New York, Dec. 22, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Digital Twin Market, By Type, By Technology, By Application, By End User, By Region, Competition Forecast & Opportunities, 2026” – https://www.reportlinker.com/p05778901/?utm_source=GNW
Global digital twin market stood at USD5.715 billion in 2020 and is projected to grow with a CAGR of 33.28% during the forecast period, 2022-2026. The manufacturing industry is considered one of the major revenues generating industries around the globe. Increasing awareness about the benefits of using automation technology and integrating novel technologies like cloud computing and analytics, machine learning, artificial intelligence, blockchain in the production process to amplify the production volume is fueling the adoption of digital twin technology in the manufacturing industry. Robotics, advanced sensors and the use of embedded software aiming at the collection of real-time data to allow analyzing and monitoring of data to make smart decisions during the production process are proliferating the adoption of digital twin technology in the manufacturing industries. Advancements in the field of Virtual Reality (VR) and Augmented Reality (AR), and the rise in the adoption of digital twin technology in the supply chain management is expected to boost the demand of the global digital twin market.
However, less awareness about the cost benefits of adopting digital twin technology and lower availability of skilled workforce may restrain the global digital twin market growth in the next five years.
The global digital twin market can be segmented based on type, technology, application, end user, and region.On the basis of regional analysis, the Asia-pacific region is expected to witness the fastest incremental growth in the next five years.
High internet penetration and the increase of advanced consumer electronic devices in the region are fueling the demand for the implementation of advanced technologies to boost the sales of the product.Favorable government policies of developing countries like India aiming to strengthen the ICT infrastructure and undertaking initiatives to accelerate digital transformation and construction of smart cities is expected to create significant growth opportunities for the digital twin market in the region.
The development of the digital healthcare system to magnify the living standards and offer quality healthcare services are bolstering the adoption of the digital twin 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 for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
• To analyze the historical growth in the market size of the global digital twin market from 2016 to 2020.
• To estimate and forecast the market size of global digital twin market from 2021 to 2026 and growth rate until 2026.
• To classify and forecast the global digital twin market based on type, technology, application, end user, company, and regional distribution.
• To identify the dominant region or segment in the global digital twin market.
• To identify drivers and challenges for the global digital twin market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global digital twin market.
• To identify and analyze the profiles of leading players operating in the global digital twin market.
• To identify key sustainable strategies adopted by market players in the global digital twin market.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the providers which could not be identified due to the limitations of secondary research. The analyst examined the providers, distribution channels and presence of all major players across the globe.
The analyst calculated the market size of the global digital twin market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Digital twin service providers/ distributors
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums, and alliances related to digital twin
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, the global digital twin market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Digital Twin Market, By Type:
• Digital Twin Market, By Technology:
o Internet of Things
o Artificial Intelligence & 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 Automobile & Transportation
o Healthcare and Lifesciences
o Energy & Utilities
o Aerospace and Defence
• Digital Twin Market, By Region:
o North America
o Middle East & Africa
o South America
Company Profiles: Detailed analysis of the major companies present in the global digital twin market.
With the given Market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p05778901/?utm_source=GNW
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