Digital Twin can be defined as the convergence of the virtual world with the physical world that is, creating a near real-time digital image of a physical object or process using sensors. It is a combination of multiple technologies such as machine-to-machine connection (M2M), machine learning, artificial intelligence (AI), sensor telemetry, and predictive analytics which helps in optimizing systems and processes, examining products, and monitoring the performance and condition of machines.
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Global Digital Twin Market: Competitive Landscape
Some of the key players in the Digital Twins Market include Tibco Software Inc., Sight Machine Inc., Siemens Ag, Virtalis Limited, Robert Bosch Gmbh ,Ibm Corporation, Prodea System Inc., Toshiba Corporation, Microsoft Corporation, Oracle Corporation, General Electric, Aucotec Ag, PTC Inc., Dassault Systemes, Amazon Web Services, Computer Science Corporation, Dnv Gl As, Autodesk Inc., Cosmo Company Sas, Ansys Inc., Feinguss Blank Gmb, Cadfem Gmbh, Allerin Tech Pvt Ltd and Altair Engineering Inc.
Electronics & Electrical/Machine Manufacturing Industry Expected To Hold the Largest Share
The global digital twin technology market in terms of End-Users is classified as Aerospace & Defense, Automotive, Manufacturing, Transportation, Energy and Utilities, Others. The increasing technological development in the electronic industry coupled with the rising adoption of the technology is anticipated to increase the market growth of the global digital twin technology market over the coming years. It is also poised to change the current face of the manufacturing sector as it makes manufacturing more efficient and optimized while reducing the throughput times.
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Asia Pacific- Fastest Growing Region over the Forecast Period
Based on the region, the global digital twin market is segregated into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. APAC is the fastest growing region due to the high rate of adoption of digital twins capable of connecting data collected from sensors with IoT cloud. Moreover, increasing industrialization is leading to the expansion of the various industry verticals in this region. Therefore, increasing cyber threat demands IoT security solutions which is expected to accelerate growth of regional IoT market, thus creating a positive impact on the global digital twin market