Global Digital Twin Market Revenue to reach $29.56 billion by 2023
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Digital twin market: Global Drivers, Opportunities, Trends, and Forecasts to 2023” (August 2017).
According to Infoholic Research, Digital twin works on a simulation platform connected to a predictive analytics platform and it integrates several manufacturing assets, underlying parts, and system processes in real-time with the help of sensors and communicates to the operator in a simulation module. . The digital twin technology is more advanced than that of a control chart and offers a wide range of functionalities such as saving operational costs, predictive maintenance, avoiding unwanted downtime, and remote monitoring of a business unit.
Developing digital twin requires 3D CAD and CAE designing models. However, only around 30% of the global users are likely to use 3D designing models and rest of them are using a combination of 2D and 3D models to develop digital twin. Hence, the current market secnario emphasizes on the fact that digital twin technologies should be replaced with 3D designing models for enhancing digital twins’ efficiency. The digital twin is expected to bring newer product designing solutions to the manufacturing industry once this technology is standartdized.
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Global digital twin market is expected to grow at a CAGR of 24.7% during the forecast period 2017–2023.
The report discusses about the types of digital twin technology, namely product twin, part twin, process twin, and system twin. The part twin and product twin are mostly used for product designing and developing purposes; and the process and system twins are used for plant monitoring, increasing plant efficiency, lean manufacturing, and controlling supply chain losses, and others. Process twin and system twin are expected to grow at a higher CAGR compared to product twin and part twin during the forecast period owing to their wide functionalities.
Digital twin applications offer scenarios to maximize plant profitability. The applications covered are business optimization, operation optimization, asset performance management, edge computing, cybersecurity, and others. Business optimization and operation optimization uses advanced controls and application softwares to maximize the efficiency by analyzing the life models of assets and these two are expected to grow at a higher CAGR during the forecast period 2017-2023.
Edge computing is also seen to have a sharp increase in its adoption rate during the forecast period as it offers cloud to cloud continuum and supports highly customized applications. Edge computing offers on-the-spot analytics solutions to the controller to predicts real-time process failures. This real-time diagnosis is under high demand in wind turbines, locomotives, and other similar machines.
Under deployment type, cloud being the most demanding technology across industries is offering a better plant integrating network, lower expenditure to upgrade to a cloud platform compared to on-premises, and hybrid are driving its adoption. The on-premises deployment type promotes security, portability, and scalability for digital twin. However, the demand for hybrid deployment type is increasing in the recent years as it offers more customized digital twin solutions, improved security, reduced cost of ownership, and it suits the organization’s cost model.
The industries covered are manufacturing, power, oil & gas, BFSI, healthcare, aviation, smart cities, and others. The manufacturing industry is the leading adopter of the digital twin technology followed by power and oil & gas. The manufacturing industry is set to adopt digital twin technology to improve its plant efficiency and productivity by avoiding unwanted downtime due to maintenance and machine failures.
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In BFSI, digital twin offers better customer segmentation techniques. The governments are adopting digital twin to implement automatic data collection technologies in smart cities. It offers better simulation models of city into a single interface for better monitoring and decision-making. In healthcare, digital twin offers better diagnostic techniques.
Region wise, the Americas is the leading adopter of the digital twin technology as the American industries are widely adopting this technology due to the focus on implementing smart factories followed by Europe and APAC. The US, the UK, Canada, Japan, and Germany are some of the leading consumers for the digital twin technology implementation due to a lot of development toward smart factories.
“Digital twin helps in reducing the operational expenditure and improve efficiency and productivity of companies. This is expected to increase the companys’ functionalities in the next 3-5 years and almost all industries would adopt these technologies once they get standardized.” Srujan, Research Analyst at Infoholic Research
The report covers the present scenario and the growth prospects of global digital twin market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report provides details about the global digital twin market
- The report is analyzed based on digital twin types, deployment type, applications, industries, and regions
- The report covers the several deployment types, namely cloud-based, on-premises, and hybrid
- The report covers digital twin types, namely part twin, product twin, process twin, and system twin
- The applications covered in this report include, Business Optimization, Operations Optimization, Asset Performance Management, Edge Computing, CyberSecurity, and others
- The report is analyzed according to the use of digital twin in several end-user industries, namely, Power, Oil & Gas, Manufacturing, Aviation, Healthcare, BFSI, Smart Cities, and others
- The report covers the implementation of digital twin technology in four regions, namely the Americas, Europe, Asia, and Rest of the world
- The report covers the evolution of digital twin, features, advantages, and its importance
- The report also covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast years (2017–2023)
- It also contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views
- The report covers competitive landscape, which includes mergers & acquisitions, joint ventures & collaborations, and competitor comparison analysis
- In the vendors profile section, for the companies that are privately held, financial information and business segments will be limited based on the data availability in the company websites/annual reports