(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 26, 2021, 02:44 /Comserve / -- Global Digital Twin Market is the virtual replica of a physical device used to run the simulations before deploying an actual device. Its development involves multiple IoT sensors that collect real-time data during
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
Global Digital Twin Market is the virtual replica of a physical device used to run the simulations before deploying an actual device. Its development involves multiple IoT sensors that collect real-time data during the product development phase, analyze it, and update themselves as per the working conditions. According to the MarkNtel Advisors' research report, 'Global Digital Twin Market Analysis, 2021,' the market is likely to grow at a CAGR of around 58% during 2021-26. The market growth attributes to the increasing adoption and deployment of connected technologies, such as cloud computing, IoT, and machine learning. Usage of a Digital twin by various sectors like healthcare & aviation has increased as it helps design a better product. Further, the surging need for optimized products and rapid digitization is likely to provide a lucrative opportunity to drive the market.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Global Digital Twin Market Future Growth, and Revenue Forecast, (2021-2026)
Impact of COVID-19
With the outbreak of the COVID-19 pandemic, the Digital Twin market growth is likely to witness a downfall due to a halt in the simulation process to implement the virtual model. However, technologies like Artificial intelligence, IoT, and Augmented reality are likely to contribute to the address continuously evolving challenges. The rising demand for digital twins in the healthcare and pharmaceutical industry for monitoring patients' health or identify the impact of the medicine has created new opportunities for the growth of the market.
Automotive & Transportation Exhibits Fastest Growth
Based on End-User, the Automotive & transportation segment is likely to witness the fastest growth during the forecasted period owing to the high demand for connected vehicles. The digital twin, installed in the automotive sector to create the virtual model, analyze vehicle's behavioral data & evaluate overall performance. The technology can provide customized service and digitalize end-to-end operations of the industry, thereby increasing the revenue of the digital twin market, reveals MarkNtel Advisors in their research report, 'Global Digital Twin Market Analysis, 2021.'
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The Final Report will cover the impact analysis of COVID-19 on this industry: Global Digital Twin Market Future Growth, and Revenue Forecast, (2021-2026)
Product Design and Development Accounted for the Largest Market Share
Based on the Application, Product Design & Development acquired the largest market share in the Global Digital Twin market in 2019 due to high demand for enhancing the product performance, detect the fault at the initial stage to avoid unplanned downtime, and predict an accurate outcome. Digital twins help accelerate the product designing process, thereby reducing the time-to-market new product; hence, providing dynamic opportunities to drive the growth of the digital twin market across the world.
North America Dominates the Global Digital Twin Market
Based on the region, North America dominated the Global Digital Twin market in 2019 and is likely to maintain its leading position during the forecast period due to developed IT infrastructure and outstanding technology that support the market. Among all the North American countries, the US accounted for the largest market share owing to the supportive policies that enforce the organizations to protect their data and information from the cyberattack. Thus, the increasing demand for adopting Digital Twins in companies leads to a surge in the revenue of the digital twin market.
Surging Demand for Digital Twin in Healthcare Sector due to COVID-19 Pandemic
Most End-users were adversely affected due to the outbreak of the COVID-19 pandemic. However, the high demand for identifying people who have symptoms, are infected, have recovered, and those who met an infected person has created a new opportunity for market players to develop a digital twin solution to tackle the problem. Thus, contributing lucrative opportunities to drive the growth of the digital twin market.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the Global Digital Twin market are Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., ANYSYS, Inc., Oracle Corporation.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Digital Twin Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Digital Twin Market?
TABLE OF CONTENT
1. Introduction
1.1. Research Process
1.2. Assumption
1.3. Market Segmentation
1.4. Market Definition
2. Executive Summary
3. Expert Verbatim- What our Experts Say?
4. Global Digital Twin Market Outlook, 2016- 2026F
4.1. Market Size and Analysis
4.1.1. By Revenues
4.2. Market Share and Analysis
4.2.1. By Type
4.2.1.1. Parts Twin
4.2.1.2. Product Twin
4.2.1.3. Process Twin
4.2.1.4. System Twin
4.2.2. By Technology
4.2.2.1. DTS-Si
4.2.2.2. Predix
4.2.2.3. APDV
4.2.2.4. Other
4.2.3. By Application
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