Global Digital Twin Market Outlook, 2030 - Widespread Adoption of IoT and Growing Focus on Intelligent Maintenance are Key Drivers
DUBLIN, July 22, 2020 /PRNewswire/ -- The "Digital Twin Market Research Report: By Type, Technology, Enterprise, Application, Industry - Global Industry Size, Share, Trends, Growth Analysis and Forecast Report to 2030" report has been added to ResearchAndMarkets.com's offering.
By 2025, the number of internet of things (IoT) devices in operation will surge beyond 41 billion. The technology is rapidly finding its way into the industrial sector, with the new concept being termed industrial internet of things (IIoT). To analyze the huge volumes of unstructured data generated by these connected devices and share it among the different manufacturers of these devices, digital clone technology is being adopted.
Additionally, this technology helps in the enhancement of the entire production ecosystem, by monitoring the performance of every device. Hence, with the increasing adoption of IIoT, the global digital twin market share is expected to witness a 31.9% CAGR between 2020 and 2030 (forecast period). At this rate, the revenue generated in the industry would rise from $3,645.1 million in 2019 to $73,245.4 million by 2030.
Predictive Maintenance to Be the Fastest Growing Application
During the forecast period, predictive maintenance is expected to witness the highest CAGR, of 33.7%, in the digital twin market, as organizations are utilizing this technology to automate operations, gather real-time information, schedule maintenance, and forecast downtime. Further, cloning a product digitally helps users in making their operations more efficient.
The product category dominated the digital twin market in 2019, owing to the rapid integrating of digital clones to track the performance of every individual component of a product, in order to bring down the mean time to repair (MTTR) and mean time between failure (MTBF). All this ultimately decreases the operating costs and increases the operational efficiency.
The IoT division will generate the highest revenue in the market till 2030, as the number of IoT devices is rising, and companies are rapidly shifting toward using sensors in product development.
In 2019, large enterprises were the largest digital twin market category. This is ascribed to the quick penetration of Industry 4.0 in large enterprises, as these updated standards lead to better flexibility and agility, improved productivity, and increased profitability. With digital transformation, large companies are using digital twins for predicting faults at an early stage, developing better products, and scheduling timely maintenance.
The automotive division is expected to experience the fastest growth in the digital twin market during the forecast period. The automotive industry quickly is embracing Industry 4.0 standards, which is why it is increasingly using data in the manufacturing process. By using digital twins, challenges in vehicle manufacturing, design, services, and sales can be effectively addressed, which is why automakers are swiftly incorporating this technology into their operations.
Asia-Pacific (APAC) would grow at the highest pace in the digital twin market till 2030. This is attributed to the surging investments in the IT sector, economic prosperity, increasing number of government initiatives promoting the deployment of artificial intelligence (AI) and IoT, and technological advancements.
In the last few years, the major companies in the digital twin market have engaged in a number of partnerships, to:
- Create more effective solutions by combining their capabilities
- Enhance their portfolio of digital clone software
- Target a wider customer base with better offerings
- Intensify research and development (R&D) in the field
- Explore the growth areas in the market
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
4.1.1.1 Product
4.1.1.2 System
4.1.1.3 Process
4.1.2 By Technology
4.1.2.1 IoT
4.1.2.2 AI & ML
4.1.2.3 Blockchain
4.1.2.4 Big Data Analytics
4.1.2.5 Others
4.1.3 By Enterprise
4.1.3.1 Large Enterprises
4.1.3.2 SMEs
4.1.4 By Application
4.1.4.1 Product Design & Development
4.1.4.2 Performance Monitoring
4.1.4.3 Predictive Maintenance
4.1.4.4 Inventory Management
4.1.4.5 Business Optimization
4.1.4.6 Others
4.1.5 By Industry
4.1.5.1 Manufacturing
4.1.5.2 Automotive
4.1.5.3 Aerospace & Defense
4.1.5.4 Energy & Utilities
4.1.5.5 Oil & Gas
4.1.5.6 Healthcare
4.1.5.7 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Common Platform for Multiple Digital Twins
4.3.2 Drivers
4.3.2.1 Widespread Adoption of IoT
4.3.2.2 Growing Focus on Intelligent Maintenance
4.3.2.3 Impact Analysis of Drivers on Market Forecast
4.3.3 Restraints
4.3.3.1 Concerns Over Data Security
4.3.3.2 Impact Analysis of Restraints on Market Forecast
4.3.4 Opportunities
4.3.4.1 Logistics & Transportation Sector to Leverage the Technology
4.3.4.2 Convergence of Information Technology (IT) and Operational Technology (OT)
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Technology
5.3 By Enterprise
5.4 By Application
5.5 By Industry
5.6 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. MEA Market Size and Forecast
Chapter 10. LATAM Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 List of Players and Their Offerings
11.3 Strategic Developments of Players
11.3.1 Mergers & Acquisitions
11.3.2 Partnerships
11.3.3 Product Launches
Chapter 12. Company Profiles
12.1 IBM Corporation
12.1.1 Business Overview
12.1.2 Product & Service Offerings
12.1.3 Key Financial Summary
12.2 Microsoft Corporation
12.3 PTC Inc.
12.4 SAS Institute Inc.
12.5 Oracle Corporation
12.6 Siemens AG
12.7 Dassault Systemes
12.8 Robert Bosch GmbH
12.9 Ansys Inc.
12.10 Swim.AI Inc.
12.11 TIBCO Software Inc.
12.12 ABB Ltd.
12.13 Bentley Systems Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/csa3o1
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