Digital twin defines as a digital
replica of physical assets, places, people, processes, systems and devices
which can be used for different purposes. It has ability to control, record,
and monitor dynamic process, product or a service through creating an imaginary
model by simulation software & computer-based aids. It is also capable of
sustaining conceptualization, assessment, and collaboration for the high-end
improvements and the problem-solving techniques. It provides concurrent status
and functioning conditions of the substantial objects via accessing data from
the sensors installed in the objects. The Digital twin market primarily assist
for reducing operational loss, controlling supply chain loss in a manufacturing
plant and designing or repairing of the airplanes and turbines.
According to study, “Digital
Twin Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts
to 2023” some of the major companies that are currently working in the
digital twin market are Infosys Ltd., Dell Inc., Dassault Systemes, Twin Thread
LLC, Siemens Ltd., Prodea System Inc., DIGITAL TWIN, Schnitger Corporation,
Hexagon AB, General Electric Company, Ansys Inc., SAP SE, Robet Bosch GmbH, AT
& T Inc., Cisco Systems Inc., Alphabet Inc., SimScale GmbH, Oracle Corp.,
Concirrus, IBM Corp., AVEVA Group plc., Allerin Tech Pvt Ltd., Amazon Web
Services, Altair Engineering, Inc., Prodea System Inc., Aucotec AG, CADFEM
GmbH, Autodesk Inc., Parametric Technology Corporation (PTC) Inc., Sight
Machine Inc., Toshiba Corporation, TIBCO Software Inc., Virtalis Ltd., Computer
Science Corporation, DNV GL AS, CoSMo Company SAS, FEINGUSS BLANK GmbH.
Based on the type, the digital twin
market is segmented into product twin, system twin and process twin. The
process and systems twins are a high demand in the end-user businesses due to
extensive functionalities. Based on the exploitation type market is categorized
into on-premises exploitation, cloud exploitation and hybrid exploitation.
Based on the technologies market is segmented into APDV, Predix, DTS-Si and
other technologies. Based on the application, market is segmented into
operations optimization, business optimization, machine & equipment health
monitoring, cyber security, edge computing and asset performance management and
others. Business optimization controls the supply chain loss and present better
lean manufacturing capabilities with data driven solutions to improve the
efficiency. Machine & equipment health monitoring includes structural
health and conditional monitoring. Based on the industries, the market is
defines as power, aviation, oil & gas, home & commercial,
manufacturing, BFSI, smart cities and healthcare etc.
The digital twin market is driven
by increasing virtual marketing promotions, followed by growing popularity of
internet of things & cloud platforms, rising early warning or prediction
& optimization, increasing demand for cloud-based platforms and increasing
digitalization (a strategy to enhance productivity). However, some of the
restraints are lack of skilled workforce and technical knowledge,
interoperability & security, lack of awareness regarding cost benefit of
the adoption of digital twins and delay in implementing 3D design technologies.
Some of the key opportunities include expanding the boundaries of product
design technologies and cognitive digital twin.
North American region holds the
prevalent market share of inclusive digital twin market followed by Asia
Pacific and Europe regions. The growth of the region is primarily by the key
countries such as Canada and U.S. and is attributed to rising demand for
analytical tools & spatial data. In upcoming years, it is anticipated that
this market will be developed fast as a result of the policy changes for the
expansion of manufacturing capabilities.
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