DUBLIN–(BUSINESS WIRE)–The report “Digital Twin Market Research Report: By Type, Technology, Enterprise, Application, Industry – Global Industry Analysis and Growth Forecast to 2030” has been added to from ResearchAndMarkets.com offer.
The global Digital Twins market size, which was $3,210.1 million in 2020, is likely to reach $184,517.4 million by 2030, growing at a CAGR of 50% between 2020 and 2030, according to editor.
During the COVID-19 pandemic, the digital twins market has been negatively affected as the closure of manufacturing plants and offices has resulted in lower profits for companies. As a result, they have cut spending on such expensive technologies, instead focusing on mitigating their losses and staying afloat.
In the coming years, the fastest growth within the technology segment of the digital twins market will be seen in the IoT category. The adoption of IoT and the emphasis on sensor-powered product development is increasing worldwide, which is why digital twins are being used to simulate IoT-based machines.
The large enterprise category is expected to dominate the digital twin market throughout this decade, based on the company. These companies have a wide range of assets and are engaged in a large number of processes and projects, for which they use digital twins to predict success, failure and maintenance needs. Additionally, digital twins help these businesses provide better deals to customers, increase profitability, and increase productivity.
Historically, the digital twins market has been dominated by the performance monitoring category, under segmentation by application. Digital twins are equipped with big data analytics, IoT, artificial intelligence (AI) and other advanced technologies to track the performance of physical assets in real time.
The highest digital twin market CAGR in the industry segment of 51.8% is expected to be witnessed by the automotive category in the near future. Automakers are rapidly adopting industry-leading Industry 4.0 standards and technologies, increasing the importance of data collection and analysis in the manufacturing process. Thus, digital twins will be used to improve vehicle design, the manufacturing process, sales and customer service.
North America is currently the largest market for digital twins due to its advanced IT infrastructure, technological improvements, and adoption of Industry 4.0 practices. Moreover, the presence of many companies offering such solutions benefits the market in the region.
The main reasons for the growing demand for this technology are:
Growing adoption of IoT: More than 41 billion connected devices are expected to be operational by 2025. To ensure optimal operation of the Internet of Things (IoT), it is important to improve the throughput of each component of ‘a machine, which is enabled by digital twins. This technology is used to create a virtual model of a physical product based on data generated by connected sensors.
Increased focus on smart maintenance: Another key driver of the digital twins market is the growing interest of enterprises in smart asset maintenance. With digital twins, a product, process, or system can be simulated, giving businesses real-time insight into how it works. This allows them to determine maintenance needs, which helps prevent unplanned system failures.
Common platform for multiple digital twins
Widespread adoption of IoT
Growing focus on smart maintenance
Analysis of impact of drivers on market forecasts
Data Security Concerns
Impact Analysis of Restrictions on Market Forecast
The logistics and transport sector to take advantage of technology
Convergence of information technology (IT) and operational technology (OT)
Leading companies in the global digital twins market are
International Business Machines (IBM) Corporation
SAS Institute Inc.
Robert Bosch GmbH
TIBCO Software Inc.
Bentley Systems Incorporated
Main topics covered:
Chapter 1. Research Context
1.1 Research objectives
1.2 Market Definition
1.3 Scope of research
1.4 Main stakeholders
Chapter 2. Research Methodology
2.1 Secondary research
2.2 Primary research
2.3 Market Size Estimation
2.4 Data triangulation
2.5 Currency Conversion Rates
2.6 Assumptions of the study
Chapter 3. Executive Summary
Chapter 4. Overview
4.1 Definition of market segments
4.1.1 By type
4.1.2 By technology
22.214.171.124 AI and ML
126.96.36.199 Big Data Analytics
4.1.3 By company
188.8.131.52 Large companies
4.1.4 By application
184.108.40.206 Product design and development
220.127.116.11 Performance Monitoring
18.104.22.168 Predictive maintenance
22.214.171.124 Inventory management
126.96.36.199 Commercial optimization
4.1.5 By Industry
188.8.131.52 Aeronautics and defense
184.108.40.206 Energy and utilities
220.127.116.11 Oil and Gas
4.2 Value chain analysis
4.3 Market Dynamics
4.4 Impact of COVID-19 on the Digital Twins Market
4.5 Porter’s Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By type
5.2 By technology
5.3 By company
5.4 By app
5.5 By Industry
5.6 By region
Chapter 6. North America Market Size and Forecast
6.1 By type
6.2 By technology
6.3 By company
6.4 By request
6.5 By Industry
6.6 By country
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Key Players Market Share Analysis
11.2 List of players and their offers
11.3 Strategic Player Developments
11.3.1 Mergers and Acquisitions
11.3.3 Product Launches
Chapter 12. Business Profiles
12.1 Business Overview
12.2 Product and service offerings
12.3 Key Financial Summary
For more information about this report visit https://www.researchandmarkets.com/r/eb3j0l