Selbyville, Delaware, July 14, 2021 (GLOBE NEWSWIRE) —
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 $ 50 billion by 2027. Increasing demand for connected devices across multiple industry verticals along with the rapid adoption of industry 4.0 is boosting the industry growth.
The digital twin solution is anticipated to showcase a sustainable growth through 2027 on account of rising demand for big data analytics, IoT, and cloud platform from multiple industries. Big data analytics helps industries to manage and monitor data, generated from IoT sensors, historical data, or the data produced by AI in real-time. This technology helps to improve product lifecycles, process optimization, and streamline maintenance services. The growing digitization trend across organizations with their shift toward cloud-based services will fuel the market revenue.
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The machine & equipment health monitoring segment is poised to capture over 30% of the digital twin market share by 2027. The increasing need to reduce asset downtime, improve product performance, and quicken fault diagnosis is the major driving factor. The rapid digitalization of manufacturing, automotive, and healthcare industries due to the growing adoption of Industry 4.0 is supporting the increasing use of digital twin technology in machine & equipment health monitoring.
The automotive application is anticipated to grow at around 30% CAGR from 2021 to 2027. Digital twin creates a replica of an automotive components, equipment and assists automotive OEMs to monitor, simulate, and optimize performance of their vehicles. The increasing number of autonomous vehicles and generated huge chunks of data are anticipated to creative lucrative market opportunities.
Europe digital twin market size is projected to generate a revenue of above USD 10 billion by 2027 propelled by the extensive penetration of IoT devices in the European region and the presence of leading technology players such as PTC Inc, Wipro, and Schneider Electric, and their hefty investment in R&D. The increasing private & public investments have promoted the uptake of AI-based digital twin technologies across healthcare sectors and are set to drive market demand.
The companies operating in the market are focused on partnering with public organizations to accelerate development. For instance, in July 2020, PTC Inc signed a partnership agreement with Tata Technologies to provide digital transformation solutions to the manufacturing industry. The digital transformation solution includes Digital Twin and AR/VR solutions for smart manufacturing. This partnership helped the company to offer sustainable solutions and strengthen its market position.
Some major findings of the digital twin market report include:
- The rising digitalization in automotive, manufacturing, and healthcare sectors is boosting the demand for digital twin solutions.
- Europe is anticipated to hold a significant market share for digital twin due to increasing digitalization across multiple industry verticals and the presence of leading companies.
- The companies operating in the market are focusing on integrating emerging technologies to expand their offerings and serve a diverse customer base.
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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
3.3.1 Impact by region
126.96.36.199 North America
188.8.131.52 Asia Pacific
3.3.2 Impact on industry value chain
3.3.3 Impact on competitive landscape
3.4 Digital twin industry ecosystem analysis
3.4.1 Digital twin platform providers
3.4.2 Automation companies
3.4.4 Vendor matrix
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 Investment portfolio
3.12 Regulatory landscape
3.12.1 ISO/IEC 270001
3.12.2 Federal Information Security Management Act (FISMA)
3.12.3 Health Insurance Portability and Accountability Act (HIPAA)
3.12.4 The General Data Protection Regulation (GDPR) (EU)
3.12.5 The National Institute of Standards and Technology (NIST), U.S.
3.13 Industry impact forces
3.13.1 Growth drivers
184.108.40.206 Growing adoption of IoT, big data analytics, and cloud platform
220.127.116.11 Predominant use of Industrial IoT for design and manufacturing
18.104.22.168 Growing adoption of digital twin in Supply Chain Management (SCM)
22.214.171.124 Potential reduction of time to market, cost efficient operation and elimination of unplanned downtimes
126.96.36.199 Rapid adoption of industry 4.0 coupled with increasing demand of connected devices
188.8.131.52 Innovations in the field of Virtual Reality (VR) and Augmented Reality (AR)
3.13.2 Industry pitfalls & challenges
184.108.40.206 Cybersecurity and other related risks due to the use of cloud platforms and IoT
220.127.116.11 Limited presence of skilled workforce & technical knowledge
18.104.22.168 Lack of awareness related to cost benefits of the adoption of digital twin
3.14 Growth potential analysis
3.15 Porter’s analysis
3.15.1 Bargaining power of suppliers
3.15.2 Bargaining power of buyers
3.15.3 Threat of new entratnt
3.15.4 Threat of substitute
3.16 PESTEL 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.