The year 2007 was a revolutionary one as it saw the release of iPhone 2G, the first ever phone manufactured by Apple. It featured rudimentary smartphone technologies such as quad-band GSM and GPRS. Ten years hence, the world witnessed the launch of iPhone X which featured advanced technological inventions such as an OLED screen, wireless charging, unlocking the phone through face scan, and many others. This technological leap occurred due to a perpetually rising demand from consumers, and has been made possible through an ingenious technology called the digital twins model. Through its market, technological companies have been able to test their products without having to worry about product damage, wastage, and failure at the commercial stage by building a virtual counterpart. The digital twins market is a promising one with the rise in technological inventions around the world. During the forecast period of 2019-2025, the market is deemed to have an outstanding growth a compound annual CAGR of 38.23%. In the year 2018, the global digital market size stood at $2.35 billion.
Essentially, a digital twin is a virtual model of any product, process or even service. The importance of digital twins lies in the possibility of errors. Before releasing any products into the markets, companies are relying on this model to virtually test all the things that could go wrong once a product or services reaches the hands of a consumer. Utilizing this model has become a norm in businesses as a product’s lifecycle is tested at several stages through this model. North America which houses the Silicon Valley and has always incited innovation in computer science and technology is the leader of the digital twins market. In the year 2018, it held a burgeoning regional market share of 39.38%. North American region is now utilizing several technological trends such as Internet of Things, artificial intelligence, and machine learning in the digital twins model. This model is useful in many industrial processes such as remote monitoring, virtual geographic information systems, crop and soil health monitoring, and livestock, farm management. Healthcare is an important application segment as prosthetics require a lot of testing before being released into the market. This segment is expected to grow with a superlative CAGR of 36.96% during the forecast period of 2019-2025.
Eminent companies often invest exorbitant amounts of money on a product and need to simulate possible errors and discrepancies that could occur before it goes out into a market. This is achieved by the digital twins market as it offers a near perfect solution for this. First use of this concept was implemented at NASA headquarters for simulating the functionalities and appearance of many spacecraft in external orbits. This helped NASA in solving anticipatory issues in satellites and spacecraft and evade large-scale disasters.
A consistently growing number of people are gravitating towards owing a high number of technological devices as they have become almost necessary in everyone’s lives. Increase in gadget sales incites proper and regular testing which can be achieved seamlessly through the digital twins model. Before releasing a product into the market, companies are relying on the digital twins market to boost sales by reducing the number of possible discrepancies.
A prominent challenge faced by the digital twins market is engineering limitations. A digital asset of this stature requires a complete revamp of engineering management. This can be combated with manufacturing systems that incorporate Industry 4.0 technology, thereby capable of implementation of the digital twins model.
Key players operating in the digital twins market are General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., ANSYS, Inc., Dassault Systems, Siemens AG, Bosch Software Innovation Gmbh and SAP SE.
Light field technology enables a user to take images from every position within a confined space. This technology is now being used to create digital twins of human beings. With this, it is possible to capture every aspect of a person’s appearance including clothing textures, color, skin reflection, etc. This advancement is seen to foresee changing the way digital communication works and inspiring innovation in that field.
Since ports are prone to disasters, they are being equipped with smart features to evade harmful scenarios. Smart ports are now using the digital twin technology to make better decisions as it incorporates Internet of Things technology and helps in improving port’s functionality. Through the digital twins model, several new technological equipment such as digital cranes, and connected vessels will be used for tracking of assets and improve customer satisfaction.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the digital twins market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the digital twins market, and their specific applications in different areas.
The digital twins market can be segmented on the basis of type, application, and end-user industries. Based on type, the market can be fragmented into software and services. On the basis of application, the market can be divided into product design and development, inventory management, and others. And by end-user industry, the market can be bifurcated into aerospace and defense, automotive, manufacturing, and others.
The digital twins market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia