Digital Twin Market Growth Rate Analysis 2020 to 2026

Global Digital Twin Market is poised to gain massive momentum over the projected timeframe of 2020 to 2026. This can be credited to rising adoption for digital twin technologies across various industries for optimizing processes, implementing economical operations and minimizing the time to market. According to Global Market Insights, Inc. report, digital twin market size is projected to surpass USD 35 billion by 2026.

Growing demand for digital twin for asset management across several enterprises owing to its ability to provide efficient management, control and simulation for optimization of asset lifecycles is likely to drive the industry growth significantly. The technology allows analysis and comparison of historical performance data with current scenario. Additionally, digital twin utilizes machine learning algorithms which helps in forecasting performance requirements.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2196

Citing an instance, in 2019, Rosendahl Nextrom GmbH, one of the prominent leaders in battery, optical fiber and cable & wire production technologies announced that implementation of digital twin from Siemens for the simulation of systems and processes in a virtual environment enabled them to reduce the time-to-market from 24 months to 12 months. Also, cycle times for an enveloping machine were increased from 140 to 160 plates/minute. The company has further claimed that the system digitization helped them achieve a substantial machine efficiency of 95% coupled with an overall improvement in production output, quality and performance.

The overall digital twin market is fragmented into various segments based on application, end-use and regional landscape.

Based on application bifurcation, machines & equipment health monitoring segment is expected to register a significant growth rate of more than 34% over the analysis timeline, considering the elevating demand for real time equipment analysis and monitoring using IoT. As a result of this, several prominent enterprises are focused on deploying digital twin technology for collecting and analyzing significant equipment data. Moreover, usage of digital twin technology enables companies to obtain optimum business outputs through enhanced asset performance and reduced asset downtime which will substantially drive the industry growth.

Request for customization @ https://www.gminsights.com/roc/2196

In terms of end-use, automotive segment is projected to observe an exponential growth over the forthcoming years attributing to rising adoption of digital twin technology for providing enhanced design, optimized performance and improved efficiency in the automobiles. Besides, growing preference for ADAD systems and autonomous vehicles has also encouraged the automotive enterprises to incorporate digital twin technologies for creating virtualized model of vehicles and analyzing their operational efficiency.

Speaking of regional landscape, digital twin market in Europe is estimated to acquire a market share of 26% by 2026 considering the growing adoption of IoT/IIoT and digitization across several industry verticals. Moreover, with the rising popularity of digital twin technology in the region, companies are focusing on collaborative approach for the development of solutions based on digital twin technology.

For instance, in May 2020, Atos SE announced its partnership with Siemens AG for developing digital twin solutions for improving production process in pharmaceutical industry. Further, the company has stated that their “Process Digital Twin” technology based on AI, IoT and Advanced analytics is an appropriate solution for improving flexibility and efficiency of the manufacturing process for pharmaceutical products.

Leading industry players operating in digital twin market such as IBM Corporation, General Electric, Microsoft Corporation, Dassault Systems, Siemens AG, SAP SE, etc. are inclined on developing innovative products for strengthening their product portfolio and their presence in the market. For instance, in 2020, Microsoft Corporation announced the launch of its latest version of  Azure Digital Twin with enhanced capabilities and features such as OPEN Modeling Language, live execution environment and new query APIs providing ease of integration with IoT Hub and Azure Services. Apparently, this product launch would help the organization expand its product offerings developed using digital twin technology.

Browse key industry insights spread across 221 pages with 256 market data tables and 35 figures & charts from the report, Digital Twin Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/digital-twin-market

Report Content

Chapter 3      Digital Twin Industry Insights

3.1    Introduction

3.2    Industry segmentation

3.3    Impact of COVID-19 outbreak on digital twin industry

3.3.1       Impact by region

3.3.1.1      North America

3.3.1.2      Europe

3.3.1.3      Asia Pacific

3.3.1.4      LAMEA

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

3.10.3    Healthcare

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

3.12.1.1      Growing adoption of IoT, big data analytics, and cloud platform

3.12.1.2      Predominant use of Industrial IoT for design and manufacturing

3.12.1.3      Growing adoption of digital twin in Supply Chain Management (SCM)

3.12.1.4      Potential reduction of time to market, cost efficient operation and elimination of unplanned downtimes

3.12.1.5      Rapid adoption of industry 4.0 coupled with increasing demand of connected devices

3.12.1.6      Innovations in the field of Virtual Reality (VR) and Augmented Reality (AR)

3.12.2    Industry pitfalls and challenges

3.12.2.1      Cybersecurity and other related risks due to the use of cloud platforms and IoT

3.12.2.2      Limited presence of skilled workforce & technical knowledge

3.12.2.3      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

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

Comments

Post a Comment

Popular posts from this blog

Guidewires Market Growth Rate Analysis 2020 to 2026

Burgeoning demand for minimally invasive procedures is expected to fuel global Guidewires Market growth over the forecast period. Technological innovations in the healthcare sector have led to the development of hybrid guidewires that can efficiently deliver access solutions for complex anatomies, multiple pathologies, and multiple treatment modalities. The surging geriatric population suffering from lifestyle disorders has further accelerated the demand for guidewires. As per the WHO (World Health Organization), the population aged 60 years and above is anticipated to grow from 12% in 2015 to 22% by 2050. As this class of population is prone to various cardiovascular diseases, guidewires are expected to record significant demand in surgical interventions in the forthcoming time. Meanwhile, industry participants are focusing on new product innovation and development to tap major market share and expand their product portfolio. Request for a sample of this research report @ https:
Read more

Global Mobile Learning Market Overview – Key Futuristic Trends and Opportunities 2026

Global Mobile Learning Market is projected to witness a remarkable growth over the forecast period of 2020 to 2026 considering the shifting inclination towards   incorporation of technology supported training methods across educational as well as corporate sectors. With the advent of digitization, demand for mobile learning platforms has significantly increased across educational sector for providing high-quality education even in remote areas. Besides, the present situation of COVID-19 outbreak, has urged the educational institutes and corporate organizations to adopt electronic learning technologies to provide remote training to students and employees respectively. Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4810   The industry players are also focused on offering enhanced mobile learning platforms and are using cloud technologies to strengthen their product portfolio while also   improving the overall customer experience
Read more

Rare Disease Treatment Market Rising Trends, Territorial Outlook and Industry Growth Prospects 2020-2026

  The Rare Disease Treatment Market is poised to accumulate noteworthy gains in coming years owing to the growing prevalence of rare diseases across the world. As per National Institutes of Health, nearly 30 million people in America suffer from one of the 7,000 rare diseases with only 5% of the rare disorders having substantial treatment options. The surging focus on research activities and development of novel therapeutic drugs has further elevated the rare disease treatment market value. Favorable government policies and measures for the treatment of rare disorders will also contribute towards market growth in the years to come. These initiatives are driving new drug launches across developed regions, which is expected to positively impact the rare disease treatment market growth. In fact, major diagnostic companies have been actively engaged in expanding their product portfolio recently. Citing an instance, in November 2020, Amylyx Pharmaceuticals, a leading pharmaceuticals comp
Read more