New ARC Advisory Group research on the Digital Twin market reveals that several drivers are converging to drive growth. Infusion of industrial AI in the industry continues to improve business processes, simplify work processes, and scale technology. Industrial AI is being leveraged in various different areas including engineering simulation, product design, and asset management. Industrial AI is helping users simplify and bring in improvements throughout different stages across the entire asset lifecycle. Competitive pressures drive the need for improvements to engineering design and operations to optimize the performance of equipment. They face challenges to simplify supply chains, reduce downtime, lower operating expenses, optimize energy consumption, and increase value to compete more effectively in the global market. These fundamental pressures on asset owners will continue to drive growth in field service and the related software applications.
"The newer advanced technologies available today have helped push the limits to go beyond reactive maintenance, which often involved unacceptably long downtime. Advanced digital twins using artificial intelligence (AI) help owner/operators and service providers bring in transformational advances in design, operations, and maintenance to improve overall business performance," according to Peter Reynolds, Contributing Analyst and key author of ARC's Digital Twin Software Market Research.
Digital Twin Software Market Trends
In addition to providing detailed competitive market share data, the research also addresses key market trends as follows:
- Engineering Design Software
- Building Information Modeling
- APC for Sustainability
- Emergence of Comprehensive and Multi-Functional Simulation Platforms
- Enabling Cross-discipline Collaboration
Leading Suppliers to the Digital Twin Software Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: Aspen Technology, AVEVA, Bentley Systems, Hexagon, Siemens.
About the Digital Twin Software Research
The Digital Twin Software research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, five-year market forecasts, and one year of historical analysis. The segmentation includes Industry, World Region, Sales Channel, Revenue Category, Customer Tier, Function, Overall Scope.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. ARC's Market Data Service (MDS) is an annual subscription service that provides a unique online environment to each customer, together with all the necessary user interface apps and datasets. MDS unlocks the full benefits of ARC’s time-tested market intelligence by leveraging the latest analytical tools and technologies to allow you to make more actionable, real-time business decisions. Interactive access to ARC’s qualitative analysis is displayed in context with up-to-date market data, allowing clients to develop customized views of the market to best suit their needs. ARC continues to offer our traditional static Market Reports as a PDF.
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