Digital twin technology is the one of the most lucrative markets in the current century. According to experts, data is the next gold after oil & gas in this era. This technology has an ability to record, control, and monitor dynamic process, product or a service by creating a hypothetical model using simulation softwares and computer-based aids. Thus, bridging the gap between real and virtual system. In recent years, oil & gas, aerospace, automotive, space exploration and power generation startups and heavyweight companies have started utilizing digital twin technology to reduce paperwork and increase optimized solutions.
The demand for digital twin technology is expected to rise globally in the next 4-5 years, owing to various factors such as optimized products, digitization of records, introduction of smart technology and abolishment of obsolete technology. However, less awareness of digital technology in rural areas and rise in number of cyber-attacks restrain the growth of the market. Moreover, increased investment in R&D is expected to open new opportunities in the market.
The digital twin technology market is segmented based on industry vertical, types of software, and geography. Based on industry vertical, market is categorized in aerospace, automotive, manufacturing, oil & gas, power generation, and others. Based on software type, market is segmented in software type Predix, APDV, DTS-SI, and others. Based on geography, the market is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The major players profiled in the report include General Electric, PTC, Siemens AG, SAP SE, Alphabet Inc., Dell, Cisco Systems, Inc., Bosch Software Innovations GmbH, CSC, and AT&T.
- The study provides an in-depth analysis of the global digital twin technology market along with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined to determine the overall attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides impact analysis and information related to key drivers, restraints, opportunities.
- Quantitative analysis of the current market and estimations for the period of 20172023 is provided determine the financial potential of the market.
- Porters Five Forces model of the industry illustrates the potency of the buyers & suppliers participating in the market.
Digital Twin Technology Market Key Segments:
By Industry Vertical
- Oil & Gas
- Power Generation
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- General Electric
- Siemens AG
- SAP SE
- Alphabet Inc.
- Cisco Systems, Inc.
- Bosch Software Innovations GmbH