The global digital twin market size is expected to reach USD 106.26 Billion at a steady CAGR of 54.7% in 2028, according to latest analysis by Emergen Research. Steady digital twin market revenue growth can be attributed to growing adoption of IoT in industries and increasing use of digital twin technology for monitoring, tracking, and controlling industrial systems.
Digital twin technology provides real-time production and asset visibility to identify obstructions to streamline flow of operations and enhance product development. The technology is witnessing high demand due to increasing acceptance of Industry 4.0 as use of digital twins to delivers a complete insight about equipment health, thereby enabling companies to instantly recognize anomalies in operations flow. Also, deploying digital twin helps in proactive planning of maintenance and spare part replacement to reduce time-to-service and prevent cost-prohibitive asset failures.
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The Global DIGITAL TWIN Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period. The Global DIGITAL TWIN Market studies the market scenario to offer growth projections for the DIGITAL TWIN Market industry for the forecast period of 2021-2028. The report focuses on potential growth opportunities and limitations the prominent players of the industry might face during the entirety of the forecast timeline.
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
Big Data Analytics
Virtual Reality, Augmented Reality, and Mixed Reality
Application Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East Africa
Rest of MEA
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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Chapter 1: Methodology Scope
Definition and forecast parameters
Methodology and forecast parameters
Technological and innovation landscape
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