Digital twin technology is basically a combination of data and intelligence. It help enterprises to represent structure and behaviour of system. Digital twin technology is widely adopted by most of the enterprises to optimize physical world which enable them to significantly improve the business process and operational efficiency. Digital twin contain sensors that collects data to represent real time data of the physical asset. Digital twin technology offers an interface that makes organizations familiar to past and present operation, and helps them to make predictions of the future.
The digital twin technology has several industrial applications in areas such as wind turbines and aircraft engines. The complex intelligent maintenance system and prognostics platforms can influence the use of digital twin to improve productivity and resolving operational issues. Additionally, digital twin technology can also be used for the application such as monitoring, smart cities and diagnostics.
The rise of industrial internet of things is one of the major factor driving the growth of the digital twin technology market. The industrial internet of things is the next surge of digitalization of technology that develops a bridge between physical and digital world. Digital twin technology model tracks the progress status of the physical product development cycle and allows user to monitor the performance of the system. Managing all the design files for digital twin among distributers and suppliers is one of the major restraints faced by the digital twin technology market.
Digital Twin Technology Market Segmentation By Application – Manufacturing process planning, Product design; By End Use – Automotive, Aviation, Chemical, Healthcare, Oil and gas, Transportation, Power and utilities, Others. Some of the key players of the digital twin technology are: Siemens Ltd., General Electric Company, Tibco software Inc., SAP SE, Microsoft Corporation, Forbesindia.com, and Schnitger Corporation.
On the basis of geography, digital twin technology market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa. Among various regions, the digital twin technology market in North America is expected to dominate during the forecast period owing to high adoption of industrial IoT technology by medium and large scale enterprises to improve their operational performance. North America region is expected to be followed by Western Europe and APAC. In Europe and Asia pacific region, the market of digital twin technology is growing gradually owing to less awareness and adoption of digital twin technology by enterprises.
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