Tag: Digital Twin Market

Posted in Business, ICT, News

Business Impacts of COVID-19 on Digital Twin Market | Strategies of Major Industry Competitors

Posted on by Devanshu Shrivastava

P&S Intelligence published a new research report, titled, “Digital Twin Market: Global Industry Analysis and Forecast till 2030, the biggest trend currently being witnessed in the digital twin market is the rising usage of a common platform for device simulation. For instance, companies dealing with multiple jet engines are utilizing a common platform for digital clones, creating a separate twin for each engine. This technique is helping these companies in collecting data from all the systems at one place, in order to improve manufacturing analytics.

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This method allows the study and analysis of similar patterns and trends more efficiently and quickly, which further helps the companies derive important insights that can aid them in their growth. Globally, North America recorded the highest adoption of the digital twin technology during the historical period. This is primarily attributed to the presence of advanced information technology (IT) infrastructure and digital twin software providers, huge technological improvements, and early adoption of industry 4.0 standards in the region.

The Asia-Pacific (APAC) region is expected to witness the fastest growth in the utilization of the technology in the years to come, owing to economic growth, soaring IT investments, and increasing government support aimed at the integration of IoT and IT in the industrial sector in the region. Thus, it can be undoubtedly said that owing to the rising adoption of IoT in numerous industries and burgeoning need for intelligent maintenance methods, the demand for digital twin will observe huge growth in the coming years.

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This market research report provides a comprehensive overview of the digital twin market

  • Historical and the present size of the digital twin market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
Posted in Business, ICT, News

How is Rising Incorporation of Internet of Things (IoT) Propelling Surge of Global Digital Twin Market?

Posted on by Devanshu Shrivastava

One of the major factors propelling the demand for digital twins is the increasing adoption of internet of things (IoT) across the world. Over 41 billion IoT and connected devices are expected in the world by 2025. The tracking and monitoring of these devices become easy with the help of the digital cloning technology, thereby increasing the efficiency of these devices.

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Since the last few years, there has been a massive surge in the amount of unstructured data being generated, and this is impelling businesses to adopt digital cloning in their ecosystem, in order to avoid spending on physical product innovation. The increasing focus on intelligent product and system maintenance techniques throughout the world, on account of the rising complexities in manufacturing processes, is another important factor fuelling the adoption of the digital twin technology.

As a result, the value of the global digital twin market is expected to increase from $3,645.1 million to $73,245.4 million from 2019 to 2030. The market is also predicted to display a CAGR of 31.9% during the forecast period (2020–2030). Digital twin is commonly used in small and medium enterprises (SME) and large enterprises. Of these, the small and medium enterprises are expected to observe faster growth in the adoption of the concept in the near future.

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This is mainly attributed to the burgeoning utilization of advanced technologies by the SMEs in order to provide advanced products to their customers and enhance the efficiency of the various business operations. The digital twin technology is used for increasing the efficiency of products, systems, and processes. Amongst these, products registered the highest incorporation of this technology during the historical period (2014–2019).

The biggest trend currently being witnessed in the digital twin market is the rising usage of a common platform for device simulation. For instance, companies dealing with multiple jet engines are utilizing a common platform for digital clones, creating a separate twin for each engine. This technique is helping these companies in collecting data from all the systems at one place, in order to improve manufacturing analytics. This method allows the study and analysis of similar patterns and trends more efficiently and quickly, which further helps the companies derive important insights that can aid them in their growth.