New ARC Advisory Group research on the digital twin software market reveals several converging growth drivers. Infusion of industrial AI continues to improve business processes, simplify work processes, and scale technology. Industrial AI is being leveraged in various areas, including engineering simulation, product design, and asset management. 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.
"Although supply chain disruptions and raw material challenges continued to disrupt projects, market conditions continued to accelerate digital transformation and digital twin usage due to operation initiatives from everywhere —remotely and on-site. Manufacturers continue to seek ways to maintain operations with operational resilience that can deal with new challenges quickly. There were many production issues, supply chain disruptions, and raw material challenges, many of which were resolved by digital twins," 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 report also addresses key market trends as follows:
- APC for Sustainability
- Building Information Modeling
- Collaboration and Data Exchange beyond the Plant
- Collaborative Workers Across the Enterprise from Anywhere
- Emergence of Comprehensive and Multi-Functional Simulation Platforms
- Enabling Cross-discipline Collaboration
- Engineering Design Software
- Finding Ways to Grow in Challenging Times
- New SaaS Subscription and Remote Services
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, plus five-year market forecasts. The research segmentation includes Overall Scope, World Region, Revenue Category, Industry, Function, Customer Tier, Sales Channel.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- MIRA Service: An annual subscription service that provides a unique online environment to each customer, together with all the necessary user interface apps and datasets. MIRA 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.
- Concise Market Analysis Report (PDF): This wide-screen presentation format provides executives, business unit managers, and other users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
- Market Intelligence Workbook (Excel Power Pivot, sold with Market Analysis Report PDF): A standard Excel Workbook, including base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate data, making it easier to analyze the latest data for business intelligence and generate custom reports.
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