Digital Twin Market

Market Leadership - Digital Twin Market

The global digital twinmarket size was valued at USD 3.1 billion in 2020 and is projected to reach USD 48.2 billion by 2026. It is expected to grow at a CAGR of 58% during the forecast period. Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market.

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 the key players in the digital twinmarket. These top players have strong portfolios of products and services and presence in both mature and emerging markets.

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General Electric (GE) is a technology and financial services company involved in the development and manufacturing of products that are used in the generation, transmission, distribution, control, and utilization of electricity. The company operates through the Aviation, Healthcare, Power, Renewable Energy, and Capital segments. The business model of GE focuses on the development of the Industrial Internet of Things (IIoT) ecosystem. The company has 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, which is a nonprofit organization. In December 2018, the company started its new business subsidiary, GE Digital, to offer Predix, a digital software solution, for various industries such as telecommunication, power, manufacturing, oil & gas, and mining.

Microsoft Corporation has significantly diversified software products and is involved in the development, licensing, and providing support for the same. Microsoft is also among the players that provide cloud-based services to consumers as well as other businesses. The company operates through 3 business segments: More Personal Computing, Productivity & Business Processes, and Intelligent Cloud. Microsoft offers a wide range of products and solutions for IoT, artificial intelligence (AI), AR, and Big Data analytics. The AI business of the company is involved in offering products such as Cortana Analytics, Project Active Directory Application Mode (ADAM), Microsoft Pix, Microsoft Azure, and Project Malmo. The company’s cloud-based computing services include Bing, Microsoft Azure, Microsoft Dynamics CRM Online, Microsoft Office 365, OneDrive, Skype, Xbox Live, and Yammer.

Related Reports:

Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026

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Report Code
SE 5540
RI Published ON
9/2/2020
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