Dublin, July 02, 2024 (GLOBE NEWSWIRE) -- The "Digital Twins Market by Technology, Twinning Type, Cyber-to-Physical Solutions, Use Cases and Applications in Industry Verticals 2024 - 2029" report has been added to ResearchAndMarkets.com's offering.
This report evaluates digital twinning technology, solutions, use cases, and leading company efforts in terms of R&D and early deployments. The report assesses the digital twin product and service ecosystem including application development and operations. This includes consideration of use cases by industry vertical.
The report also analyzes technologies supporting and benefiting from digital twinning. The report also provides detailed forecasts covering digital twinning solutions in many market segments and use cases including manufacturing simulations, predictive analytics, and more from 2024 to 2029 with global, regional, and major country forecasts.
Select Report Findings:
- The report found 47% of IT decision makers have never heard of digital twins
- Digital twin supported solutions in smart cities will reach $5.9 billion by 2029
- Over 95% of all IoT Platforms will contain some form of digital twinning capability by 2029
- Digital twinning will become standard feature/functionality for IoT Application Enablement by 2028
- Leading digital twin solutions involve Asset Twinning, Component Twinning, System Twinning, Process and Workflow Twinning
- 96.5% of vendors recognize the need for IIoT APIs and platform integration with digital twinning functionality for industrial verticals
- 47.2% of executives across a broad spectrum of industry verticals understand the benefits of digital twinning and 63% of them plan to incorporate within their operations by 2029
A digital twin is a virtual object representation of a real-world item in which the virtual is mapped to physical things in the real world such as equipment, robots, or virtually any connected business asset. This mapping in the digital world is facilitated by IoT platforms and software that is leveraged to create a digital representation of the physical asset.
The digital twin of a physical asset can provide data about its status such as its physical state and disposition. Conversely, a digital object may be used to manipulate and control a real-world asset by way of teleoperation. The publisher of this report sees this form of cyber-physical connectivity, signaling, and control as a key capability to realize the vision for Industry 4.0 to fully digitize production, servitization, and the `as a service` model for products.
There are many potential use cases for digital twinning including monitoring, simulation, and remote control of physical assets with virtual objects. Solutions focus on Part, Product, Process, and System twinning. Leading digital twin solutions involve Asset Twinning, Component Twinning, System Twinning, Process and Workflow Twinning. We see digital twinning playing a key role in many related IoT operations processes including IoT application development, testing, and control.
The implementation of digital twins will also enable distributed remote control of assets, which will place an increasingly heavy burden on IoT Identity management, authentication, and authorization. IoT authentication market solutions are also important in support of the "things" involved in IoT, which vary from devices used to detect, actuate, signal, engage, and more. This will become particularly important with respect to digital twin solution integration.
As reflected by the Digital Twin Consortium, we see some of the key industries to lead cyber-to-physical integration and solutions include aerospace, healthcare, manufacturing, military, natural resources, and public safety sectors. In terms of integrating digital twin technology and solutions with telecommunications and enterprise infrastructure, we see a need for careful planning from a systems integration, testing, and implementation perspective. This will be especially important in the case of mission-critical applications.
