(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Digital Twin Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Twin Market products.
Kenneth Research has published a detailed report on Digital Twin Market, which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025.
By Application (Manufacturing Process Planning, Product Design), End User (Automotive, Aviation, Chemical, Healthcare, Oil & Gas, Transportation), and Regional Market Size, Status and Forecast to 2025
The Global Digital Twin Market was valued at USD 1.86 billion in 2016 and is projected to reach USD 32.36 billion by 2025, growing at a CAGR of 37.35% from 2017 to 2025.
Digital twin refers to a digital replica of physical assets, processes and systems that can be used for various purposes. A digital twin continuously learns and updates itself from multiple sources to represent its near real-time status, working condition or position. Benefits of using digital twin includes – reduce product defects and production costs, shorten time to market, extend the life of equipment and assets, efficient production control, optimization of operability, manufacturability and sustainability, continuous refinement of designs and models, and early discovery of system performance deficiencies.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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1. Market Drivers
1.1 Technological enhancements in the field of virtual and augmented reality to enhance visualization of a digital twin
1.2 Rising demand of digital twin technology in the automobile and aerospace industries
1.3 3D printing and 3D simulation software boosting the adoption of digital twins in manufacturing and supply chain management
1.4 Increasing use of IIOT for design and manufacturing
1.5 Increasing adoption of IoT and cloud platforms
1.6 Reduction in the time and cost of production
2. Market Restraints
2.1 Lack of technical expertise
2.2 Poor awareness about cost benefits of the adoption of digital twins
2.3 Data security concerns due to the use of IoT and Cloud platforms
The Global Digital Twin Market is segmented on the application, end user, and region.
1. By Application:
1.1 Manufacturing Process Planning
1.2 Product Design
2. By End User:
2.5 Oil & Gas
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Siemens AG
2. Dassault Systemes
3. PTC, Inc.
4. Robert Bosch GmbH
5. IBM Corporation
6. Oracle Corporation
7. General Electric
8. SAP SE
9. Microsoft Corporation
10. ANSYS, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Digital Twin Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players.
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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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