Digital Twin Market to Exhibit a Remarkable CAGR of 54.7% by 2028 | Industry Trends, Strategies, Size, Share and Regional & Global Analysis

Digital Twin Market

According to the recent analysis by Emergen Research, the size of the global market for digital twins is predicted to reach USD 106.26 billion in 2028 at a consistent CAGR of 54.7 percent.

The growing acceptance of IoT in businesses and the rising use of digital twin technology for monitoring, tracking, and controlling industrial systems are both contributing to the steady revenue growth of the digital twin market. Digital twin technology offers real-time asset and production visibility to spot roadblocks, improve product development, and optimise operational flow.

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The technology is in great demand as a result of Industry 4.0’s growing recognition as a method for using digital twins to give a thorough understanding of equipment health and enable businesses to quickly identify irregularities in the way operations are carried out. Deploying digital twins also aids in proactive planning of maintenance and spare component replacement to shorten time to service and avoid asset breakdowns that would be prohibitively expensive.

Competitive Terrain:

The Global Digital Twin Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.

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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Key Highlights from the Report:

For the use of Shell’s structural digital twin technology, Akselos and Shell agreed into an enterprise framework agreement in December 2020 that was valid for three years. The arrangement is meant to assist Shell teams across the globe with asset life extension, design, and process across oil and gas portfolios.

A process digital twin provides in-the-moment insight into how several manufacturing facility components work together. Individual operational units may produce too quickly throughout a production process, resulting in an excess of some parts and raising storage costs or posing other logistical difficulties.

By enabling in-process study of operational performance, Process Digital Twin uses artificial intelligence, mixed reality, and high-speed computing to optimise equipment as well as the entire production process.

By recording operational and behavioural data from the car and using it to create a virtual model of a connected vehicle, digital twin is used in the automobile industry to analyse the overall performance of the vehicle as well as its connected capabilities. Additionally, digital twins in the automotive industry assist in offering specialized/personalized customer services.

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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About Us:

At Emergen Research, we believe in advancing with technology. We are growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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