Digital Twins Technology in Industry Verticals
The technology is being increasingly adopted across a variety of industry verticals due to its ability to create virtual replicas of physical assets, systems, or processes. Here are some key industry verticals leveraging digital twins:
Manufacturing:
- Predictive Maintenance: Monitoring equipment to predict failures and schedule maintenance
- Process Optimization: Streamlining production processes and improving efficiency
- Product Lifecycle Management: Tracking products from design to end-of-life
Healthcare:
- Patient Monitoring: Creating digital replicas of patients for personalized treatment
- Medical Device Management: Simulating and optimizing the performance of medical devices
- Hospital Management: Enhancing hospital operations and patient flow
Automotive and Transportation:
- Vehicle Design and Testing: Simulating new vehicle designs and testing performance
- Fleet Management: Monitoring and optimizing the performance of vehicle fleets
- Smart Infrastructure: Integrating vehicles with smart city infrastructure for better traffic management
Energy and Utilities:
- Power Grid Management: Monitoring and optimizing power distribution networks
- Asset Management: Tracking and managing energy assets such as wind turbines and solar panels
- Predictive Maintenance: Preventing failures in critical infrastructure
Aerospace and Defense:
- Aircraft Design and Maintenance: Simulating aircraft performance and predicting maintenance needs
- Mission Planning: Optimizing defense operations and mission planning
- Training Simulations: Providing realistic training environments for personnel
Real Estate and Construction:
- Building Information Modeling: Creating detailed digital representations of buildings
- Construction Project Management: Monitoring and optimizing construction processes
- Facility Management: Enhancing the management and operation of buildings
Retail and Consumer Goods:
- Supply Chain Optimization: Enhancing supply chain efficiency and responsiveness
- Customer Experience: Personalizing customer experiences based on digital replicas of consumer behavior
- Inventory Management: Improving inventory tracking and management
Smart Cities:
- Urban Planning: Simulating and optimizing city infrastructure and services
- Public Safety: Enhancing emergency response and public safety measures
- Sustainability: Monitoring and managing environmental impact and energy usage
Telecommunications:
- Network Optimization: Monitoring and optimizing telecom networks for better performance
- Service Management: Enhancing the management of telecom services and customer experience
- Infrastructure Management: Tracking and maintaining telecom infrastructure
These are just a few examples, and the applications of digital twins are continuously expanding as technology advances and more industries recognize the potential benefits.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Overview
2.1.1 Understanding Digital Twinning
2.1.2 Cognitive Digital Twining
2.1.3 Digital Thread
2.1.4 Convergence of Sensors and Simulations
2.1.5 IoT APIs
2.1.6 Software Modules and Elements
2.1.7 Types of Digital Twinning
2.1.8 Digital Twinning Work Processes
2.1.9 Role and Importance of Digital Twinning
2.2 Related Technologies and Impact on Digital Twinning
2.2.1 Industrial Internet and Industry 4.0
2.2.2 Pairing Technology
2.2.3 Cyber-to-Physical Systems
2.2.4 AR, VR, and Mixed Reality
2.2.5 Artificial Intelligence and Machine Learning
2.2.6 Additive Manufacturing and 3D Printing
2.3 Potential Application and Outcome Analysis
2.3.1 Maintenance, Repair and Overhaul Operation
2.3.2 Digital Avatar of Consumer Assets
2.3.3 Performance/Service Monitoring
2.3.4 Inspection and Repairs
2.3.5 Predictive Maintenance
2.3.6 Product Design & Development
2.3.7 Composite Assembling/Manufacturing
2.3.8 Potential Business Outcomes
2.4 Digital Twinning Service Ecosystem
2.4.1 Industrial IoT
2.4.2 Consumer IoT
2.4.3 Industry Development
2.4.4 Digital Twinning as a Service
3. Digital Twins Company Assessment
- ABB
- Allerin Tech Pvt. Ltd.
- Altair Engineering, Inc.
- Amazon Web Services
- ANSYS
- Aucotec AG
- Autodesk Inc.
- Bentley Systems, Incorporated
- CADFEM GmbH
- Cisco Systems
- Cityzenith
- Cosmo Tech
- Dassault Systems
- Digital Twin Consortium
- Digital Twin Technologies
- DNV GL
- DXC Technology
- Eclipse Foundation
- Emerson
- Emesent
- Faststream Technologies
- FEINGUSS BLANK GmbH
- Flowserve
- Forward Networks
- General Electric
- Hitachi Ltd.
- Honeywell
- HP
- IBM
- Industrial Internet Consortium
- Intellias
- Invicara
- KBMax
- Lanner Electronics
- Microsoft
- National Instruments
- NavVis
- Oracle
- PETRA Data Science
- Physical Web
- Pratiti Technologies
- Prodea System Inc.,
- PTC
- QiO Technologies
- Robert Bosch
- SAP
- Schneider
- SenSat
- Siemens
- Sight Machine Inc.
- Simplifa GmbH
- Softweb Solutions Inc.
- Sogeti Group
- SWIM.AI
- Synavision
- Sysmex Corporation
- TIBCO Software
- Toshiba Corporation
- UrsaLeo
- Virtalis Limited
- Visualiz
- Wipro Limited
- XenonStack
- Zest Labs
4. Digital Twins Market Analysis and Forecasts 2024 to 2029
4.1 Global Digital Twins 2024 - 2029
4.2 Digital Twins Market by Type of Twinning 2024 - 2029
4.3 Digital Twins Applications 2024 - 2029
4.4 Digital Twins by Industry 2024 - 2029
4.5 Digital Twins by Region 2024 - 2029
5. Conclusions and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/cvazdx
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