Digital Twin Market

Market Leadership - Digital Twin Market

The overall 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%. Declining time and cost of product development and unplanned downtime with the adoption of digital twins, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance are among the factors fueling the growth of the digital twin market.

The key players adopted product developments and launches as the growth strategies to enhance their portfolio and increase their market share. General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US) are among the major players in the digital twin market.

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General Electric has its headquarters in the US. The business model of GE focuses on the development of the Industrial Internet of Things (IIoT) ecosystem. The company started developing industrial software solutions based on Big Data under its Intelligent Platforms division. The company is one of the founding members of the Industrial Internet Consortium. The company started its new business segment, GE Digital, in December 2018 to offer Predix, a digital software solution, for various industries. With the help of this solution, GE offers its solutions in the digital twin market space. The company strengthened its competitive position through investments in technology, globalization, partnerships, and agreements. The company has been investing in disruptive innovation, which is likely to improve its industrial productivity in the future. For instance, GE and Noble Corporation plc signed a partnership agreement, and through their partnership, they launched the digital drilling vessel, Digital RigSM. This solution helps achieve 20% operational expenditure reduction across the targeted equipment and improve drilling efficiency.

PTC is among the leading providers of computer software and services and has its headquarters in the US. The company offers PTC ThingWorx, a purpose-built platform to fundamentally transform how the companies use data to connect, analyze, manage, monetize, and experience all “things” in a smart, connected world. ThingWorx platform is used to generate a dashboard linked to sensors from systems and drive the reality of physical twin into the world of digital twin allowing development engineers to see the real-world conditions of the system and to conduct simulations and analyses using live data.

The company’s strong product portfolio and service offerings help in gaining a competitive edge in various industries and this also helps the company create a vertically integrated business model centered on providing the solution with innovative features. For example, PTC, along with ANSYS (US), launched the Creo Simulation Live solution; this solution boosts the capabilities in design and simulation applications. This solution can be used in digital twin applications.

Related Reports:

Digital Twin Market by Technology, Type (Product, Process, and System), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas), and Geography - Global Forecast to 2025

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Report Code
SE 5540
RI Published ON
7/24/2019
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