Blog Description

Digital Twins- A Window to Past and Future

Global digital twin market

IT and Telecom | Nov, 2017

A digital twin goes about as a midway to overpower physical frameworks into the digital space, offering access to structure, setting, and conduct of an asset. It gives you a window to over a significant time span states and conditions and gives you the capacity to investigate what's to come.

Digital Twin is a virtualized dynamic representation of an industrial process, product or a service, in a form of model which uses the combination of data and intelligence to profile, predict and optimize the performance of their industrial asset via simulations.

Digital Twins are an integral part of Industrial Internet of Things (IIoT) as they allow for the automated controlling and monitoring of industrial assets and processes with capabilities such as- product designing, manufacturing process planning, asset performance management, business and operation optimization etc.

The prominent Digital Twin technology solutions in the market include- GE Predix, PLM from Siemens, Digital Engineering solutions from PTC etc.

This boom in the Global Digital Twin market is attributed to the rising adoption of Industrial Internet of Things across heavy industries such as- Manufacturing, Energy & Utilities, including other industries like- Transportation, Healthcare and Consumer Goods.

Industry 4.0 facilitated manufacturing momentum, burgeoning digitalization demands, followed by increasing penetration of SMACT (Social, Mobile, Analytics, Cloud and Internet of Things) technologies are a few of the factors driving the global DigitalTwin market.

Global digital twin market is projected to grow at a CAGR of over 37%, in value terms, during 2017-2022. With the increasing adoption of IoT, growing digitalization in the marketplace from records to blueprints to assets, burgeoning business optimization demands followed by manufacturing momentum- the Industry 4.0 revolution, the use cases of Digital Twins will grow from Energy & Utilities, Aerospace, Défense and Automotive sectors to Manufacturing, Healthcare and Consumer Goods.

What??? United States holds the largest market share???

Yes, United Sates holds the largest market share in the Digital Twin market on the account of its early adopting, tech savvy population and rapid technological innovations in the country.

                                                                                                                                                                                                                                                                                                                     Source: Techsci Research

Do you know the major players in Digital Twins Market??

Some of the major players operating in the global digital twin market are General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, and PTC, Inc., ANSYS, Inc., Dassault Systèmes, and Siemens AG. etc.

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General Electric Company emerged as the leading player in Global Digital Twin market. This market share is further projected to grow through 2022 on the account of increasing penetration of their IoT encapsulated Digital Twin software- Predix, followed by growing number of Predix powered apps such as Aircraft Landing Gear Prognostics, Business Optimization Energy Forecasting Apps, strategic partnerships such as GE and Baker Hughes, GE and Infosys, GE and Genpact etc. along with the acquisition of ServiceMax, Bit Stew System etc. contributing to the growing dominance of GE Predix in the Digital Twin marketplace.

IBM Corporation accounted for the second largest market share in Global Digital Twin Market. This market share is attributed to its- innovation infused Watson IoT platform in partnership with OSI Soft and Arana corporation, having Digital Thread capabilities along with strong analytical features of Artificial Intelligence and Machine Learning via Watson.

Manufacturing sector is growing in America, primarily attributed to the Trump governance in the country, highlighting the increasing deployment of Digital Twins in the sector for personalized, digitalized and automated machinery, electrical equipment and electronic machines for business operational purpose.

US government has also allocated large portion of government’s budget to defence sector for fuelling innovation through research & development specially in the field of advance weaponry (Modular Advanced Armed Robotic System (MAARS), XM2010 Sniper Weapon System, etc.) systems.

Moreover, high demand for vehicles in the country is driving manufacturers to produce more automobiles, leading to adoption of digital twins for designing & modelling automobiles parts, introduce lean manufacturing to reduce resource wastage (material, human capital, etc.) and increase profits by minimizing cost of production.

Conclusion: Global digital twin market is projected to grow at a CAGR of over 37%, in value terms, during 2017-2022. High demand from the electronics and electrical/machine manufacturing industry, owing need of digitalization for the designing and manufacturing process of electronic equipment such as industrial equipment, computers, printers, transformers, generators, motors, and home electronic equipment, are some factors, which are expected to propel demand for digital twin over the next five years.

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