Global Digital Twin Market:
About this market
Technavio’s digital twin market analysis considers sales from both on-premise and cloud deployment. Our analysis also considers the sales of the digital twin in APAC, Europe, North America, South America, and MEA. In 2018, the on-premise segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as less vendor dependency, easier customization, and provision of higher security will play a significant role in the on-premise segment to maintain its market position. Also, our global digital twin market report looks at factors such as industry 4.0 and industrial IoT, increase in demand for predictive maintenance and real-time data for monitoring, and need for reduced time0to-market and improved decision making. However, the high cost of deployment and complex architecture of digital twin, cybersecurity for digital twin, and talent gap in the market may hamper the growth of the digital twin industry over the forecast period.
Global Digital Twin Market: Overview
Increase in demand for predictive maintenance and real-time data for monitoring
Predictive maintenance enables companies to monitor the performance and condition of their assets during normal operation to reduce the likelihood of downtimes. Its goal is to predict equipment failure through regularly scheduled maintenance. It has many benefits, such as reduced machine failure, reduced maintenance costs, increased production, and improved safety. Moreover, the demand for real-time data for monitoring the process line, assets and equipment performance has been increasing among the companies as it helps companies to monitor their key performance indicators. This will lead to the expansion of the global digital twin market at a CAGR of almost 38% during the forecast period.
Use of AI in digital twin
AI is rapidly transforming the existing IT landscape. The implementation of AI in digital twin enables companies to gain more insights, transform operations, and unlock new business opportunities. AI plays a vital role in pattern recognition, learning models, unstructured data analytics, multimodal data analytics, and create intelligent knowledge network. The AI-enabled platform enables companies to normalize and contextualize the sensor data for real-time data analysis. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global digital twin market during the forecast period 2019-2023, click here.
With the presence of several major players, the global digital twin market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading digital twin manufacturers, that include General Electric Co., IBM Corp., Microsoft Corp., PTC Inc., Siemens AG.
Also, the digital twin market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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