Digital Twin Market is estimated to be US$ 260.77 billion by 2030 with a CAGR of 56.3% during the forecast period
Digital Twin Market accounted for US$ 3.1 billion in 2020 and is estimated to be US$ 260.77 billion by 2030 and is anticipated to register a CAGR of 56.3%. A virtual model of a process or a digital duplication of a living or non-living physical entity is known as a digital twin. Vehicles, aircraft engines, and humans are all examples of objects that can be recreated utilizing digital twin technology. A digital twin can also be described as a digital profile of a process or physical object’s current and historical state. This virtual representation provides the dynamics and elements of how an IoT device lives and operates. The digital twin can offer the location, condition, and/or status of physical assets in real time thanks to continuous learning and upgrades. Organizations can monitor systems, establish plans, and predict problems before they happen because to this marriage of the physical and digital worlds.
The report " Global Digital Twin Market, By Application (Product Design, Manufacturing Process Planning, and Others), By Vertical (Natural Resources, Manufacturing, Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others (Automotive and Oil and Gas)), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis, and Forecast till 2029’’
Key Highlights:
· In August 2021, Matterport, Inc.,the leading spatial data company driving the digital transformation of the built world, today announced the open beta launch of Notes, a conversational, real-time team collaboration, communication and file sharing tool directly inside Matterport digital twins.
· In August 2021, Beijing conducted the 29th orbital launch of the year by blasting off twin satellites to boost its remote sensing and mapping capabilities. China launches twin satellites capable of creating 3D maps in space. The Long March 4B lifted off from the Taiyuan launch center to deploy the twin satellites in the near-polar orbit around 500 kilometers above the planet.
Analyst View:
Global industries have achieved a tremendous technological transformation due to the linkage between the digital and physical worlds. Digital twin technology has played an important role in enhancing this convergence. The target market's growth is being fueled by rising technology demand in a variety of industries, including energy and utilities, consumer products, and transportation. The concerns associated with data security for developing digital twins, on the other hand, are impeding the target market's growth. However, it is expected that digital revolution in the healthcare business will generate a dynamic growth potential for the target market
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Key Market Insights from the report:
The Global Digital Twin Market accounted for US$ 3.1 billion in 2020 and is estimated to be US$ 260.77 billion by 2030 and is anticipated to register a CAGR of 56.3%. The Global Digital Twin Market is segmented based on the application, vertical and region.
· By Application, the Global Digital Twin Market is segmented into Product Design, Manufacturing Process Planning, and Others.
· By Vertical, the market is segmented into Natural Resources, Manufacturing, Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others (Automotive and Oil and Gas).
· By Region, the Global Digital Twin Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America holds the largest share in the digital twin market.
Competitive Landscape:
The key players operating in the global Digital Twin market include General Electric Company, PTC, Inc., Siemens AG, SAP SE, Alphabet Inc., Dell Inc., Cisco Systems, Inc., Robert Bosch GmbH, Microsoft Corporation, International Business Machines Corporation, and ANSYS, Inc..
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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