The digital twin market from machines & equipment health monitoring application is poised to witness 34% CAGR through 2026 propelled by the increased demand for real time monitoring and equipment analysis through IoT sensors.
SELBYVILLE, Del., September 10, 2020 (Newswire.com) – Global Market Insights, Inc. has recently added a new report on the digital twin market which estimates the market valuation for digital twin will cross US$ 35 billion by 2026. The increasing demand for optimizing processes, cost-efficient operations and minimizing the time to market is expected to contribute significantly to market growth.
The growing demand for effective management, control and simulation of enterprise assets to optimize the lifecycles is anticipated to support the digital twin market growth. The digital twins analyze and compare the historical performance data followed by the present scenario. In addition, it uses machine learning algorithms to forecast performance requirements. The digital twin technology is also used to optimize individual industrial component with potential performance capability.
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Digital Twins are facilitated through diverse cloud platforms and leverages data from IoT. The use of cloud technology and mobile devices poses cybersecurity related risks and security concerns. This has affected the adoption of digital twin technology solution across multiple industrial enterprises. In addition, lack of in-house expertise and awareness related the cost benefits offered by the use of digital technology are other factors affecting the market growth.
The machines & equipment health monitoring application segment is expected to witness the growth rate of over 34% over the forecast timeline. The increased demand for real-time monitoring and equipment analysis through IoT sensors is supporting the segment growth. Major enterprises are adopting digital twin technology to collect and analyze the critical equipment data from connected devices including IIoT. The use of digital twin technology helps companies to improve asset performance and reduce asset downtime for optimum business outputs.
The adoption of digital twin technology solutions by automotive enterprises is anticipated to grow exponentially by 2026. The growing demand for enhanced design, optimized performance and efficiency of vehicles with the help of advanced technologies is expected to support the digital twin market growth. With a growing emphasis on autonomous vehicles and ADAD systems, automotive enterprises can use digital twin technology to create a virtualized model of the vehicle and analyze operational efficiency. This can also help automotive enterprises to deliver personalized features, services and analyze overall vehicle performance.
Europe is expected to hold above 26% share of the digital twin market by 2026 due to extensive adoption of IoT/IIoT and digitization across multiple industry verticals. In addition, due to the growing popularity of digital twin technology, the companies in the region are focusing on collaborative development of digital twin solutions. For instance, in May 2020, Atos SE and Siemens AG partnered to develop digital twin solutions for the pharmaceutical sector. The companies are testing Process Digital Twin solution powered by advanced technologies including AI, IoT, and advanced analytics that provide flexibility and improve efficiency in pharmaceutical manufacturing.
Browse key industry insights spread across 221 pages with 156 market data tables and 35 figures & charts from the report, “Digital Twin Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The leading companies operating in the market are focusing on product innovations and portfolio expansion. This is expected to dive the demand from enterprises for advanced digital twin solutions to increase the process efficiencies. For instance, in May 2020, Microsoft Corporation launched the latest version of its Azure Digital Twin with additional features and capabilities. The new features included live execution environment, OPEN Modeling Language along with new query APIs that offer easy integration with Azure Services & IoT Hub. This helped the company to expand the digital twin technology-based product offering.
Some major findings of the digital twin market report include:
- The growing popularity of simulation technologies and extensive digitization followed by IoT/IIoT devices are supporting the technology development in the market.
- North America is expected to hold a major share of the digital twin market due to industry-wide digitization and rapid adoption of industry 4.0.
- Companies operating in the market are focusing on the collaborative development of digital twin solutions for diverse industry verticals.
- The increasing focus on strategic partnerships to design and develop digital twins are also supporting the adoption of digital twin technology solutions.
Major players operating in the digital twin market are General Electric, Dassault Systems, IBM Corporation, Microsoft Corporation, SAP SE and Siemens AG, etc.
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/digital-twin-market
Partial chapters of report table of contents (TOC):
Chapter 3 Digital Twin Industry Insights
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak on digital twin industry
3.3.1 Impact by region
188.8.131.52 North America
184.108.40.206 Asia Pacific
3.3.2 Impact on industry value chain
3.3.3 Impact on competitive landscape
3.4 Industry ecosystem analysis
3.5 Digital twin evolution
3.6 Digital twin maturity model
3.7 Digital twin conceptual architecture
3.8 Digital twin hierarchy analysis
3.9 Technology & innovation landscape
3.9.1 Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR)
3.9.2 Artificial Intelligence (AI) and Machine Learning (ML)
3.9.3 Internet of Things (IoT) and Industrial Internet of Things (IIoT)
3.9.4 Blockchain Technology
3.10 Use cases
3.10.1 Quality management
3.10.2 Logistics planning
3.10.4 Usage-based Insurance (UBI)
3.10.5 Smart cities
3.10.6 Partial optimization of individual components in industrial plants
3.11 Regulatory landscape
3.11.1 ISO/IEC 270001
3.11.2 Federal Information Security Management Act (FISMA)
3.11.3 Health Insurance Portability and Accountability Act (HIPAA)
3.11.4 The General Data Protection Regulation (GDPR) (EU)
3.11.5 The National Institute of Standards and Technology (NIST), U.S.
3.12 Industry impact forces
3.12.1 Growth drivers
220.127.116.11 Growing adoption of IoT, big data analytics, and cloud platform
18.104.22.168 Predominant use of Industrial IoT for design and manufacturing
22.214.171.124 Growing adoption of digital twin in Supply Chain Management (SCM)
126.96.36.199 Potential reduction of time to market, cost efficient operation and elimination of unplanned downtimes
188.8.131.52 Rapid adoption of industry 4.0 coupled with increasing demand for connected devices
184.108.40.206 Innovations in the field of Virtual Reality (VR) and Augmented Reality (AR)
3.12.2 Industry pitfalls and challenges
220.127.116.11 Cybersecurity and other related risks due to the use of cloud platforms and IoT
18.104.22.168 Limited presence of skilled workforce & technical knowledge
22.214.171.124 Lack of awareness related to cost benefits of the adoption of digital twin
3.13 Growth potential analysis
3.14 Porter’s analysis
3.14.1 Bargaining power of suppliers
3.14.2 Bargaining power of buyers
3.14.3 Threat of new entrants
3.14.4 Threat of substitutes
3.15 PESTLE analysis
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