Digital Twin Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023

  • Product Code:
    RP-ID-10077994
  • Published Date:
    Mar 2019
  • Region:
    Global
  • Pages:
    88
  • Category:
    ICT & Telecom
  • Publisher:
    Infoholic Research
Digital twin Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts upto 2023
Overview:
Globalization has made companies to focus more on digitalization both in the business and consumer market places. Over the past few years, IoT has been reaching milestones in the world of technology and it has paved the path for the evolution of various new technologies for enterprises. Digital twin is one such technology which is changing the industry dynamics. Digital twin refers to simulation modules of a physical object.
This technology is capable of supporting conceptualization, comparison, and collaboration for high-end innovations and problem-solving. Further, the technology provides real-time status and working conditions of the physical objects by accessing data from the sensors installed in the objects. Industry players benefit from this technology in terms of efficiency, higher productivity, lean manufacturing, and cost-effectiveness.
Digital twin works on a simulation platform connected to a predictive analytics platform and it integrates several manufacturing assets, underlying parts, and system processes in real-time with the help of sensors and communicates to the operator in a simulation module. The system senses data from a wide range of devices/machines and analyzes the work. Digital twin is currently used for reducing operational loss, designing and repairing of airplanes and turbines, controlling supply chain loss in a manufacturing plant, and others.
Market Revenue and Segmentation Analysis:
The digital twin market is expected to grow at a CAGR of 24.7% during the forecast period 2017-2023. The market is analyzed based on digital twin types, verticals, deployment type, applications, and regions. The digital twin types considered are product twin, part twin, process twin, and system twin, wherein the process and systems twins are at a high demand in the end-user industries owing to its wide functionalities. The deployment type segment includes, cloud-based, on-premises, and hybrid. Currently, cloud deployment is expected to contribute a major share followed by the on-premises and hybrid during the forecast period 2017-2023.
The applications covered are business optimization, operation optimization, asset performance management, edge computing, cyber security, and others. The business and process optimizations are set to bring the innovations in the digital twin technology as they control supply chain loss and offer better lean manufacturing capabilities and data driven solutions to improve the productivity.
Regions and Vertical Analysis:
The regions covered in report are Americas, Europe, Asia Pacific, and ROW. Among these, Americas is expected to grow at a higher CAGR during the forecast period 2017-2023. The US, Canada, the UK, Germany, and Japan are expected to adopt more digital twin technologies, and Brazil, Switzerland, and Poland are the emerging countries for the digital twin technology adoption owing to the policy changes for the development of their manufacturing capabilities and the rising trend for spending on industrial digital technologies.
Digital twin is used across industries, such as manufacturing, power, oil & gas, BFSI, healthcare, aviation, smart cities, and others. The manufacturing industry could receive a wide range of benefits from digital twin, from product designing to monitoring the plant operations, load forecasting, fleet dispatch, monitoring production losses, and expected delays in the production and others. In aviation and power industries, digital twin is used to monitor the working of machines such as propellers, turbines, and others. Predictive diagnostics, asset condition monitoring, and finding new revenue streams are the popular functions of digital twin in the end-user industries.
Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape. Digital twin technology is expected to change the way industries work by 2030 with its wide range of capabilities. The report covers an in-depth analysis of Infosys, General Electric, Siemens, AT & T, IBM, and others.
The study offers a comprehensive analysis of the “Global Digital Twin Market”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.

