According to the new market research report by IndustryARC titled “Digital Twins Market: By Type (Design and Development, Performance Monitoring, Predictive Maintenance and Others); By End User (Aerospace &Defense, Automotive & Transportation, Smart Home & Commercial, Manufacturing, Energy & Utilities and Others) & Geography – Forecast(2018 – 2023),” the market will be driven by increased adoption in most of the enterprises as it widely helps in optimizing the physical world which in turn significantly improves the operational efficiency and the business process.
The digital twins market is foreseen maintain its dominance in by North America. The North America region is mainly dominated by the U.S. and Canada and is attributed by spatial data in the region. The factors that attribute to this growth are increasing adoption in IoT technology by several large and medium scale organizations in the coming years. The use of digital twin technology helps in improving the overall operational performance. Asia is the next expected region to grow significantly in market share contributing by aerospace and defense, automotive, electronics, energy and utilities.
Digital Twins Market Analysis Done in the Full Report
Digital twin market is segmented on the basis of applications and end user. The application segment is further divided into dynamic optimization, predictive maintenance, product design and development, machine & equipment health monitoring. Currently the digital twin concept is growing extensively in designing and repairing of airplanes and turbines. The market of expected to grip effectively in terms of revenue for the forecast period and it’s all because of internet of the things. Digital twin technologies prove to very effective and hence helpful in a cost effective and providing better solutions for industrial manufacturing.
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Selected Driving Factors Mentioned in the Digital Twins Market Forecast
1.In the energy industry usage of digital twins in turbine, functions in informing an operator in its absence, when an asset begins to show signs of non-optimal execution, without an engineer having access to the physical turbine. This will help the industry to minimize the risk of unexpected downtime. Hence, improved operation, reduced in outrages and better managed variants will increase the adoption in the future.
2.In highly digitized factories, real time enterprise decisionmanagement can be made using digital twin products. The machine will collect data over a period of time and will enable digital prototypes to help human operators make better decisions. In such case it will develop intelligence that will feed advancements in the future.
Key Players of the Digital Twins Market Share
Some of the established players in the market are General Electric, IBM Corporation, DassaultSystemes, Siemens AG, Robert Bosch GmbH, PTC, Inc., Autodesk Inc., and others. IBM Corporation launched new digital twins and platform for Watson Internet of Things to build specialized integrated solutions to solve business challenges in Asset Management, Facilities Management and Product Development. DassaultSystemes also came up with a digital twins service that allows to analyze the product’s current status and performance for arranging preventive and predictive maintenance activities for calibration and tooling management.
The Digital Twins Market Report is Segmented as Indicated Below:
The growing popularity of digital transformation of manufacturing and industrial market in developed countries will drive the demand for digital twins market.
A.Digital Twins Market– By Type
1.Product Design and Development
2.Machine and Equipment Health Monitoring
B.Digital Twins Market– By End-Users
1.Aerospace and Defense
2.1.Aircraft Engine Design and Production
2.2 Space-Based Monitoring
2.Automotive and Transportation
2.1.Vehicle Designing and Simulation
2.2.Ship Control Systems
3.Home and Commercial
3.1.Enterprise Infrastructure Management
4.Electronics & Electrical/Machine Manufacturing
4.1.Industrial Equipment Design and Simulation
5.1.Medical Device Simulation
6.Energy and Utilities
7.Retail and Consumer Goods
7.1.Chemicals and Materials
C.Digital Twins Market By Geography (16+ countries)
D.Digital Twins Market Entropy
1.Tibco Software Inc.
3.Prodea System Inc.
5.Computer Science Corporation
More than 10 companies are profiled in this report
1.Industry 4.0 Equipment Market
2.Mixed Reality Market
G. Appendix: Abbreviations, Sources, Research Methodology, Bibliography, Compilation of Experts, Disclaimer.
What can you expect from the Digital Twins Market research report?
The Digital Twins Market Report is prepared with the main agenda to cover the following 20 points:
1. Digital Twins Market Size by Product Category
2. Digital Twins Market Trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End User Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis (By Revenue & Volume)
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis
Mr. Venkat Reddy
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