According to IMARC Group latest report titled” Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global Digital Twin Market size reached a value of US$ 8.2 Billion in 2021. A digital twin is an accurate, virtual representation of physical objects, assets, and systems. It uses computer programs, real-time data, simulation, and machine learning (ML) tools that can be integrated with the internet of things (IoT) and artificial intelligence (AI) to replicate processes. A digital twin also employs sensors to produce data regarding the different aspects of the physical object, which are later relayed to a processing system and applied to the digital copy. This enables operators to manipulate the digital copy in working environments, run simulations, study performance issues, generate possible improvements, predict future performances, and make data-driven business decisions.
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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 widespread adoption of digital twin in the healthcare sector to change clinical processes and hospital management due to the evolving medical care requirements, especially during the coronavirus disease (COVID-19) pandemic, is majorly driving the market growth across the globe. In line with this, the rising product utilization in the pharmaceutical industry as an effective research and analytical tool to improve physical drug design during its development stages is acting as another growth-inducing factor. Additionally, the increasing need for predictive maintenance in the manufacturing sector has further led to the integration of industrial IoT with various digital technologies, such as digital twin and third-dimensional (3D) printing capabilities. This, in turn, is assisting manufacturers in designing complex products by providing access to historical data through AI and ML, thereby improving the operational efficiency and increasing revenue generation. Other than this, the growing partnerships and acquisitions between key players are projected to drive the market further. For instance, in 2021, Waylay, a Belgium-based IT-OT digital unification software company, partnered with Salesforce AppExchange, a US-based software company to launch its Waylay Digital Twin application, which is a Software as a Service (SAAS) platform for Salesforce business users. Looking forward, the market is expected to grow at a CAGR of 40.4% during 2022-2027.
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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.
AVEVA Group plc (Schneider Electric)
General Electric Company
International Business Machines Corporation
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 (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
We are updating our reports, If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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