How is Increasing Penetration of Internet of Things Driving Digital Twin Market?

Because of technological advancements, the penetration of the internet of things (IoT) technology has increased significantly in the past few years. The technology enables physical devices to connect with internet for receiving and sharing data with other connected devices. Attributed to this growing use of IoT, the penetration of the digital twin technology has also risen. A digital twin, in the simplest terms, is a virtual copy of a physical system, product, or process. It connects the digital and physical world by making use of sensors for collecting real-time data about the physical product.

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The collected data is then utilized for creating a digital duplicate of the product, thereby allowing it to be analyzed, understood, optimized, and manipulated. The technology is presently being utilized for predicting different outcomes on the basis of variable data. With data analytics and additional software, a digital twin can also optimize an IoT deployment in order to ensure maximum efficiency. The technology further aids designers in figuring out how things operate before they are deployed. Attributed to all these factors, the global digital twin market is predicted to reach $73,245.4 million by 2030, increasing from $3,645.1 million in 2019, registering a 31.9% CAGR during the forecast period (2020–2030).

The objective of this research includes;

• Historical and the present size of the digital twin market
• Future potential of the market through its forecast for the period 2020– 2030
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the gene therapy market and their service offerings
• Recent strategic developments by the major players in the market

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The manufacturing industry is predicted to make the most use of this technology in the coming years. With Industry 4.0 and growing penetration of industrial internet of things, the requirement for digital cloning is increasing for enhancing operational efficiency and enabling predictive maintenance, to ultimately decrease the downtime. Geographically, North America emerged as the largest digital twin market in the past, which is attributed to the advanced information technology infrastructure, early adoption of Industry 4.0, presence of major digital twin software providers, and technological advancements in the region.

Some of the major players operating in the market are General Electric Company, Siemens AG, Microsoft Corporation, Oracle Corporation, PTC Inc., Ansys Inc., IBM Corporation, Robert Bosch GmbH, Honeywell International Inc., XenonStack Pvt. Ltd., Wipro Limited, SAP SE, Tata Consultancy Services Limited, Seebo Interactive Limited, DNV GL, Dassault Systemes S.A., TIBCO Software Inc., The MathWorks Inc., Bentley Systems Incorporated, Emerson Electric Co.

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