What is Digital Twin Technology Market Scope?
Digital twin technology is the virtual or digital replica of a physical device that scientists and IT professionals utilize to run or operate the simulators before the deployment of the actual device. The technologies such as artificial intelligence, IoT, big data analytics are used in digital twins which provide real-time monitoring, diagnostics, prognostics, and provides real-time insights into physical devices or assets. The digital twin technology is expanded and used widely in manufacturing, automatic, and healthcare applications.
The Digital Twin Technology market study is being classified by Type (Digital Twin Prototype (DTP), Digital Twin Instance (DTI) and Digital Twin Aggregate (DTA)) and major geographies with country level break-up.
TIBCO Software Inc. (United States), Siemens AG (Germany), General Electric Company (United States), Microsoft Corporation (United States), IBM (United States), Schnitger Corporation (United States), SAP SE (Germany), Oracle Corporation (United States), Atos (France), Faro Technologies (United States), Dassault Systèmes SE (France), UrsaLeo, Inc. (United States), Esri (United States), PTC Inc. (United States) and Robert Bosch GmbH (Germany) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Digital Twin Technology market by Type, Application and Region.
On the basis of geography, the market of Digital Twin Technology 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).
Market Influencers and their development strategies
On 22nd August 2020, FARO Technologies has announced the acquisition of Advanced Technical Solutions in Scandinavia AB, a Swedish-based leader in 3D digital twin solution technology. The acquisition will integrate ATS software and proprietary Traceable 3D system, which enables highly accurate and repeatable 3D scans, into the FARO Webshare Cloud platform. and On 14th October 2020, Flogistix announced a new collaboration with San Francisco-based UrsaLeo to develop and apply digital twin technology across its entire fleet of industry-leading vapor recovery, wellhead compression, and gas lift units.
On 18th May 2020, Atos and Siemens are working together with the pharmaceutical industry to improve production with an innovative solution based on a digital replica of the pharma production process. Currently being tested in the pharmaceutical industry, this innovative “Process Digital Twin” for pharma manufacturing – powered by IoT, AI, and Advanced Analytics – is designed to provide improved efficiency and flexibility in the manufacturing of pharmaceutical products.
"EU Trade Secret legislation can be successfully used to protect essential data and information that cannot be otherwise be protected using other intellectual property rights, and this includes manufacturing and assembly secrets, usage data, IoT sensor data, and the combination of all the information. Liability must also be carefully taken into account in all digital twin contractual regulations, to make sure that it is correctly segregated and shared between all the stakeholders that are taking part in the development of the solution or are in some form contributing or using the same."
Influencing Market Trend
- Emerging Development of a Scalable Architecture Using Modern SaaS Applications with Integration of Back-office ERP systems, Modern Cloud Applications, and IoT Sensors
- Growing Research and Development in Various Industry with Growing Digitalisation
- Demand for AI, Machine Learning and Big Data in Digital Twin Technology for Accelerating Risk Assessment, production Time, and Providing Real-Time Predictive Maintenance
- Surging Future Potential of Digital Twin Technology for Cost Effectiveness and Optimum Utilization of Resources in Production Process of Industries
- Potential Risk of High Cost and Privacy Security-Related Problems with Digital Twin Technology
- Complexities and Supportability Associated Issues with Digital Twin Technology Deliverability
Key Target Audience
Digital Twin Technology Providers, Digital Twin Technology Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):1. At what growth rate would the Digital Twin Technology market expands?
The Global Digital Twin Technology market is expected to see a growth of % during projected year 2020 to 2026.
2. Who are the prominent players of the Global Digital Twin Technology market?
The prominent players of Global Digital Twin Technology market are TIBCO Software Inc. (United States), Siemens AG (Germany), General Electric Company (United States), Microsoft Corporation (United States), IBM (United States), Schnitger Corporation (United States), SAP SE (Germany), Oracle Corporation (United States), Atos (France), Faro Technologies (United States), Dassault Systèmes SE (France), UrsaLeo, Inc. (United States), Esri (United States), PTC Inc. (United States) and Robert Bosch GmbH (Germany), to name a few.
3. What are the top priorities to focus for Digital Twin Technology market’s growth?
In this highly competitive & fast evolving Digital Twin Technology industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.