NEW YORK, DECEMBER 22, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of “Global Digital Twin Market, by Type, by Technology, by Application, by End User, by Region, Competition and Opportunity Forecast, 2026” – https:// www.reportlinker.com/p05778901/?utm_source=GNW
The global digital twin market reached $5.715 billion in 2020 and is expected to grow at a CAGR of 33.28% during the forecast period 2022-2026. The manufacturing industry is one of the major revenue generating industries worldwide. Raising awareness of the benefits of using automation technology and integrating new technologies such as cloud computing and analytics, machine learning, artificial intelligence, and blockchain into the production process to amplify production volumes is fueling the adoption of dual digital technology in the manufacturing industry. Robots, advanced sensors and the use of embedded software aimed at collecting data in real time to allow data analysis and monitoring to make intelligent decisions during the production process, is spreading the adoption of dual digital technology in manufacturing industries. Advances in virtual reality (VR) and augmented reality (AR), and the rise in the adoption of digital duplexes in supply chain management are expected to boost demand in the global digital twin market.
However, less awareness of the cost benefits of adopting digital twin technology and the lower availability of a skilled workforce may constrain the growth of the global digital twin market in the next five years.
The global digital twin market can be segmented based on type, technology, application, end user, and region, and on the basis of regional analysis, the Asia Pacific region is expected to experience the fastest progressive growth in the next five years.
The high penetration of the Internet and the increase in advanced consumer electronics in the region is driving the demand for implementing advanced technologies to enhance product sales. Favorable government policies for developing countries like India aim to enhance ICT infrastructure and take initiatives for acceleration of digital transformation and building of smart cities is expected to create significant growth opportunities for the digital twin market in the region.
The development of a digital healthcare system to amplify living standards and provide high quality healthcare services promotes the adoption of dual digital technology in the healthcare sector.
Dassault Systems Inc, PTC Inc, Siemens AG, General Electric Company, Aveva Inc., Oracle Corporation, Microsoft Corporation, IBM Corporation, Honeywell International Inc. ABB Group, Rockwell Automation, Swim.ai, Inc., Bentley Systems, Incorporated, Bosch Rexroth AG are the major players operating in the global digital twin market.
Years considered in this report:
Historic years: 2016-2019
Year of foundation: 2020
Estimated year: 2021
Forecast period: 2022-2026
Aim of the study:
• To analyze the historical growth in market size of the global Digital Twin market from 2016 to 2020.
• To estimate and forecast the market size of the global digital twin market from 2021 to 2026 and the growth rate until 2026.
• To categorize and forecast the global digital twin market on the basis of type, technology, application, end-user, company, and regional distribution.
• Define the dominant region or segment in the global digital twin market.
• Identify drivers and challenges facing the global digital twin market.
• Studying competitive developments such as expansions, new product launches, mergers and acquisitions, etc., in the global digital twin market.
• Identifying and analyzing the key profiles of the leading players operating in the global digital twin market.
• Identification of key sustainable strategies adopted by market players in the global digital twin market.
The analyst conducted primary research as well as comprehensive secondary research for this study, and initially, the analyst provided a list of providers around the world.
Then, the analyst conducted preliminary research surveys with the selected companies, and while conducting the interviews, the respondents also inquired about their competitors.
Through this technique, the analyzer can include providers that cannot be identified due to limitations of secondary search. The analyst examined the service providers, distribution channels, and presence of all the major players across the globe.
The analyst has calculated the market size of the global Digital Twin market using a top-down approach, in which data for the different end user segments has been recorded and forecast for the coming years. The analyst obtained these values from industry experts and company representatives and externally validated them by analyzing historical data of these products and applications to get a suitable total market size.
The analyst also studied various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports.
Main target audience:
• Providers / distributors of dual digital services
• Market research and consulting firms
• Governmental bodies such as regulators and policy makers
• Organizations, forums and alliances related to the digital twin
The study is useful in providing answers to many important questions of interest to industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them to strategize for investments and take advantage of market opportunities.
Scope of the report:
In this report, the global digital twin market has been segmented into the following categories, as well as industry trends which are further detailed below:
• Digital Twin Market, by Type:
• Digital Twin Market by Technology:
o Internet of Things
o Artificial intelligence and machine learning
o Big data analytics
o Extended Reality
• Digital Twin Market by Application:
o Manufacturing process planning
o Product Design
o Predictive maintenance
• Digital Twin Market, By End User:
o Cars and transportation
o Health care and life sciences
o Energy and utilities
o Aviation and Defense
• Digital Twin Market, by Region:
o North America
United States of America
o Asia Pacific
o Middle East and Africa
The United Arab Emirates
Kingdom Saudi Arabia
o South America
Company Profiles: Detailed analysis of the major companies present in the global Digital Twin Market.
With market data provided, we provide customizations according to the company’s specific needs. The following customization options are available for the report:
• Detailed analysis and characterization of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p05778901/?
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