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Oct 7, 2019 10:00 AM ET

Digital Twin Market to grow amidst new opportunities and challenges


iCrowd Newswire - Oct 7, 2019

The digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8% as per new report by MarketsandMarkets.

 

Can digital twin technology in industries such as healthcare, aerospace, and automotive to offer promising growth opportunities?

 

Technological innovations are contributing to the growth of various industries. Digital twins have advantages in terms of technology, data and analytics, and innovation, which help these industries to grow. Currently, many companies have been transforming data collection and analytics, organization, and IT infrastructure to increase their performance agility. Principle and framework of a digital twin contribute to creating digital projects for organizations. A digital twin can drive other digital initiatives taken by organizations.

 

For instance, in 2015, the National Center for Advanced Manufacturing of NASA implemented a digital twin to create, test, and build its equipment in a virtual environment. This helped the institute provide the gathered information for inspecting the physical built of an equipment.

 

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Moreover, in 2018, CNH Industries (a company involved in designing and manufacturing of wide range of agricultural, industrial, and commercial vehicles & powertrains) and Fair Dynamics built a digital twin of the manufacturing line, Iveco van chassis welding of CNH Industries, which focused on 3 major purposes—scheduled maintenance, condition-based maintenance, and predictive maintenance.

 

Many IoT vendors are collaborating with digital technology providers for efficient development of products and solutions across sectors such as automotive, healthcare, and aerospace.

 

Why lack of skilled workforce and technical knowledge could remain a challenge?

 

The digital twin creation of an asset/process requires the involvement of various technologies and strong skill sets along with trained personnel to handle the latest equipment and software systems. The changes made according to the desired requirement in the digital twin will lead to a change in the skills required for employees at different stages of the value chain, starting from development to sales and marketing.

 

The expected increase in working efficiency and data-dependency of processes would lead to the requirement of employees with relevant skill sets and qualifications. Moreover, several industries are dynamic toward adopting new technologies, and at the same time face a shortage of highly skilled and proficient workforce. Also, despite the increasing popularity of digitization, most of the industries are unaware of the capabilities of digital twin technology due to its complex structure and the lack of process understanding for the implementation of this technology.

 

Please Explore Relevant Reports:

Industrial IoT Market by Device & Technology (Sensor, RFID, Industrial Robotics, DCS, Condition Monitoring, Smart Meter, Camera System, Networking Technology), Software (PLM, MES, SCADA), Vertical, and Geography – Global Forecast to 2023 

 

Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography – Global Forecast to 2025

 

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

 

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

 

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.



Contact Information:

Mr. Shelly Singh
MarketsandMarkets™ INC.
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Northbrook, IL 60062
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[email protected]






Keywords:    Digital Twin Market, digital twin technology, Digital Twin Market Size, Digital Twin Market Share, Digital Twin Market Forecast

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