Table of Contents
1 Industry Outlook 9
1.1 Industry Overview 9
1.2 Industry Trends 10
1.3 PEST Analysis 11
2 Report Outline 12
2.1 Report Scope 12
2.2 Report Summary 13
2.3 Research Methodology 14
2.4 Report Assumptions 15
3 Market Snapshot 16
3.1 Total Addressable Market 16
3.2 Segmented Addressable Market 17
4 Market Outlook 18
4.1 Overview 18
4.2 Porter 5 (Five) Forces 19
5 Market Characteristics 20
5.1 Evolution 20
5.2 Ecosystem 21
5.3 Market Segmentation 22
5.4 Market Dynamics 23
5.4.1 5.4.1 Drivers 24
5.4.1.1 Digitalization- a strategy to enhance productivity 24
5.4.1.2 Early warning, prediction, and optimization 24
5.4.1.3 Virtual marketing promotions 24
5.4.2 5.4.2 Restraints 24
5.4.2.1 Delay in implementing 3D design technologies 24
5.4.2.2 Interoperability and security 24
5.4.3 5.4.3 Opportunities 24
5.4.3.1 Cognitive digital twin 24
5.4.3.2 Expanding the boundaries of product design technologies 25
5.5 DRO – Impact Analysis 26
5.5.1 5.6 Market Trends 27
6 Deployment Type: Market Size and Analysis 28
6.1 Overview 28
6.2 Cloud 28
6.3 On-premises 29
6.4 Hybrid 30
7 Digital twin type: Market Size and Analysis 31
7.1 Overview 31
7.2 Part twin 31
7.3 Product twin 32
7.4 Process twin 32
7.5 System twin 33
8 Applications: Market Size and Analysis 34
8.1 Overview 34
8.2 Business optimization 35
8.3 Operations Optimization 35
8.4 Asset Performance Management 36
8.5 Edge Computing 37
8.6 Cyber Security 38
8.7 Others 38
9 Industries: Market Size and Analysis 40
9.1 Overview 40
9.2 Manufacturing 41
9.3 Power 42
9.4 Oil & Gas 43
9.5 Aviation 43
9.6 Smart cities 44
9.7 BFSI 45
9.8 Healthcare 45
9.9 Others 46
10 Regions: Market Size and Analysis 48
10.1 Overview 48
10.2 Americas 48
10.2.1 Overview 48
10.2.2 The US 50
10.2.3 Canada 50
10.2.4 Brazil 51
10.2.5 Mexico 51
10.2.6 Others 51
10.3 Europe 52
10.3.1 Overview 52
10.3.2 The UK 53
10.3.3 Germany 54
10.3.4 Russia 54
10.3.5 Switzerland 54
10.3.6 Poland 54
10.3.7 Czech Republic 55
10.3.8 Sweden 55
10.3.9 Others 55
10.4 Asia Pacific 56
10.4.1 Overview 56
10.4.2 China 57
10.4.3 Japan 57
10.4.4 South Korea 58
10.4.5 Australia 58
10.4.6 Singapore 58
10.4.7 India 59
10.4.8 Others 59
10.5 Rest of the World 60
10.5.1 Overview 60
10.5.2 South Africa 61
10.5.3 Iran 61
10.5.4 Qatar 62
10.5.5 Others 62
11 Vendors Profile 63
11.1 IBM Corp. 63
11.1.1 Overview 63
11.1.2 Business Unit 64
11.1.3 Geographic Revenue 65
11.1.4 Business Focus 66
11.1.5 SWOT Analysis 66
11.1.6 Business Strategy 67
11.2 Siemens Ltd. 68
11.2.1 Overview 68
11.2.2 Business Units 69
11.2.3 Geographic Revenue 70
11.2.4 Business Focus 70
11.2.5 SWOT Analysis 71
11.2.6 Business Strategies 71
11.3 AT & T Inc. 73
11.3.1 Overview 73
11.3.2 Business units 73
11.3.3 Geographic revenue 75
11.3.4 Business focus 75
11.3.5 SWOT analysis 75
11.3.6 Business strategies 76
11.4 Infosys Limited 77
11.4.1 Overview 77
11.4.2 Business Units 77
11.4.3 Geographic Revenue 78
11.4.4 Business Focus 79
11.4.5 SWOT Analysis 79
11.4.6 Business Strategy 80
11.5 General Electric 81
11.5.1 Overview 81
11.5.2 Business Units 81
11.5.3 Geographic Revenue 81
11.5.4 Business Focus 81
11.5.5 SWOT Analysis 81
11.5.6 Business Strategy 82
12 Companies to Watch for 83
12.1 Concirrus 83
12.1.1 Overview: 83
12.1.2 Product Offering 83
12.2 DIGITAL TWIN 83
12.2.1 Overview 83
12.2.2 Product Offering 83
12.3 TwinThread, LLC 84
12.3.1 Overview 84
12.3.2 Product Offering 84
12.4 SimScale GmbH 84
12.4.1 Overview 84
12.4.2 Product Offering 85
13 Competitive Landscape 86
13.1 Competitor Comparison Analysis 86
Annexure 87
Abbreviations 87

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Infosys, General Electric, Siemens, AT & T, IBM, and others
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