Digital Twin Market is expected to reach US$ 92.44 Billion in 2028, growing at a CAGR of 44% during 2022- 2028, reports Stratview Research.
Raipur, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Digital Twin Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
Click here to get the free sample pdf:
https://www.stratviewresearch.com/Request-Sample/934/digital-twin-market.html#form
How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Digital Twin Market is driven by a host of factors, some of which are noted below:
- Advancements in technologies.
- Increasing adoption of the digital twin in various industries.
- Integration of digital twin technology with technologies, such as Artificial Intelligence (AI), IoT and cloud computing.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Digital Twin Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- By Technology Type (IoT & IIot, Blockchain, Artificial Intelligence and Machine Learning, Augmented Reality, Virtual Reality, and Mixed Reality, Big Data Analytics, 5G)
- By Digital Twin Type (Product Digital Twin, Process Digital Twin, System Digital Twin)
- By Industry Type (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities and Others)
- By Region (Rest of the World, Asia-Pacific, Europe, and North America)
Digital Twin Market Insights
Market Trends by Digital Twin Type
The process segment is expected to grow at the fastest rate, with a CAGR of more than 39%.
The market is segmented as product digital twin, process digital twin, and system digital twin. The system digital twin segment is expected to remain dominant during the next five years due to increasing demand for digital systems in various industries, as the system digital twin is a combination of both, product and process, and either of the tasks can be performed by system type.
Market Trends by Industry Type
The automotive & transportation segment leads the market owing to its usage for designing, production, simulation, maintenance, repair, overhaul, and after service. In 2021, the automotive and transportation segments will account for more than 18.5% of the market.
The digital twin market is segmented as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. The automotive & transportation industry has adopted this technology for a long time which is also a major reason for the dominance of this segment.
Which region offers the best opportunity and growth?
North America is estimated to be the largest, whereas Asia-Pacific is estimated to be the fastest-growing, with a CAGR of more than 42% in 2021, owing to the highly developed infrastructure in North America and the presence of a large number of digital twin providers in the region. The USA is not only a major country in North America but also in the world. China and India are the growth engines of the Asia-Pacific region.
Asia Pacific is expected to grow at the fastest rate, with a CAGR of more than 42% in 2021.
COVID-19 Impact on the Digital Twin Market
The COVID-19 pandemic has positively impacted the global digital twin market. During the pandemic, major manufacturers used a variety of strategies to increase their market share in the broader marketplace, including product launches, product improvements, and R&D spending.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/934/digital-twin-market.html#form
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
- Ansys
- General Electric
- IBM
- Microsoft Corporation
- Oracle
- PTC
- Robert Bosch
- SAP
- Siemens AG
- SWIM AI Alubond U.S.A.
What deliverables will you get in this report?
- In-depth analysis of the Digital Twin Market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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About us –
Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customisation of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.
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