Inkwood Research anticipates that the Global Digital Twin Market is evaluated to register a CAGR of 34.03% in terms of revenue during the forecasted period of 2021-2028.
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The virtual copy of an asset, process, or complete manufacturing
facility is termed a digital twin. A digital twin constitutes data, sensors, as
well as simulation models directly connected to the original. As a result, this
facilitates improved aspects such as the time consumed, performance, efficiency,
strength, and sustainability of the process, asset, or facility.
Remote
Access to Assets Fuels Market Growth
Digital twins provide engineers and operators with an
intricate and detailed view of a physical asset that may be far away. The
twin’s presence eradicates the need for the asset and the engineer to be in the
same room, state, or country. For instance, a mechanical engineer in Seattle
can utilize a digital twin to diagnose a jet engine placed in the hanger of
O’Hare airport. Conversely, through the digital twin, engineers can even
visualize the entire length of the Channel Tunnel from Calais. Various sensors across
a dozen modalities, including sight, vibration, sound, altitude, and others, signify
that an engineer can ‘twin’ a physical thing from virtually anywhere, globally.
This results in unprecedented control and clarity over visualization.
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Manufacturing
Process Planning: Fastest-Growing and Major Application
The digital twin is considerably minimizing the time to set
up new production processes and plants, and substantially reducing costs and
efforts regarding regulatory compliances. Also, it significantly decreases the
operation costs by automating operations and avoiding manual interactions.
Additionally, it utilizes a modern message-based architecture, improving speed
and agility in terms of new product launches. Moreover, it optimizes
manufacturing, making it more efficient.
North
America dominates the Global Market with Highest Revenue Share
The growing demand for the digital twin from the aviation,
automotive, and manufacturing industries is the primary growth driver. Also,
there has been a rising need for enhancing the design and performance of
services and products among the regional producers. Moreover, the surging
technological advancements offer ample growth opportunities.
The competitive rivalry among the domestic and global
vendors is intense, with global vendors overseeing the product pricing and
innovations to keep the competition in check. IBM Corporation, SAP SE, Wipro
Limited, PTC Inc, Microsoft Corporation, Cisco Systems Inc, etc., are among the
key firms in the market.
About Inkwood Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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