Global digital twin market is a simulation model which mirrors a physical object, asset or system in the digital world. Digital twin technology is garnering significant popularity across various verticals including healthcare, manufacturing, oil & gas, aerospace and defense to optimize business operations. It provides real time operational intelligence to monitor asset performance, predict failures, improve productivity and reduce maintenance costs.

The global digital twin market is estimated to be valued at US$ 12.26 Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased adoption of Internet of Things (IoT) and cloud computing has been a major growth driver for the digital twin market. IoT enables connection of physical assets to digital counterparts, thereby generating real-time data which helps predict asset failures and improve maintenance planning. Cloud computing has enabled scalability of digital twins and facilitated collaboration between stakeholders across different locations. Rising focus on connected assets across industries has also propelled the need for digital twins. With benefits such as optimized cost structures and improved sustainability, the adoption of digital twins is expected to rise sharply over the coming years.

Segment Analysis
The global digital twin market can be segmented based on type, industry, and geography. By type, the digital twin software segment dominates as most companies are investing in developing software for design and simulation of plant floor operations. The software segment allows operators to monitor real-time performance, detect irregularities, optimize processes, and simulate various what-if scenarios which makes it popular.

Key Takeaways
The Global Digital Twin Market Size is expected to witness high growth in the forecast period driven by growing demand for virtual design and simulation across industries. The global digital twin market is estimated to be valued at US$ 12.26 Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

Regional analysis shows that North America currently dominates the market due to presence of major manufacturers. However, Asia Pacific region is witnessing fastest growth in the global digital twin market supported by rapid industrialization and increasing adoption of advanced technologies across manufacturing industries in developing countries. China dominates the Asia Pacific market holding around 35% share owing to strong focus of local players on incorporating digital twin solutions.

Key players operating in the digital twin market are Abbvie Inc. (Allergan Inc.), Episciences Inc., L'ORÉAL SA (SkinCeuticals International), and Pfizer Inc., among others.

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