Digital Twin is a digital clone of an asset, product, component, process, or a complete system or unit. Digital twins integrate internet of things (IoT), artificial intelligence (AI), machine learning and software analytics with spatial network graphs to create living digital simulation models that update and change as their physical counterpart change. It learns and updates itself from multiple sources to represent its near real-time status. The increasing adoption of emerging technologies such as IoT and cloud and growing use of digital twin for predictive maintenance are the few factors responsible for growth of the market over the forecast period.
According to the study, ‘Global Digital Twin Market to reach USD 52.2 billion by 2026’ categorical that there are some corporates that presently functioning lots with success for dominant the foremost effective growth of the market and obtaining the productive competitive edge whereas acceptive the productive profit making ways during which and policies like joint ventures, mergers and acquisitions, partnership, merger and merchandise development includes Siemens AG, IBM Corporation, Microsoft Corporation, General Electric Company, PTC Inc., SAP SE, Oracle Corporation, Robert Bosch GmbH, Ansys, Inc.. For instance, According to IoT analytics report, the number of IoT devices that are active is expected to grow to 10 billion by 2020 and 22 billion by 2025. Furthermore, the rising advancements and introduction of products and other strategic alliance by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in February 2017, IBM Corporation launched new IBM Digital Twin Capabilities to create multiple views of products by bringing together various ‘digital threads’ and data streams that can be tailored to the needs of a particular user. However, risks associated with data security due to the use of IOT and cloud platforms is the major factor restraining the growth of global Digital Twin market during the forecast period.
The regional investigation of global Digital Twin market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the strong economic infrastructure and significant presence of digital twin vendors in the region. Whereas, Asia-Pacific is additionally anticipated to exhibit highest rate / CAGR over the forecast period 2020-2026.
The market is fragmented, and the degree of fragmentation will speed up throughout the forecast period. The requirement for predictive maintenance will provide immense expansion opportunities. To make the most of the opportunities, market sellers should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Requirement for predictive maintenance has been instrumental in driving the growth of the market. Furthermore, a strong demand from the electronic and electrical/machine manufacturing sector will continue to usher growth for the global digital twin market during the upcoming years. The digital twin market is expected to surge at a compound of good growth rate of till 2025. The popularity of digital twin technology is being partly driven by the rapid adoption of 3D printing and 3D simulation. There has been a fast proliferation of the technology in advanced countries in North America, Europe and Asia. Digital twin is likely to find tremendous application opportunities across major industrial verticals in the years to come. Thus, The Global Digital Twin Market will increase in forthcoming years.
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