The global digital twin market is expected to grow at a CAGR of 38.1% from 2019 to reach $30.1 billion by 2025 where Asia Pacific Digital twin market is expected to grow at the highest CAGR.
A digital twin is a virtual replica of a physical entity and is created by transmitting data generated from sensors attached to the product during development phase. It creates a virtual prototype of a physical asset and helps in analyzing and predicting the effects of assets in real world after its deployment. Organizations along various industries tend to inculcate digital twin in their business process in order to ensure predictive maintenance and health monitoring of their assets. Digital twin technology significantly reduces the time and cost of production while optimizing the asset’s design and quality. Thus, digital twin is given huge preference in modern day manufacturing and industrial sector.
Here are the top 10 companies operating in Digital Twin Market –
General Electric Company
Founded in 2015 and headquartered at California, U.S.; GE Digital is a subsidiary of global conglomerate corporation General Electrical Company. It is one of the leading global companies offering digital twinning solutions and advisory services around operational technology and infrastructure. The company operates through several industry verticals, such as, aviation, healthcare, manufacturing, mining, oil & gas, power generation, and transportation, among others.
Being one of the promising subsidiaries of General Electric (U.S.), GE Digital’s product offerings ranges from asset performance management, operations performance management to digital energy and manufacturing systems management.
Founded in 1911, and headquartered at Armonk, New York, the U.S.; IBM Corporation functions through five key segments such as cognitive solutions, technology services & cloud platforms, global business services, systems, and global financing. The company manufactures and offers hardware and software solutions and delivers numerous hosting and consulting services from mainframe processors to nanotechnology domains. The company has a diverse and vast portfolio of product and service portfolio comprising artificial intelligence, IoT, cloud computing, security technologies, and more.
The company provides services to business enterprises of all sizes and leaders across diverse industries including financial services institutions, manufacturing, and retail, among others.
Founded in 1985 and headquartered at Boston, U.S.; PTC Inc. is a software company that offers its products and services comprising Internet of things (IoT) and Augmented Reality (AR) solutions, among others. The company is among the pioneers in digital transformation and it offers digital twin solutions comprising IoT and AR technologies, among others. The company offers digital solutions for in various industry verticals, including aerospace and defense, automotive, electronics, life sciences, and oil & gas industries.
With its subsidiaries, the company has its offices in North America, Europe, Asia Pacific, Middle East and Africa, and Australia.
Founded in 1975, and headquartered at Redmond, Washington, U.S.; Microsoft is best known for software products including Internet Explorer, Microsoft Windows OS, Microsoft Office Suite, and Edge Web browsers. In addition, the company specializes in Cloud Computing, Quantum Computing, Business Software, IT Professional, Developer Tools, Educational Software, Search, Advertising, Windows Operating System, Windows Applications & Platforms, Smartphones, Productivity Solutions, Artificial Intelligence Solutions, Machine Learning Solutions, and Virtual Reality Solutions.
With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Some of the key subsidiaries of the company include Double Fine Productions, GitHub, Semantic Machines, Mojang, Skype, LinkedIn Corporation and others.
Founded in 1970 and headquartered at Canonsburg, U.S.; Ansys Inc. is a software company that designs and develops engineering simulation and testing software for clients across different industry verticals. The company offers the digital twin solutions based on physics-based simulations in conjunction with analytics. It provides solutions for numerous industry verticals, such as automotive, aerospace and defense, construction, industrial equipment and rotating materials, consumer goods, healthcare, and high-tech industries, among others.
With its subsidiaries and strong network of distribution, the company has its offices in North America, Europe, Asia-Pacific, Middle East and Africa, and Australia.
A report into the projected growth of the current Digital Twin Market by Meticulous Research® has produced some incredible forecasts for the industry. By 2025, it’s expected to have grown at a CAGR of 38.1% , reaching over $30.1 billion.
Siemens AG (Siemens Industry Software Inc.)
Siemens Industry Software Inc. is a subsidiary of Siemens AG, that was founded in 1963 and is headquartered at Plano, U.S. The Company operates through various business segments namely aerospace & defense, automotive, consumer products and retail, transportation, energy and utilities, oil and gas, and insurance and finance, among others. The company provides simulation and digital twin software solutions including NX, Teamcenter, Simcenter, PLM component and Mendix.
With its subsidiaries and strong network of distribution, the company has its geographic presence across North America, Europe, Asia-Pacific, and Middle East & Africa.
Founded in 1972 and headquartered at Walldorf, Germany; SAP is a leading player in enterprise application software solutions and analytics and business intelligence solutions industry. The company offers enterprise software that helps businesses to manage different operations and customer relation in an effective manner. The company uses machine learning, Internet of Things (IoT), and advanced analytics technologies to help turn customers’ businesses into intelligent enterprises. The wide array of applications and services offered by the company enables customers to operate profitably, adapt continuously, and make a difference in a competitive business environment.
With its subsidiaries and strong network of distribution, the company has its presence across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Some of the key subsidiaries of SAP SE are SuccessFactors (U.S.), Qualtrics (U.S.), SAP Concur (U.S.), and more.
Founded in 1977 and headquartered at California, U.S.; Oracle Corporation provides numerous software solutions and products across different industries. The company operates in several industry verticals such as Automotive, Communications, Construction and Engineering, Financial Services, Food and Beverage, Healthcare, High Technology, Industrial Manufacturing, Life Sciences, Public Sector, Research, Retail, and Utilities. The company offers variety of solutions including autonomous database solutions, business analytics, developer tools, engineered systems, IT infrastructure, java, Middleware, applications overview solutions, customer experience management, enterprise performance management solutions, enterprise resource planning, human capital management, supply chain management solutions, and NetSuite.
With its subsidiaries and strong network of distribution, the company has its presence in the North America, Europe, Asia-Pacific, and Latin America. Some of the key subsidiaries of the company include NetSuite, Taleo, BlueKai, Dyn, Responsys, Textura Corporation, Endeca, Opower and many more.
Founded in 2015 and headquartered at Campbell, U.S.; SWIM.AI Inc. offers edge intelligence solutions by combining edge computing, machine learning, and digital twin to effectively deliver real time business dynamics. The company operates through various data driven applications such as data exchange, data application, and data computing for smart cities, factories and logistics. The company offers its products which take input from the streaming data and deliver real time insights in the form of graphs, analytical models, predictive models, and digital twins.
The company specializes in smart logistics, Industrial IoT, smart grids, edge learning, machine learning, IoT apps, edge analytics, and edge computing.
Robert Bosch GMBH
Founded in 1964, and headquartered at Gerlingen, Germany; the company operates through four business segments, namely, Mobility Solutions, Consumer Goods, Industrial Technology, and Energy and Building Technology. The company offers variety of innovative solutions for connected mobility, smart cities, and connected manufacturing under IoT product offerings.
In automotive sector, the company provides products in different categories including connectivity solutions, driver assistance systems, automated driving solutions, interior and body systems, steering systems, and driving safety systems. With its subsidiaries and strong network of distribution, the company has its presence across Europe, Asia-Pacific and Americas
Popular Mentions: Rescale Inc., Dassault Systemes, Schneider Electric SE, ABB Ltd., and AVEVA Group plc
Authoritative Research on the Digital Twin Market – Global Opportunity Analysis and Industry Forecast (2019-2025)
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- Recent financial performance
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- Partnerships and acquisitions
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