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Digital Twin Market
Growing demand for advanced technology for collecting and analyzing data in bulk by companies fuels the growth of the global digital twin market.
WILMINGTON, DELAWARE , UNITED STATES, February 19, 2024 /EINPresswire / -- According to a new report published by Allied market Research, titled, Digital Twin Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (System Digital Twin, Product Digital Twin, Process Digital Twin), by industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
The digital twin market was valued at $6.5 billion in 2021, and is estimated to reach $125.7 billion by 2030, growing at a CAGR of 39.48% from 2022 to 2030.
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A virtual machine that offers a real-time online version of a physical object or process is called a "digital twin." The performance of industrial assets is profiled, predicted, and optimised using simulation models, data, and intelligence. Because it enables automatic vehicle control and monitoring of industrial assets and processes like product development, design & manufacturing planning, investment performance management, business & operation optimization, and more, the digital twin is a crucial part of the Industrial Internet of Things.
The automotive and transportation industries' increasing demand for digital twin technology is anticipated to fuel market expansion over the forecast period. The digital twin, which facilitates continuous communication between product developers & designers, end users, and a number of other stakeholders in order to provide creative and efficient vehicles which can be digitally automated, is principally responsible for this increase. In the upcoming years, it is anticipated that these reasons would hasten the market's expansion for digital twins. Additionally, the prospective applications of the industrial internet of things are anticipated to increase demand for digital twin technology and propel digital twin market growth.
The use of digital twin as an advanced technology is anticipated to gain traction. Manufacturers in the industry currently require actual visibility across company boundaries and all the way back down the supply side chain. This is made possible by digital twin technology. The digital twin serves as a strong digital shadow. They collect all the interrelated data sources from an asset's entire lifecycle as semantically clearly delineated, information virtualization. A digital twin could be used to create twins of individual elements, assemblies, people, or a whole manufacturing facility. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
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The global digital twin market is analyzed across type, industry, and region. Based on type, the system digital twin segment contributed to more than half of the total market revenue in 2021, and is projected to lead the trail by 2030. The process digital twin segment, however, would exhibit the fastest CAGR of 40.74% during the forecast period.
Based on industry, the automotive & transportation segment contributed to more than one-fifth of the total market revenue in 2021, and is projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 40.89% during the forecast period.
Based on region, the market across North America held the major share in 2021, garnering nearly two-fifths of the global market. The Asia-Pacific region would also manifest the fastest CAGR of 41.64% throughout the forecast period.
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The key players operating in this market are ABB Group, ANSYS Inc., Accenture PLC, Bentley systems corporation,AVEVA Inc, Bosch, Oracle Corporation, Siemens AG, Rockwell Automation Inc, and Schneider Electric. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration, to enhance their market penetration.
Key Benefits for Stakeholders:
➡️ This study comprises analytical depiction of the digital twin market size along with the current trends and future estimations to depict the imminent investment pockets.
➡️ The overall digital twin market analysis is determined to understand the profitable trends to gain a stronger foothold.
➡️ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
➡️ The current market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency
➡️ Porter's five forces analysis illustrates the potency of the buyers and suppliers in the market.
➡️ The report includes the market share of key vendors and digital twin market trends.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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