Market Overview: Next Steps For Digital Twins
Joe Osborne
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Executive Summary
This report provides a strategic overview of the digital twin software application market for executives at firms that deliver digital twin projects. In this report, we outline what kinds of digital twins are available, highlight barriers that stunt the growth of the digital twin market and discuss the technologies that will supercharge it in the future. Dissecting the market into industries shows that digital twins are well-established in the oil and gas and infrastructure industries and are set to grow in the railways and power utility industries. We recommend that digital twin providers should educate their customers, leverage industry-specific expertise and build a strong partner network, in order to thrive.The Maturation Of Digital Twin Technology And Its Associated Benefits Will Drive Uptake
The Digital Twin Market Continues To Evolve And Grow
Digital Twins Cater To A Multitude Of Usage Scenarios Across The Asset Life Cycle
Digital Twins Create Value By Enhancing Real-Time Visibility And Delivering Insights Into The Future
The Second Wave Of Digital Twin Customers Will Be Powered By Experience And Innovations
Digital Twin Vendors Focus On Innovations To Bolster Their Value Proposition
Wisdom Gained From The Infrastructure And Oil And Gas Industries Will Trickle Down To Fuel Uptake Elsewhere
Digital Twin Providers Should Complete These Actions To Become More Competitive
Figure 2. The Use Of Digital Twins Throughout The Asset Life Cycle
Figure 3. How Digital Twins Create Value From Asset Data
Figure 4. 2020 Digital Twins For Industrial Facilities Market By Industry ($ Billion)
Figure 5. 2025 Digital Twins For Industrial Facilities Market By Industry ($ Billion)
About the Authors
Joe Osborne
Analyst
Joe is an Analyst in the Verdantix Operational Excellence practice. His research agenda focuses on covering industrial risk management technologies and the use of Digital Twin...
Malavika Tohani
Research Director
Malavika is a Research Director at Verdantix, guiding research that explores how digital technologies and services are reshaping industrial operations to become safer, more ef...
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