Digital Twin Market is estimated to be US$ 260.77 billion by 2030 with a CAGR of 56.3% during the forecast period
Digital Twin Market accounted for US$ 3.1 billion
in 2020 and is estimated to be US$ 260.77 billion by 2030 and is anticipated to
register a CAGR of 56.3%. A virtual model of a process or a digital
duplication of a living or non-living physical entity is known as a digital
twin. Vehicles, aircraft engines,
and humans are all examples of objects that can be recreated utilizing digital
twin technology. A digital twin can also be described as a digital profile of
a process or physical object’s current and historical state. This virtual
representation provides the dynamics and elements of how an IoT device lives
and operates. The digital twin can offer
the location, condition, and/or status of physical assets in real time thanks
to continuous learning and upgrades. Organizations can monitor systems,
establish plans, and predict problems before they happen because to this
marriage of the physical and digital worlds.
The report " Global
Digital Twin Market, By Application (Product Design, Manufacturing Process
Planning, and Others), By Vertical (Natural Resources, Manufacturing,
Healthcare, Consumer Goods, Transportation, Government and Utilities, and
Others (Automotive and Oil and Gas)), and By Region (North America, Europe,
Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis,
and Forecast till 2029’’
Key Highlights:
·
In August 2021, Matterport, Inc.,the leading spatial data company
driving the digital transformation of the built world, today announced the open
beta launch of Notes, a conversational, real-time team collaboration, communication
and file sharing tool directly inside Matterport digital twins.
·
In August 2021, Beijing conducted the 29th orbital
launch of the year by blasting off twin satellites to boost its remote sensing
and mapping capabilities. China launches twin satellites capable of creating 3D maps in
space. The Long March 4B lifted off from the Taiyuan launch center to deploy
the twin satellites in the near-polar orbit around 500 kilometers above the
planet.
Analyst View:
Global industries have achieved a tremendous
technological transformation due to the linkage between the digital and
physical worlds. Digital twin technology has played an important role in
enhancing this convergence. The target market's growth is being fueled by
rising technology demand in a variety of industries, including energy and
utilities, consumer products, and transportation. The concerns associated
with data security for developing digital twins, on the other hand, are
impeding the target market's growth. However, it is expected that digital
revolution in the healthcare business will generate a dynamic growth potential
for the target market
Browse 60
market data tables* and 35 figures* through 140 slides and in-depth TOC on
“Global Digital Twin Market, By Application (Product Design, Manufacturing
Process Planning, and Others), By Vertical (Natural Resources, Manufacturing,
Healthcare, Consumer Goods, Transportation, Government and Utilities, and
Others (Automotive and Oil and Gas)), and By Region (North America, Europe,
Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis,
and Forecast till 2029 "
To know the upcoming trends and insights prevalent in this market,
click the link below:
https://www.prophecymarketinsights.com/market_insight/Global-Digital-Twin-Market-By-645
Key Market Insights from the report:
The Global Digital Twin Market accounted for
US$ 3.1 billion in 2020 and is estimated to be US$ 260.77 billion by 2030 and
is anticipated to register a CAGR of 56.3%. The Global Digital Twin Market
is segmented based on the application, vertical and region.
·
By Application, the Global Digital Twin Market is segmented into Product
Design, Manufacturing Process Planning, and Others.
·
By Vertical, the market is segmented into Natural Resources,
Manufacturing, Healthcare, Consumer Goods, Transportation, Government and
Utilities, and Others (Automotive and Oil and Gas).
·
By Region, the Global Digital Twin Market is segmented into
North America, Europe, Asia Pacific, Latin America, and Middle East &
Africa. The North America holds the largest share in the digital twin
market.
Competitive Landscape:
The key players operating in the global Digital
Twin market include General Electric Company, PTC, Inc., Siemens AG, SAP SE,
Alphabet Inc., Dell Inc., Cisco Systems, Inc., Robert Bosch GmbH, Microsoft
Corporation, International Business Machines Corporation, and ANSYS, Inc..
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent
technological advances and innovations influencing the global market are
included in the report.
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