The concept of a digital twin, has become economically viable on account of latest, modern technologies such as the Internet of Things (IoT). The Internet of Things (IOT) reduces the cost of deployment. Product design and manufacturing process planning are two areas where digital twin technologies are used. A few current applications, such as wind turbines and aviation engines, have adopted the digital twin concept. In addition, digital twin technology is being used in popular applications such as smart cities, diagnostics, and monitoring.
The "Global Digital Twin Technology Market Analysis to 2028" is a specialized and in-depth study of the electronics and semiconductor industry with a special focus on the global market trend analysis. The report aims to provide an overview of the digital twin technology market with detailed market segmentation sensing application, end-user, and geography. The report provides key statistics on the market status of the leading digital twin technology market players and offers key trends and opportunities in the market.
- Based on application, the global digital twin technology market is segmented into product design and testing, smart connected products, Robotics, Industrial Assets & System Management, Customer Experience and Others.
- On the basis of end-user, the market is segmented into Manufacturing, Healthcare, Supply Chain Management, Aerospace, Automotive, Retail and Others.
- Increasing demand for digital twins in healthcare and pharmaceutical industries.
- Predominant use of Industrial IoT for design and manufacturing
- Growing adoption of digital twin in Supply Chain Management (SCM)
- Potential reduction of time to market, cost efficient operation and elimination of unplanned downtimes
- Data security due to use of IoT and cloud platforms
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The digital twin technology market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the digital twin technology market in these regions.
IMPACT OF COVID-19 ON DIGITAL TWIN TECHNOLOGY MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
The report covers key developments in the digital twin technology market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from digital twin technology market are anticipated to lucrative growth opportunities in the future with the rising demand for digital twin technology in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the digital twin technology market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ANSYS, Inc.
- Bosch Software Innovations GmbH
- Dassault Systèmes SE (Dassault Group)
- General Electric
- International Business Machines Corporation
- Microsoft Corporation
- Parametric Technology Corporation
- Siemens AG
- Tibco Software Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.