The global digital twin market size is expected to reach USD 106.26 Billion at a steady CAGR of 54.7% in 2028, according to latest analysis by Emergen Research. Steady digital twin market revenue growth can be attributed to growing adoption of IoT in industries and increasing use of digital twin technology for monitoring, tracking, and controlling industrial systems.
Digital twin technology provides real-time production and asset visibility to identify obstructions to streamline flow of operations and enhance product development. The technology is witnessing high demand due to increasing acceptance of Industry 4.0 as use of digital twins to delivers a complete insight about equipment health, thereby enabling companies to instantly recognize anomalies in operations flow. Also, deploying digital twin helps in proactive planning of maintenance and spare part replacement to reduce time-to-service and prevent cost-prohibitive asset failures.
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Global Digital Twin Market research report offers a panoramic view of the Digital Twin Market, regulatory framework, and macro- and micro-economic factors that influence the growth of the industry. The report strives to offer authentic information about the Digital Twin Market size, share, product portfolio, revenue estimations, and growth rate. The report has been formulated through extensive primary and secondary research along with verified and reliable data obtained from industry experts and professionals.
Key players in the market include Microsoft Corporation, Oracle Corporation, IBM Corporation, PTC Inc., Ansys Inc., General Electric Company, SAP SE, Siemens AG, Hexagon AB, and Aveva Group PLC.
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Emergen Research has segmented the global Digital Twin market on the basis of type, technology, application, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
Process Digital Twin
Product Digital Twin
System Digital Twin
Technology Outlook (Revenue, USD Billion; 2018–2028)
Internet of Things
Artificial Intelligence & Machine Learning
Blockchain
Big Data Analytics
Virtual Reality, Augmented Reality, and Mixed Reality
5G
Application Outlook (Revenue, USD Billion; 2018–2028)
Automotive
Healthcare
Aerospace & Defense
Retail
Energy & Utilities
Telecommunication
Agriculture
Others
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Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Outlook of Digital Twin Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
Key Features of the Digital Twin Market Report:
The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats
The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares
Evaluation of key current and emerging market trends and growth prospects
It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth
Brief overview of industry with regards to research and development, technological advancements, and product development
In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario
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