The Digital Twins Market is expected to grow by increasing adoption of IoT and cloud platforms, predominant usage of industrial IoT for design and manufacturing is favoring the market.
According to the new market research report by IndustryARC titled “Digital Twins Market: By Type (Design and Development, Performance Monitoring, Predictive Maintenance and Others); By End User (Aerospace &Defense, Automotive & Transportation, Smart Home & Commercial, Manufacturing, Energy & Utilities and Others) & Geography – Forecast(2018 – 2023),” the market will be driven by increased adoption in most of the enterprises as it widely helps in optimizing the physical world which in turn significantly improves the operational efficiency and the business process.
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North America Dominates Share in Digital Twins Market:
The digital twin technology market is foreseen maintain its dominance in by North America. The North America region is mainly dominated by the U.S. and Canada and is attributed by spatial data in the region. The factors that attribute to this growth are increasing adoption in IoT technology by several large and medium scale organizations in the coming years.
Selected Type and End-User Analysis Done in the Full Report:
Digital twin market is segmented on the basis of applications and end user. The application segment is further divided into dynamic optimization, predictive maintenance, product design and development, machine & equipment health monitoring. Currently the digital twin concept is growing extensively in designing and repairing of airplanes and turbines. The market of expected to grip effectively in terms of revenue for the forecast period and it’s all because of internet of the things.
Selected Driving Factors Mentioned in the Full Report:
• In the energy industry usage of digital twins in turbine, functions in informing an operator in its absence, when an asset begins to show signs of non-optimal execution, without an engineer having access to the physical turbine. This will help the industry to minimize the risk of unexpected downtime. Hence, improved operation, reduced in outrages and better managed variants will increase the adoption in the future.
• In highly digitized factories, real time enterprise decision management can be made using digital twin products. The machine will collect data over a period of time and will enable digital prototypes to help human operators make better decisions. In such case it will develop intelligence that will feed advancements in the future.
Key Players of the Digital Twins Market:
Some of the established players in the market are General Electric, IBM Corporation, DassaultSystemes, Siemens AG, Robert Bosch GmbH, PTC, Inc., Autodesk Inc., and others. IBM Corporation launched new digital twins and platform for Watson Internet of Things to build specialized integrated solutions to solve business challenges in Asset Management, Facilities Management and Product Development.
A. Industry 4.0 Equipment Market
B. Mixed Reality Market
The Digital Twins Market is Segmented as Indicated Below:
The growing popularity of digital transformation of manufacturing and industrial market in developed countries will drive the demand for digital twins market.
A. Digital Twins Market– By Type
1. Product Design and Development
2. Machine and Equipment Health Monitoring
2.1. Structural Health
2.2. Conditional Monitoring
3. Predictive Maintenance
4. Dynamic Optimization
What can you expect from the report?
The Digital Twins Market Report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Category
2. Market Trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End User Analysis
7. Product Benchmarking
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