The global digital twin market size is expected to reach USD 106.26 Billion at a steady CAGR of 54.7% in 2028, according to latest analysis by Emergen Research. Steady digital twin market revenue growth can be attributed to growing adoption of IoT in industries and increasing use of digital twin technology for monitoring, tracking, and controlling industrial systems. Digital twin technology provides real-time production and asset visibility to identify obstructions to streamline flow of operations and enhance product development. The technology is witnessing high demand due to increasing acceptance of Industry 4.0 as use of digital twins to delivers a complete insight about equipment health, thereby enabling companies to instantly recognize anomalies in operations flow. Also, deploying digital twin helps in proactive planning of maintenance and spare part replacement to reduce time-to-service and prevent cost-prohibitive asset failures.
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Digital Twin market Solution Insight:
In the automotive sector, digital twin finds application in creating a connected vehicle’s virtual model by capturing the vehicle’s operational and behavioral data and aids in analyzing the complete performance of vehicle, along with connected capabilities. Also, digital twin in automotive helps in providing customized/personalized customer services.
Digital twin market in North America contributed largest revenue share to the global market in 2020, attributed to high adoption of advanced technologies, rising adoption of industry 4.0 in the manufacturing sector, and increasing demand for IoT in healthcare and automotive sectors. Additionally, robust presence of leading providers of digital twin technology in the region is causative of steady market growth.
Key players in the market include Microsoft Corporation, Oracle Corporation, IBM Corporation, PTC Inc., Ansys Inc., General Electric Company, SAP SE, Siemens AG, Hexagon AB, and Aveva Group PLC.
Key Questions Answered in the Report:
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Emergen Research has segmented the global digital twin market on the basis of type, technology, application, and region:
Regional Analysis Covers:
The report is an investigative study of the technological developments and product advancements, along with a regional analysis for each product and application offered in the market. The fundamental objective of the report is to give an insight into the workings of the Digital Twin industry. It provides an accurate and strategic outlook of the market with a thorough assessment of the segments and sub-segments of the market. It provides a panoramic view of the industry to offer a deeper understanding of the global industry.
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Digital Twin Market Segmentation & Impact Analysis
4.1. Digital Twin Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Growing adoption of IoT
4.2.2.2. Rising demand for digital twin in healthcare
4.2.2.3. Increasing demand for big data analytics
4.2.2.4. Rapid adoption of industry 4.0
4.2.3. Market restraints analysis
4.2.3.1. Concern about data security
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Digital Twin Market By Type Insights & Trends, Revenue (USD Billion)
5.1. Type Dynamics & Market Share, 2021 & 2028
5.1.1. Process Digital Twin
5.1.2. Product Digital Twin
5.1.3. System digital Twin
Chapter 6. Digital Twin Market By Technology Insights & Trends, Revenue (USD Billion)
6.1. Technology Dynamics & Market Share, 2021 & 2028
6.1.1. Internet of Things
6.1.2. Artificial Intelligence & Machine Learning
6.1.3. Blockchain
6.1.4. Big Data Analytics
6.1.5. Virtual Reality, Augmented Reality, and Mixed Reality
6.1.6. 5G
CONTINUE…!
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