Digital Twin Market : Worldwide Study on Top Players | ABB Group, Ansys Inc., Autodesk Inc., AVEVA Inc., Bentley Systems, Incorporated, Bosch Rexroth AG, Capgemini SE, Dassault Systems, General Electric Company, IBM

How will the advent of advanced technologies foster digital twin market growth over 2020-2026?

The digital twin market is likely to foresee lucrative growth over the coming years owing to strong demand from numerous end-use industries such as retail, automotive, manufacturing, healthcare among many others. The growing popularity of this technology is because of its potential to reduce operational costs, the time to market, and optimize product lifecycle. Additionally, digital twin technology utilizes ML (machine learning) algorithms for estimating performance requirements.

As per a Global Market Insights, Inc., research report, digital twin market is slated to surpass a $35 billion valuation by 2026.

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With the introduction of smart technology, key players are increasingly focusing towards consolidating their position in the expanding industry. Citing an instance, in September 2020, Telstra, a renowned telecommunications company and Microsoft, reportedly declared an extension of their long-term relationship, with new plans on jointly building cloud-based solutions on Azure. Both the firms will leverage AI, digital twin, IoT, and edge computing capability so as to develop solutions in areas like smart spaces, telematics, supply chain management, and asset tracking.

How would machines & equipment health monitoring application influence the digital twin revenues over the coming years?

In terms of application, machines & equipment health monitoring application segment is anticipated to witness a growth rate of nearly 34% over the forthcoming time period. Factors such as equipment analysis through IoT sensors and surging demand for real time monitoring will further drive the segmental growth.
Key enterprises are adopting digital twin technology for collecting as well as analyzing the critical equipment data from connected devices. Likewise, the use of this technology also helps organizations in minimizing the asset downtime and enhancing the asset performance to have optimal business outputs.

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Which end-use segment is anticipated to showcase momentous growth over the forecast timeframe?

In terms of end-use, digital twin technology solutions adoption by leading automotive establishments is expected to grow substantially by the end of the analysis timeline. The surging demand for improved design, efficiency, and performance optimization of vehicles with the assistance of advanced technologies will help the market grow further in the coming years.

With increasing emphasis on ADAD systems and autonomous vehicles, the automotive establishments could utilize the digital twin to analyze and increase the operational efficiency as well as to create virtualized model. This could further aid them in delivering personalized services and features along with analyzing the complete vehicle performance.

Which distinguished factors are majorly driving the Europe digital twin market share?

On the geographical front, Europe will account for more than 26% of the global industry share by the end of the forecast time period. The growth is ascribed to digitization along with wide adoption of IIoT/IoT across numerous industry verticals. Meanwhile, owing to the rising popularity of digital twin technology, numerous key players across the region are further in engaged in several strategic measures, to design and develop digital twin solution.

Citing an instance, in May 2020, Siemens AG and Atos SE, reportedly teamed up to develop digital twin solutions for the pharmaceutical industry. The firms are testing the innovative Process Digital Twin solution driven by advanced technologies like IoT, AI, and advanced analytics. It is further designed to improve efficiency and flexibility in pharmaceutical manufacturing.

Additionally, considering the onslaught of new projects across a spate of verticals, the demand for digital twin technology is slated to rise at a momentous pace over the coming years. Citing an instance, in August 2020, Cityzenith, a leading software company, reportedly announced that the upcoming $500 million Orlando Sports & Entertainment Smart District would utilize the firms SmartWorldPro2 Digital Twin platform as part of the project’s development.

The digital twin platform integrates all services and software used by anyone which includes large scale building projects, constructing, designing, and real estate portfolios. Such new developments would also contribute towards new market growth opportunities.

Some of the key industry players operating in the digital twin market include Microsoft Corporation, General Electric, Siemens AG, Dassault Systems, SAP SE, and IBM Corporation among many others.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.