The growth of
the digital
twin market is driven by various factors such as rising demand for IoT in various industries; reduction in the
manufacturing process time and cost; and 3D printing and 3D simulation software
to create digital twin for manufacturing and supply chain management.
The digital twin
market was valued at USD 2.28 billion in 2017 and is expected to reach USD
15.66 billion by 2023, at a CAGR of 37.87% during the forecast period.
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APAC is expected
to be a major contributor to the growth of the overall digital twin market, and
the market in APAC is expected to grow at the highest CAGR during the forecast
period due to large opportunities for the use of digital twins in a wide range
of applications such as product design and development, machine and equipment
health monitoring, predictive maintenance, and dynamic optimization of process
or system.
Some of the
major companies operating in the global digital twin market are General Electric (US), IBM Corporation (US),
Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US), ANSYS,
Inc. (US), Dassault Systèmes (France), and Siemens AG (Germany).
Top 2 players in the digital
twin market
General Electric (US)
General Electric held the leading position
in the global digital twin market in 2016. The business model of GE focuses on enhancing the capabilities of the Industrial Internet of Things
(IIoT) for various industries. The company has started developing industrial
software solutions based on Big Data under its Intelligent Platforms division.
It is one of the founding members of the Industrial Internet Consortium, which
is a nonprofit consortium created for the
development of the common framework for the IIoT.
In November 2016, the company launched the Predix system software architecture
and services designed to make any machine an intelligent asset and to bring
visibility, control, and analytical insights to industrial infrastructure and
operations. The architecture is compatible with a variety of operating systems
(OS), devices, and form factors. This new software would also focus on
expanding the Predix platform and initiate the development of digital twins.
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IBM Corporation (US)
IBM
Corporation was ranked second in the digital twin market in 2016. International Business Machines (IBM) Corporation ranked second
in the digital twin market in 2016. IBM Corporation is an information
technology (IT) company that provides integrated solutions that leverage IT and
knowledge of its business processes. The research activities at IBM focus on
the innovations in artificial intelligence (AI), analytics, security, cloud
computing, quantum computing, data-centric systems, and so on. These
technologies have been adopted across various industries such as healthcare,
education, and financial services. IBM Watson IoT Platform connects IoT devices
and streaming vast quantities of data to the cloud. This data helps create the
digital twin representations and derive the intelligent insights or relate the
data to the higher level context of a manageable asset or system. In February
2017, the company collaborated with Aras Corporation (US) and OSIsoft, LLC (US)
to develop digital twin with new capabilities. These developments are used to
create multiple views of products by pooling various digital threads and data
streams to fulfill the needs of particular users.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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