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Digital Twin Market Report
The Digital Twin Market is Segmented by Technology Type (IoT & IIot, Blockchain, Artificial Intelligence and Machine Learning, Augmented Reality, Virtual Reality, and Mixed Reality; Big Data Analytics, and 5G), by Digital Twin Type (Product Digital Twin, Process Digital Twin, and System Digital Twin), by Industry Type ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Digital twin market is likely to grow at an impressive CAGR of 42.3% during the forecast period. Advancements in technologies and increasing adoption of digital twin in various industries are the major factors driving the growth of the digital twin market.
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Digital Twin Market - Snapshot |
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Growth |
42.3% for the next five years |
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Major Digital Twin Type |
System Digital Twin |
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Dominant Industry Type |
Automotive & Transportation |
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Region with the highest demand |
North America |
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Key Players |
Ansys, General Electric, IBM, Microsoft Corporation, Oracle, PTC, Robert Bosch, SAP, Siemens AG, and SWIM AI Alubond U.S.A. |
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Based on the digital twin type, 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 system digital twin is a combination of both, product and process, and either of the tasks can be performed by system type.
Based on the industry type, the digital twin market is segmented as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. The automotive & transportation segment leads the market owing to its usage for designing, production, simulation, maintenance, repair, overhaul, and after service. The automotive & transportation industry has adopted this technology since a long time which is also a major reason for the dominance of this segment.
Digital Twin Market Share: By Region
In terms of regions, North America is estimated to be the largest, whereas Asia-Pacific is estimated to be the fastest-growing digital twin market during the forecast period, owing to highly developed infrastructure in North America and 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.
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Digital twin is a digital replica of a non-living or living physical object. It continuously updates and learns itself from multiple sources to represent its near real-time status, working condition or position.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Digital Twin Market Research Report - Features |
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Market Segmentation |
4 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The digital twin market is segmented into the following categories.
Some of the major digital twin manufacturers are-
?This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].
The digital twin market is expected to witness an impressive growth of 42.3% CAGR in the foreseeable future.
Ansys, General Electric, IBM, Microsoft Corporation, Oracle, PTC, Robert Bosch, SAP, Siemens AG, and SWIM AI Alubond U.S.A. are among the key players in the Digital Twin Market.
North America is expected to remain the largest market for digital twin during the next five years.
The system digital twin segment is expected to remain dominant in the digital twin market.
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