According to Stratistics MRC, the Global Digital Twin Market is accounted for $7.45 billion in 2020 and is expected to reach $84.60 billion by 2028 growing at a CAGR of 35.5% during the forecast period. Growing adoption of Industry 4.0 across the globe, changing face of maintenance in various industries, and rising adoption of digital twin technology to cope with COVID-19 crisis are the major factors propelling the market growth. However, data security due to use of IoT and cloud platforms and lack of skilled workforce are hampering the market growth.
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By geography, North America is going to have a lucrative growth during the forecast period due to the high economic growth and a large presence of vendors offering digital twins. Moreover, the increased R&D in the field of the IoT and IIoT and increasing inclination for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth.
Some of the key players profiled in the Digital Twin Market include ANSYS, General Electric, IBM, Microsoft Corporation, Oracle, PTC, Robert Bosch, SAP, Siemens AG, and SWIM.AI.
Types Covered:
• Product Digital Twin
• Process Digital Twin
• System Digital Twin
• Part Twin
Technologies Covered:
• 5G
• Artificial Intelligence & Machine Learning
• Augmented Reality, Virtual Reality, and Mixed Reality
• Big Data Analytics
• Blockchain
• Internet of Thing (IoT) & Industrial Internet of Things (IIoT)
Solutions Covered:
• Software
• Services
Enterprises Covered:
• Large Enterprises
• Small & Medium Enterprises
Applications Covered:
• Predictive Maintenance & Performance Monitoring
• Business Optimization
• Inventory Management
• Product Design & Development
• Machine & Equipment Health Monitoring
• Process Support & Service
End Users Covered:
• Aerospace & Defense
• Automotive & Transportation
• Residential & Commercial
• Healthcare & Life Sciences
• Energy & Utilities
• Oil & Gas
• Agriculture
• Telecommunication
• Retail & Consumer Goods
• Construction
• Manufacturing
• Energy & Utility
• Government
• Natural Resources
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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