Digital Twin Market Research Report: By Type (Product, System, Process), Technology (Internet of Things, Artificial Intelligence & Machine Learning, Blockchain, Big Data Analytics), Enterprise (Large Enterprises, Small & Medium Enterprises), Application (Performance Monitoring, Predictive Maintenance, Product Design & Development, Business Optimization, Inventory Management), Industry (Manufacturing, Automotive, Healthcare, Energy & Utilities, Aerospace & Defense, Oil & Gas)

NEW YORK, April 07, 2020 (GLOBE NEWSWIRE) -- By 2025, the number of internet of things (IoT) devices in operation would surge beyond 41 billion. The technology is rapidly finding its way into the industrial sector, with the new concept being termed industrial internet of things (IIoT). To analyze the huge volumes of unstructured data generated by these connected devices and share it among the different manufacturers of these devices, digital clone technology is being adopted.

Additionally, this technology helps in the enhancement of the entire production ecosystem, by monitoring the performance of every device. Hence, with the increasing adoption of IIoT, the global digital twin market share is expected to witness a 31.9% CAGR between 2020 and 2030 (forecast period). At this rate, the revenue generated in the industry would rise from $3,645.1 million in 2019 to $73,245.4 million by 2030.

Predictive Maintenance to be Fastest Growing Application

During the forecast period, predictive maintenance is expected to witness the highest CAGR, of 33.7%, in the digital twin market, as organizations are utilizing this technology to automate operations, gather real-time information, schedule maintenance, and forecast downtime. Further, cloning a product digitally helps users in making their operations more efficient.

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The product category dominated the digital twin market in 2019, owing to the rapid integrating of digital clones to track the performance of every individual component of a product, in order to bring down the mean time to repair (MTTR) and mean time between failure (MTBF). All this ultimately decreases the operating costs and increases the operational efficiency.

The IoT division will generate the highest revenue in the market till 2030, as the number of IoT devices is rising, and companies are rapidly shifting toward using sensors in product development.

In 2019, large enterprises were the largest digital twin market category. This is ascribed to the quick penetration of Industry 4.0 in large enterprises, as these updated standards lead to better flexibility and agility, improved productivity, and increased profitability. With digital transformation, large companies are using digital twins for predicting faults at an early stage, developing better products, and scheduling timely maintenance.

Browse report overview with 98 tables and 67 figures spread through 168 pages and detailed TOC on "Digital Twin Market Research Report: Global Industry Size, Share, Trends, Growth Analysis and Forecast Report to 2030" at: https://www.psmarketresearch.com/market-analysis/digital-twin-market

The automotive division is expected to experience the fastest growth in the digital twin market during the forecast period. The automotive industry quickly is embracing Industry 4.0 standards, which is why it is increasingly using data in the manufacturing process. By using digital twins, challenges in vehicle manufacturing, design, services, and sales can be effectively addressed, which is why automakers are swiftly incorporating this technology into their operations.

Asia-Pacific (APAC) would grow at the highest pace in the digital twin market till 2030. This is attributed to the surging investments in the IT sector, economic prosperity, increasing number of government initiatives promoting the deployment of artificial intelligence (AI) and IoT, and technological advancements.

Market Players Leveraging Opportunities Created by Partnerships

In the last few years, the major companies in the digital twin market have engaged in a number of partnerships, to:

• Create more effective solutions by combining their capabilities
• Enhance their portfolio of digital clone software
• Target a wider customer base with better offerings
• Intensify research and development (R&D) in the field
• Explore the growth areas in the market

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The key global digital twin market players include General Electric Company, Oracle Corporation, Siemens AG, Ansys Inc., PTC Inc., Microsoft Corporation, IBM Corporation, XenonStack Pvt. Ltd., Robert Bosch GmbH, SAP SE, Wipro Limited, Honeywell International Inc., Tata Consultancy Services Limited, Dassault Systemes S.A., Seebo Interactive Limited, The MathWorks Inc., TIBCO Software Inc., DNV GL, Bentley Systems Incorporated, Lanner Group Limited, Emerson Electric Co., Dxc Technology Company, Yokogawa Corporation of America, Faststream Technologies, Cityzenith, Rescale Inc., Bureau Veritas, Navantia SA, Andritz Group, Cal-Tek Srl, Altair Engineering Inc., ScaleOut Software Inc., Akselos SA, Mevea Ltd., Avolution Pty. Ltd., AnyLogic North America LLC, Arup Group Limited, and Software AG Pte. Ltd.

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