Few Global Players Dominate the Market despite the Presence of about ~200 Competitors Comprising a Large Number of Regional Players and Some Specialist Players, finds a recent market study on the Global Digital Twin Market by Ken Research
A digital twin is a digital representation of a real-world entity or system. The implementation of the digital twin is an encapsulated software object or model that reflects a unique physical object, process, organization, person, or other abstraction. Data from multiple digital twins can be used for composite views across different real-world entities, such as power plants or cities and their associated processes. For instance, wind turbines are equipped with various sensors related to important functional areas. These sensors generate data on various aspects of physical object performance, such as energy output, temperature, and weather conditions.
Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
Global Players Constitute ~20% of the Total Number of Competitors, While Regional Players Dominate Representing ~45% of Total Competitors.
A comprehensive competitive analysis conducted during the Research Study found that the global digital twin market is competitive with ~200 players, including globally diversified players, regional players, and many country-niche players. The regional players comprise about ~45% in terms of the number of companies followed by country-niche players with ~35% of the total competitors. The players in the industry develop digital twin technologies for applications including product design, product development, inventory management, predictive maintenance, performance monitoring, business optimization, and others for industries including aerospace & defense, automotive & transportation, manufacturing, healthcare, retail, energy & utilities, home & commercial, it & telecom, and others.
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The Incorporation of Extended Reality Technology and Predictive Analysis Tools are expected to be the Primary Drivers of the Market.
Detailed comparative analysis of key competitors available within the Research Study shows that major players such as Accenture, Autodesk Inc., General Electric, IBM Corporation, Microsoft, and others are highly focused on developing digital twin products that can be used across multiple end-user industries, such as aerospace & defense, automotive & transportation, healthcare, energy & utilities, home & commercial, and more. Furthermore, several companies and organizations are aggressively focusing on acquisitions and mergers with specialized players to invest in digital twin technology solutions.
- In April 2022, GE Research and GE Renewable Energy, both subsidiaries of General Electric collaborated for the development of cutting-edge artificial intelligence (AI), and machine learning (ML) tools. The AI and ML tools use digital twin technology to predict and streamline logistics costs in the worldwide wind industry.
- In March 2022, Microsoft announced a strategic partnership with innovative Australian-based resources company Newcrest. The collaboration is based on programs including the use of digital twins for the improvement of operational performance and a high-impact sustainability data models.
- In May 2022, Gradiant, a Boston-based water solutions provider company acquired cleantech startup Synauta to increase the usage of digital twins in the water treatment industry. The acquisition is a combination of digitizing and optimizing the water treatment expertise of Gradiant and the practical machine learning expertise of Synauta.
Increased Government Initiatives and New Strategical Investments in the IT Industry that Led to Major Industry-Wide Developments, Acquisitions, and Partnerships in the industry.
- In June 2022, the Digital Twin Consortium (DTC) collaborated with the Smart Cities Council (Council) to support its work with communities worldwide. The Council will keep spreading awareness of sustainability and resilience among cities. The partnership is intended to work together to inform local governments and towns about the capabilities of digital twins.
- In June 2022, Siemens partnered with an American multinational technology company, NVIDIA to bring the Digital Twin technology within suitable reach. The acquisition resulted in using twin technology in building and manufacturing with the power and visual sophistication of chips and the Omniverse metaverse platform.
In May 2021, the USA Army Aviation and Missile Command partnered with the Wichita State University team to integrate twin technology into its helicopter fleet, Black Hawk. With the use of this technology, 3D scanning technologies created a virtual model of UH-60LBlack Hawk.
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Key Topics Covered in the Report
- Snapshot of Global Digital Twin Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Digital Twin Market
- Historic Growth of Overall Global Digital Twin Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Digital Twin Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Digital Twin Market
- Future Market Forecast and Growth Rates of the Total Global Digital Twin Market and Segments
- Analysis of Global Digital Twin Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Notable Key Players Mentioned in the Report
- Accenture
- Autodesk Inc.
- General Electric
- IBM Corporation
- Microsoft
- Bentley Systems, Incorporated
- Robert Bosch GmbH
- SAP SE
- Schneider Electric
- Siemens
Notable Emerging Companies Mentioned in the Report
- Digital Construction Works
- Allvision IO
- DigitalTwin Technology GmbH
- MEIK LABS SpA
- MetaTwin GmbH
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Digital Twin Solution Developers
- Digital Twin Solution Suppliers
- Digital Twin Solution Implementors
- Product Twin Developers
- Process Twin Developers
- System Twin Developers
- Digital Twin Distributors
- Emerging and Startups in Digital Twin Industry
- Simulation Solutions Companies
- Different Types of Digital Twin Manufacturing Hubs
- Government Departments of Electronics
- Government Ministries and Departments of Information Technology
- Financial Institutions focused on Information Technology Industry
- PE and VC Firms focused on Information Technology Industry
- Potential Entrants into Information Technology Industry
- Potential Entrants into Simulation Solutions
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For More Information on the Research Report, refer to below links: –
Global Digital Twin Market: Ken Research
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