Market Research Report
Digital Twins Market: By Type ; By End User & Geography - Forecast 2019-2024
|Published by||IndustryARC||Product code||634433|
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|Digital Twins Market: By Type ; By End User & Geography - Forecast 2019-2024|
|Published: December 11, 2018||Content info:||
The global digital twin market by revenue was estimated at $1.21 billion in 2016 and is forecast to hit the $12.03 billion mark by 2023, growing at a CAGR of 39.8% during the forecast period 2018 - 2023. North-America dominates the global digital twin market, and is further estimated to witness the highest CAGR of 58% during the forecast period owing to the increased adoption of digital twin in various industries such as manufacturing, healthcare, and retail.
What is Digital Twin?
Digital Twin refers to the digital or virtual representation of a physical object. This digital representation is present throughout the product development life cycle - from the design phase to the deployment phase. The virtual counterparts are created as digitalized twins/replicas of equipment or physical sites using sensors. A digitalized equipment can be created even before the actual product is built. The digitalized equipment which is created using various data in combination with technology such as AI, Machine learning, and IoT acts as a live model of the physical equipment.
What are the major applications of Digital Twin?
The various sectors in which digital twin finds a wide range of applications include manufacturing, automotive, retail, healthcare, smart cities, industrial IoT, and energy & utilities. In retail, it plays a key role in augmenting the customer experience by creating virtual twins for customers and modeling fashions on them. In healthcare, digital twin helps in patient monitoring and provides better personalized healthcare.
Market Research and Market Trends of Digital Twin
Augmented reality and virtual reality will become more closely connected to digital twin, especially within the realm of immersive analytics and monitoring. This will enable the creation of interactive and immersive views and enable technicians and SMEs to be "with" the digital twin in lieu of interacting directly with the physical asset.
Oil & gas companies are implementing digital twin technology, in which a LiDAR camera replicates the plant in a 3D virtual sense to keep track of the condition of the equipment so that engineers understand the present real-world conditions rather than process information diagrams which are not accurate.
Process logistics is being incorporated into the digital production twin to aid teams in designing an effective sideline logistics solution to feed the production lines.
Bandaged-sized sensors are being developed by GE engineers to monitor the patient body. The information would be gathered and then be analyzed by a software, which in turn would alert doctors about the patient's condition. With artificial intelligence integration, the software could even make diagnostic recommendations.
Who are the Major Players in the Digital Twin market?
The major companies referred to in the market research report include General Electric, Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Parametric Technology Corporation (PTC), Siemens, and Ansys. Inc.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
Analyze the sales and distribution channels across key geographies to improve top-line revenues.
Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
Get a quick outlook on the market entropy - M's, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
More than 10 Companies are profiled in this Research Report*
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