Global Digital Twin Cloud Service Market Overview:
A digital twin is a dynamic virtual representation of a physical object or system, usually across multiple stages of its lifecycle that uses real-world data, simulation or machine learning models, combined with data analysis, to enable understanding, learning, and reasoning. It combines engineering data, real data, and IoT data for a holistic view of infrastructure above and below ground. It has various advantages such as monitoring of constant stream of usage and performance data in real-time, combine end-to-end asset or product life cycle data into digital threads and others.
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 digital twin technology to cope with COVID-19 crisis
Market Growth Drivers:
Increasing demand for digital twins in healthcare and pharmaceutical industries due to outbreak of COVID-19 pandemic and Changing face of maintenance in various industries
Challenges:
Lack of awareness regarding the cost-benefit of the adoption of digital twins and Lack of skilled workforce
Restraints:
Data security due to the use of IoT and cloud platforms
Opportunities:
Implementation of digital twins in the manufacturing industry to handle several issues due to the spread of COVID-19 and Increasing adoption of Industry 4.0/Smart manufacturing and IIoT
Competitive Landscape:
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 Bentley Systems, Incorporated (United States), SAP SE (Germany), Oracle (United States), Microsoft Corporation (United States), International Business Machines (United States), Robert Bosch GmbH (Germany), GE Digital (United States), Cognizant (United States), Atos SE (France), Intellias Ltd. (Ukraine), ScaleOut Software (United States), ANSYS, Inc. (United States), Autodesk Inc. (United States), Synavision GmbH (Germany) and Approyo (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Digital Twin Cloud Service market by 2028. Considering Market by End Use, the sub-segment i.e. Automobile manufacturing will boost the Digital Twin Cloud Service market.
Latest Market Insights:
In November 2023, PTC, a leading provider of PLM software, announced its merger with Intuitive Systems, a pioneer in augmented reality and digital twin technology. This merger promises to create a powerhouse in the digital twin market with a focus on the consumer space.
In September 2023, Siemens acquired Xcelerator, a leading provider of industrial software and services, including digital twin solutions. This move strengthens Siemens' position as a major player in the digital twin space.
What Can be Explored with the Digital Twin Cloud Service Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Twin Cloud Service Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Twin Cloud Service
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 Cloud Service 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 Cloud Service 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 Cloud Service Providers, Emerging Companies, Research Professionals and End-users.
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.