Digital Thread Market By Type (Parts and System), By Application (Aerospace & Defense, Automotive & Transportation, Manufacturing, Energy & Utilities, and Others), By Sales Channel (OEMs and Aftermarket) – Global Analysis & Forecast 2020-2030
Report ID : 397 | Published Date : Sep 2020 | Pages : 180 | Region : Global | Report Code : ICT-41
Digital Thread Market Overview and Introduction
Digital thread and digital twin concepts are implemented to provide enhanced customer-centric involvements that are powered by digital methodologies. The concepts of the digital thread and digital twin have been adopted extensively by the military aircraft industry in their desire to improve the performance of future programs. They apply lessons learned through these digital technologies to current and upcoming programs. A digital thread denotes the communication agenda that permits the integrated view and connected flow of data assets throughout the lifecycle and across traditionally structured functional perceptions.
A digital thread refers to the communication framework that allows a connected data flow and an integrated view of the asset’s data throughout its lifecycle across traditionally siloed functional perspectives. The digital thread concept raises the bar for delivering the right information to the right place at the right time. These factors significantly boost the digital thread market share over the projected timeframe.
The digital market can be segmented into the following categories –By Type, By Application, By Sales Channel, and By Region.
Digital Thread Market By Type
Based on the type, the digital thread market can be segmented into parts and systems. The parts segment is anticipated to account for the largest share in the digital thread market over the forecasted timeframe. The rise of the segment is due to several drivers such as the concept of digital thread and digital twin gaining widespread importance in the aerospace & defense industry.
Digital Thread Market By Application
Based on the application, the digital thread market can be segmented into aerospace & defense, automotive & transportation, manufacturing, energy & utilities, and others. Aerospace & defense dominated the share size in the digital thread market. The rise of this segment can be attributed to the deployment of weaving digital threads that require a joint effort from business and IT functions. Moreover, data collaboration is also an important aspect of data ownership for Original Equipment Manufacturers (OEMs), airlines, and supply chain partners.
Digital Thread Market By Sales Channel
Based on the sales channel, the digital thread market can be segmented into Original Equipment Manufacturers (OEMs) and aftermarket. The OEMs segment is anticipated to hold the highest market share and will continue to dominate the market share over the coming years.
Digital Thread Market By Region
Based on the region, the digital thread market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America holds a major market share in the digital thread market due to the presence of major industry players in the region such as Oracle Corporation, PTC, IBM Corporation, and General Electric. The Asia Pacific region is anticipated to grow at the highest CAGR due to the presence of developing countries and the increasing number of global players across the region.
Digital Thread Market Prominent Players
Some of the prominent players in the digital threads market across the globe are General Electric, PTC, Siemens, Dassault Systems, IBM Corporation, ANSYS, Microsoft Corporation, Oracle Corporation, SAP SE, and Robert Bosch GmbH, among others. As of 2017, the top three players in the digital market contributed to approximately 70% of the total market share.