According to IMARC Group latest report titled “Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on digital twin market research report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global digital twin market reached a value of US$ 10.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 54.6 Billion by 2027, exhibiting at a CAGR of 31.7% during 2022-2027.
Digital twins incorporate artificial intelligence (AI), big data, machine learning (ML), and the internet of things (IoT) to gather critical information from a wide range of business aspects into one place. As a virtualized dynamic representation, it provides the digital equivalent of a real-time process or object to perform predictive analysis of the system or equipment. In addition to this, they help mitigate business failures, increase flexibility, and determine the feasibility of physical prototypes prior to their rollout.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The market is primarily driven by the increasing product demand across a wide range of end-use industries, including automotive, energy and power, aerospace, and defense. This can be attributed to the rapid digitization across numerous industry verticals. The extensive adoption of predictive maintenance applications in numerous businesses is also fueling the market growth. Additionally, the growing trend of cloud computing, the advent of industry 4.0, and the adoption of 5G network are some of the other factors creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- ABB Ltd
- Accenture Plc
- ANSYS Inc.
- AVEVA Group plc (Schneider Electric)
- Cal-Tek Srl
- Dassault Systèmes
- General Electric Company
- International Business Machines Corporation
- Microsoft Corporation
- PTC Inc.
- SAP SE
- Siemens AG
Digital Twin Market Segmentation:
Our report has categorized the market based on region, type, technology and end use industry.
Breakup by Type:
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
Breakup by Technology:
- IoT and IIoT
- Artificial Intelligence and Machine Learning
- Augmented Reality, Virtual Reality and Mixed Reality
- Big Data Analytics
Breakup by End Use:
- Aerospace and Defense
- Automotive and Transportation
- Energy and Utilities
- Oil and Gas
- Residential and Commercial
- Retail and Consumer Goods
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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