According to IMARC Group latest report titled” Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The Global Digital Twin Market reached a value of US$ 8.2 Billion in 2021. A digital twin refers to a virtual representation of a physical asset, process or system. It operates using sensors and real-time and chronological data to predict performance and anticipate system failures. The sensors collect data in the product development phase and generate insights regarding its performance. The digital twin also provides enhanced reliability and accessibility through monitoring and modeling of an existing system to improve the overall operational efficiency. As a result, it is extensively used across automotive, aerospace, telecommunication, healthcare and transportation industries.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global digital twin market is primarily being driven by significant growth in the manufacturing industry. Digital twins are widely used in the manufacturing process to monitor and determine production processes and indicate repairs or maintenance of a product. Moreover, various technological advancements, such as the integration of artificial intelligence (AI) and the Internet of Things (IoT) enabled sensors and cloud-based and 3D printing technologies, are favoring the market growth. They are widely used to enhance productivity, identify errors and calculate the data gathered for enhanced operational efficiency. Other factors, including the adoption of the digital twin in the automotive industry for designing, manufacturing and after-service processes, along with the increasing demand for effective solutions to analyze real-time and predictive data, are creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- ABB Ltd
- Accenture Plc
- ANSYS Inc.
- AVEVA Group plc (Schneider Electric)
- Cal-Tek Srl
- Cityzenith
- Dassault Systèmes
- General Electric Company
- International Business Machines Corporation
- Microsoft Corporation
- PTC Inc.
- SAP SE
- Siemens AG
Digital Twin Market Segmentation:
Our report has categorized the market based on region, type, technology and end use industry.
Breakup by Type:
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
Breakup by Technology:
- IoT and IIoT
- Blockchain
- Artificial Intelligence and Machine Learning
- Augmented Reality, Virtual Reality and Mixed Reality
- Big Data Analytics
- 5G
Breakup by End Use:
- Aerospace and Defense
- Automotive and Transportation
- Healthcare
- Energy and Utilities
- Oil and Gas
- Agriculture
- Residential and Commercial
- Retail and Consumer Goods
- Telecommunication
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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