The growth of the digital twin market is driven by various factors such as rising demand for IoT in various industries; reduction in the manufacturing process time and cost; and 3D printing and 3D simulation software to create digital twin for manufacturing and supply chain management.
The digital twin market was valued at USD 2.28 billion in 2017 and is expected to reach USD 15.66 billion by 2023, at a CAGR of 37.87% during the forecast period. APAC is expected to be a major contributor to the growth of the overall digital twin market, and the market in APAC is expected to grow at the highest CAGR during the forecast period due to large opportunities for the use of digital twins in a wide range of applications such as product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization of process or system.
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Some of the major companies operating in the global digital twin market are General Electric (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US), ANSYS, Inc. (US), Dassault Systèmes (France), and Siemens AG (Germany).
Top 2 players in the digital twin market
General Electric (US)
General Electric held the leading position in the global digital twin market in 2016. The business model of GE focuses on enhancing the capabilities of the Industrial Internet of Things (IIoT) for various industries. The company has started developing industrial software solutions based on Big Data under its Intelligent Platforms division. It is one of the founding members of the Industrial Internet Consortium, which is a nonprofit consortium created for the development of the common framework for the IIoT. In November 2016, the company launched the Predix system software architecture and services designed to make any machine an intelligent asset and to bring visibility, control, and analytical insights to industrial infrastructure and operations. The architecture is compatible with a variety of operating systems (OS), devices, and form factors. This new software would also focus on expanding the Predix platform and initiate the development of digital twins.
IBM Corporation (US)
IBM Corporation was ranked second in the digital twin market in 2016. International Business Machines (IBM) Corporation ranked second in the digital twin market in 2016. IBM Corporation is an information technology (IT) company that provides integrated solutions that leverage IT and knowledge of its business processes. The research activities at IBM focus on the innovations in artificial intelligence (AI), analytics, security, cloud computing, quantum computing, data-centric systems, and so on. These technologies have been adopted across various industries such as healthcare, education, and financial services. IBM Watson IoT Platform connects IoT devices and streaming vast quantities of data to the cloud. This data helps create the digital twin representations and derive the intelligent insights or relate the data to the higher level context of a manageable asset or system. In February 2017, the company collaborated with Aras Corporation (US) and OSIsoft, LLC (US) to develop digital twin with new capabilities. These developments are used to create multiple views of products by pooling various digital threads and data streams to fulfill the needs of particular users.
