executive Summary

2 Preface

3 Market Trend Analysis

4 Porters Five Force Analysis

5 Global Digital Twins Market, By Technology

6 Global Digital Twins Market, By Application

7 Global Digital Twins Market, By End User

8 Global Digital Twins Market, By Geography

9 Key Developments

10 Company Profiling
10.1 Sap Se
10.2 Tibco Software Inc.
10.3 Sight Machine Inc.
10.4 Siemens Ag
10.5 Virtalis Limited
10.6 Robert Bosch Gmbh
10.7 Ibm Corporation
10.8 Prodea System Inc.
10.9 Toshiba Corporation
10.10 Microsoft Corporation
10.11 Oracle Corporation
10.12 General Electric
10.13 Aucotec Ag
10.14 PTC Inc.
10.15 Dassault Systemes
10.16 Amazon Web Services
10.17 Computer Science Corporation
10.18 Dnv Gl As
10.19 Autodesk Inc.
10.20 Cosmo Company Sas
10.21 Ansys Inc.
10.22 Feinguss Blank Gmbh
10.23 Cadfem Gmbh
10.24 Allerin Tech Pvt Ltd
10.25 Altair Engineering Inc.

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