Global Digital Twin Software Market Overview:
Digital twin software provides a virtual representation or simulation of a physical asset and is used to monitor the performance of the asset in real-time. These tools are used to simulate performance, predict potential maintenance needs, and ultimately optimize the asset for peak performance. Businesses embed their physical assets with sensors to produce the data necessary to inform a digital twin. By transforming the assets into IoT-enabled devices, they can track and monitor the physical piece of machinery. These tools are often used in conjunction with IoT device management software or computer-aided engineering (CAE) software.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Adoption of Cloud Platforms
Market Growth Drivers:
Increasing demand for digital twins in healthcare and pharmaceutical and Rise in the Adoption of Technological Advancement
Challenges:
Lack of Awareness about Benefit of Digital Twin and Lack of Professionals
Restraints:
Growing Concern about Data Security and Privacy
Opportunities:
Implementation of digital twins in the manufacturing industry and Rising Demand from Developing Countries
Competitive Landscape:
With the growing technological innovations in emerging countries, commercial digital-twin software offerings are actually coming from some of the largest companies in the field. The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations.
Some of the key players profiled in the report are Sphera (United States), Predix (United States), Seebo (Israel), ScaleOut Software (United States), Akselos (Switzerland), TWAICE Technologies GmbH (Germany), Oracle (United States), SAP (Germany) and Lanner Group (United Kingdom). Analyst at AMA Research see United States Players to retain maximum share of Global Digital Twin Software market by 2028. Considering Market by Enterprise, the sub-segment i.e. Large Enterprises will boost the Digital Twin Software market. Considering Market by Subscription, the sub-segment i.e. Free Trial will boost the Digital Twin Software market. Considering Market by Deployment Model, the sub-segment i.e. On-Premise will boost the Digital Twin Software market.
Latest Market Insights:
In September 2023, Ansys, a simulation software giant, acquired OPTIS, a developer of high-fidelity simulation software for electronics and embedded systems. This move allows Ansys to integrate AI-powered digital twins with its simulation solutions, creating a more comprehensive design and optimization workflow.
In November 2023, Siemens completed the acquisition of JVS Group, a leading provider of IIoT (Industrial Internet of Things) platforms for industrial digital twins. This strengthens Siemens' position in the digital twin space, particularly for manufacturing and process industries.
What Can be Explored with the Digital Twin Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Twin Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Twin Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Twin Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Digital Twin Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Digital Twin Software Providers and other stakeholders, IoT Vendors, Application or Software Developers, Digital Twin Software Integrators, Market research and consulting firms, Private Research Institutes, Government Research Institutes and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.