The Asia Pacific digital twin market is projected to grow at a CAGR of over 30% during the forecast period. In this region, rising internet penetration coupled with the proliferation of smart devices and the growing adoption of IoT/IIoT are triggering the digital twin market. According to the China Internet Network Information Center (CNNIC), at the end of December 2017, the number of internet users in China reached 772 million, which is an increase of 40.74 million from the end of 2016. The rise in the number of connected devices has increased the use of digital twin coupled with advanced technologies, such as AR, VR, MR, AI, ML, and big data analytics, to draw actionable insights to reduce lead time, running cost, and improve product performance.
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This drives the growth of digital twin to cater to the growing demand for cost-efficient operation, reduced time-to-market, and optimization of processes. Also, various government initiatives to speed up the digital transformation in various sectors including manufacturing, automotive, and healthcare are supporting the market growth. The countries including China, India, and Singapore have introduced several cybersecurity policies and reforms to ensure stronger data protection to avert the restraints hindering the digital twin market growth.
3 Biggest business challenges digital twin market can overcome:
- Accurate inventory to avoid overstocking:
The global inventory management software market space has lately been brainstorming the possibilities of digital twin to reduce cost and revenue leakages, for gargantuan warehouses and supermarkets, where managing optimum inventory level is the biggest challenge. Digital twin market analysis suggests that the availability of real-time consumption data can lead to a quicker replenishment of supplies and avert over-inventorying, which can cause product spoilage. Hence, the fast-paced adoption of digital twin in the inventory market offers lucrative growth opportunities for the digital twin market.
- Addressing the shortcomings of aerospace fleet management:
Some of the biggest challenges in fleet management in the aerospace industry are poor data integrity, slow turnaround time, aging systems, high maintenance costs, and antiquated manual processes. The utilization of digital twin is poised to bring about a paradigm shift in the traditional approaches, by filling the gap amid the physical and the digital worlds. This innovative technology can offer predictive and prescriptive analytics which can reduce unplanned downtime for engines and cut maintenance, repair & overhaul costs, thereby enhancing fleet performance.
- Amplifying testing & product development capabilities:
Digital twins can potentially help industries in reducing product development and testing expenses. Companies depending heavily on destructive testing for developing products can use the virtual replica of the real-world scenario for significant portion of the product testing. Say for example, automotive industry can employ digital twin for crash testing prototype vehicles. Likewise, enterprises creating giant models and prototypes for feasibility analysis can save money with digital twins during product development. Digital twin market is slated to advance at a rapid pace in the coming years, given the above backdrop.
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As organizations embark on their digital transformation journey, the global digital twin market size is showing a consistent increase in consort with advancements in the Internet of Things, cloud, machine learning, artificial intelligence, and Industry 4.0 technologies. Digital twin market trends are primarily driven by the technology’s ability to dramatically enhance product performance while mitigating the risk and cost of new product introduction. Additionally, this newfangled technology can boost product realization time by eliminating some of the most time-consuming aspects of real-world product development.
With the rapid proliferation of the Internet of things, a slew of opportunities are knocking the doors of leading players operating in the digital twin market space. Moreover, with digital twins, it is possible that the data which is transferred between blocks can be highly protected and made universally transparent through the blockchain paradigm, thus inspiring global digital transformation. Speaking of the future outlook of this industry, digital twin market statistics by Global Market Insights, Inc.. indicate that the industry valuation is projected to exceed USD 20 billion by 2025.
The fields of application for digital twins are diverse and not confined to a specific domain or industry. Having said that, digital twin market analysis reports claim that automotive, manufacturing, energy & utility, healthcare, aerospace and defense, infrastructure, retail, and consumer goods are the leading end-users of this unconventional technology.
The infrastructure buildings market held a market share of around 6% in 2018 and will maintain a significant market share during the forecast period. The supportive government initiatives & funding to build smart cities to avert environmental challenges is supporting the growth of the digital twin market. The governments are partnering with prominent technology players to build a digital twin of the physical city to improve key public services for the citizens in that city. For instance, the Singapore government is investing over USD 73 million in building digital twin market of the city. The government partnered with Dassault Syst?mes and 3DEXPERIENCity to build data-rich digital twin and improve public services with reduced cost for its citizens. Additionally, India is investing USD 1.2 trillion over the next 20 years to transform 100 cities into smart cities.
TOC for this research report:
Chapter 5. Digital Twin Market, By Application
5.1. Key trends, by application
5.2. Product design & development
5.2.1. Market estimates and forecast, 2014-2025
5.3. Machine & equipment health monitoring
5.3.1. Market estimates and forecast, 2014-2025
5.4. Process support & service
5.4.1. Market estimates and forecast, 2014-2025
Chapter 6. Digital Twin Market, By End-Use
6.1. Key trends, by end-use
6.2.1. Market estimates and forecast, 2014-2025
6.3.1. Market estimates and forecast, 2014-2025
6.4.1. Market estimates and forecast, 2014-2025
6.5. Aerospace & defense
6.5.1. Market estimates and forecast, 2014-2025
6.6. Energy & utility
6.6.1. Market estimates and forecast, 2014-2025
6.7. Infrastructure buildings
6.7.1. Market estimates and forecast, 2014-2025
6.8. Retail & consumer goods
6.8.1. Market estimates and forecast, 2014-2025
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The major players in the digital twin market are focusing on various business growth strategies such as new product developments and partnerships. This enables them to expand their existing portfolio and increase their geographical reach. For instance, in October 2018, Atos strategically partnered with Bentley Systems to offer a complete solution to create and operate Digital Twins on behalf of the industry and infrastructure asset owners.
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