Implementation of Digital Twins in the Manufacturing Industry

1. MarketsandMarkets Presents Implementation of Digital Twins in the Manufacturing Industry Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026 https://www.marketsandmarkets.com/Market-Reports/digital-twin-market-225269522.html

2. The global digital twin market size was valued at USD 3.1 billion in 2020 and is projected to reach USD 48.2 billion by 2026. It is expected to grow at a CAGR of 58% during the forecast period. Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market. Browse 97 market data Tables and 47 Figures spread through 177 Pages and in-depth TOC on "Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026"

3. Driver: Increasing demand for digital twins in healthcare and pharmaceutical industries due to out break of COVID-19 pandemic With the rapid spread of the novel coronavirus, the healthcare and pharmaceutical industries are at the forefront of combating COVID-19. Digital twin plays an important role in monitoring a patient’s health, the impact of tablets, and other parameters. Some of the industry players have grabbed the opportunity to fight against the coronavirus pandemic by providing different solutions. For instance, Exactcure (France), a French start-up developing a software solution to reduce medication errors, has developed a digital twin solution to lower the impact of inaccurately dosed medication. Through this digital twin solution, the efficacy and interactions of medications in the body of a patient based on their personal characteristics, such as age, gender, and kidney status, are monitored. Besides, the industry players are increasingly investing in research and development related to new daily life changes that have occurred due to the COVID-19 pandemic. For instance, the players are trying to develop a digital twin solution to identify people who have symptoms, are infected, or have recovered with antibodies and people who have come in contact with an infected person. By using such solutions, it will be easy for state or local governments to monitor green and red zones. Such solutions can be deployed in smart cities effectively. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225269522

4. Restraint:  Data security due to use of IoT and cloud platforms The implementation of digital technologies, such as the cloud, big data, IoT, and artificial intelligence, is increasing in various facets of businesses. Digital twin involves the integration of various IoT sensors and all the digital technologies for virtualizing the physical twin. With growing connectivity arises the risk of security, compliance & data protection, and regulations. Increasing occurrences of viruses and cyber-attacks have raised concerns regarding data security. Important information can be stolen by malicious viruses in computer systems, resulting in a major loss to the companies. Failure of IoT infrastructure providers and cloud platform providers in implementing proper security measures might lead to disruptions in the flow of information. The industries that have implemented digital twins with such platforms are prone to malware attacks that are targeted at industrial systems due to the increasing dependence on Web-based data interchange and off-the-shelf IT solutions. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=225269522

5. Opportunity:  Implementation of digital twins in the manufacturing industry to handle several issues due to the spread of COVID-19 Due to COVID-19, the industry players are facing many challenges related to health and safety, supply chain, supplier resilience, labor shortages, and others. To reopen a business, companies have to follow all the norms implemented by governments to curb the spread of COVID-19. In the current scenario, the industry manufacturers required is real-time visibility across corporate boundaries and down to the supply and demand chain. This can be done with the help of digital twin technology. The digital twin acts as a powerful digital shadow. They gather all the interrelating data sources from an asset’s entire lifecycle as its semantically defined, data-based virtualization. Challenge: Lack of awareness regarding cost benefit of the adoption of digital twins Companies do not have any specific plan for the implementation of digital twins for product management and have not made any significant investments yet. As the technology is new for many companies and requires significant changes, the companies are unclear about the economic benefits, investments involved, and the cost benefits in the near future. The determination of the potential of a digital twin is considered to be very complex and diverse, which further complicates the adoption of this technology.

6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

7. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/digital-twin.asp