Global digital twin market analysis – 3 biggest business challenges the technology can overcome
Digital Twin market is projected to surpass USD 20 billion by 2025. The market growth is attributed to the IoT/IIoT adoption, proliferation of connected devices, and availability of cheap IoT sensors. In addition, the rising demand to reduce Time-to-Market (TTM), optimize processes, monitor the performance, and examine conditions of the product & system is contributing to the growth of the digital twin market.
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The advent of advanced technologies, such as big data analytics, AI, ML, AR, VR, and MR, is supporting the continuous evolution of digital twin technology. This helps several enterprises across various sectors to improve their operational efficiency and reduce overhead cost. AR, VR, and MR offer immersive experiences to visualize insights drawn from data obtained by sensors and processed using big data analytics. For instance, the passenger vehicle uses AR capability, providing the driver a converged view of digital and physical worlds to seamlessly navigate turns on the road. In addition, at the passenger car manufacturer?s end, digital twin uses the data obtained from physical counterpart and diagnoses the fault beforehand, resulting in improved customer experience.
The highly evolving and competitive sectors, such as automotive, manufacturing, and aerospace & defense, are increasingly embracing digital twin technology to reduce their asset downtime & maintenance cost and improve operational efficiency. For instance, in July 2017, Airbus partnered with a software manufacturer, ASCon Systems, in a prostep ivip project to build a digital twin of its factory to improve the production line efficiency & process optimization and reduce lead times & running costs.
The product design & development is estimated to grow at a CAGR of over 31% during the forecast timeline due to the growing adoption of Industry 4.0 by the enterprises operating in the manufacturing and automotive sectors. The advent of advanced analytics and visualization techniques to analyze & visualize the data obtained from the physical counterpart helps in improving the product performance and overcome the shortcomings of the previous model of equipment or system. The prominent market players are focusing on strategic initiatives to develop innovative digital twin solutions to improve product design & development process for their clients. For instance, in April 2019, Capgemini partnered with Autodesk to deploy Reflect, a new cloud-enabled and secure digital twin platform. This software will include design reviews in operations, IoT alerts to prevent fluctuations, support for real-time diagnosis & inspections, remote assistance, and asset revamping.
The infrastructure buildings market held a market share of around 6% in 2018 and will maintain a significant market share during the forecast period. The supportive government initiatives & funding to build smart cities to avert environmental challenges is supporting the growth of the digital twin market. The governments are partnering with prominent technology players to build a digital twin of the physical city to improve key public services for the citizens in that city. For instance, the Singapore government is investing over USD 73 million in building digital twin of the city. The government partnered with Dassault Syst?mes and 3DEXPERIENCity to build data-rich digital twin and improve public services with reduced cost for its citizens. Additionally, India is investing USD 1.2 trillion over the next 20 years to transform 100 cities into smart cities.
The Asia Pacific digital twin market is projected to grow at a CAGR of over 30% during the forecast period. In this region, rising internet penetration coupled with the proliferation of smart devices and the growing adoption of IoT/IIoT are triggering the digital twin market. According to the China Internet Network Information Center (CNNIC), at the end of December 2017, the number of internet users in China reached 772 million, which is an increase of 40.74 million from the end of 2016. The rise in the number of connected devices has increased the use of digital twin coupled with advanced technologies, such as AR, VR, MR, AI, ML, and big data analytics, to draw actionable insights to reduce lead time, running cost, and improve product performance. This drives the growth of digital twin to cater to the growing demand for cost-efficient operation, reduced time-to-market, and optimization of processes. Also, various government initiatives to speed up the digital transformation in various sectors including manufacturing, automotive, and healthcare are supporting the market growth. The countries including China, India, and Singapore have introduced several cybersecurity policies and reforms to ensure stronger data protection to avert the restraints hindering the market growth.
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The major players in the digital twin market are focusing on various business growth strategies such as new product developments and partnerships. This enables them to expand their existing portfolio and increase their geographical reach. For instance, in October 2018, Atos strategically partnered with Bentley Systems to offer a complete solution to create and operate Digital Twins on behalf of the industry and infrastructure asset owners. The software is anticipated to be a cloud-based service with real-time monitoring, performance analysis, full immersive visibility of assets, and supports decision making on asset operational strategies. The partnership also enabled the companies to enhance their capabilities and add new customers to their portfolio.
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