What is Digital Twin Cloud Service Market?
A digital twin is a dynamic virtual representation of a physical object or system, usually across multiple stages of its lifecycle that uses real-world data, simulation or machine learning models, combined with data analysis, to enable understanding, learning, and reasoning. It combines engineering data, real data, and IoT data for a holistic view of infrastructure above and below ground. It has various advantages such as monitoring of constant stream of usage and performance data in real-time, combine end-to-end asset or product life cycle data into digital threads and others.
The market study is being classified by Type (Product Digital Twin, Process Digital Twin and System Digital Twin) and major geographies with country level break-up.
Ansys, Inc. (United States), IBM (United States), SAP SE (Germany), Microsoft (United States), Oracle Corporation (United States), Bentley Systems, Incorporated (United States), Huawei Technologies Co., Ltd. (China)PTC Inc. (United States), Approyo (United States), GE Digital (United States) and Cognizant (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are AVEVA Group plc (United Kingdom), PGS Software (Poland) and Atos (France).
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Digital Twin Cloud Service market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Digital Twin Cloud Service market by Type, Application and Region.
On the basis of geography, the market of Digital Twin Cloud Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing demand for digital twins in healthcare and pharmaceutical industries due to outbreak of COVID-19 pandemic
- Changing face of maintenance in various industries
- Adoption of digital twin technology to cope with COVID-19 crisis
- Data security due to the use of IoT and cloud platforms
- Implementation of digital twins in the manufacturing industry to handle several issues due to the spread of COVID-19
- Increasing adoption of Industry 4.0/Smart manufacturing and IIoT
- Lack of awareness regarding the cost-benefit of the adoption of digital twins
- Lack of skilled workforce
In October 2020, Ansys has teamed with Microsoft to advance the state of the art in engineering simulation across industries, including industrial manufacturing and automotive. Integrated with Microsoft Azure cloud, HPC, digital twin and IoT services, Ansys' solutions will empower customers to swiftly solve some of the most challenging engineering problems imaginable substantially increasing productivity, cutting development costs and expediting time to market.
Key Target AudienceDigital Twin Cloud Service Providers, Emerging Companies, Research Professionals and End-users
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