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Digital Twin Market size trends emerging growth factors and regional forecast to 2028 | Emergen Research 
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Market Size – USD 3,190.5 Million in 2020, Market Growth – at a CAGR of 54.7%, Market Trends – Increasing demand for big data analytics
Growing adoption of IoT in industries and increasing use of digital twins technology for monitoring, tracking, and controlling industrial systems are factors driving global digital twin market growth.”— Emergen Research
VANCOUER, BC, CANADA, June 6, 2022 /EINPresswire.com/ — 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.
The study offers a clear understanding of the current market scenario owing to the COVID-19 pandemic and offers a comprehensive analysis of the current and future impact of the pandemic on the overall market landscape. The economic landscape and the market environment have observed drastic changes due to the social restrictions and government-enforced lockdowns imposed to curb the spread of COVID-19. The report is furnished with the latest scenario and growth outlook of the market with regard to the impact of the pandemic.
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Top Companies Operating in the digital twin Market and Profiled in the Report are:
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.
The report projects the market is anticipated to grow at a significant rate owing to raid advancements and technological developments in the sector. The report offers strategic recommendations to the businesses and investors to capitalize on the lucrative growth opportunities. The report further provides a comprehensive analysis of the competitive landscape and provides complete coverage with regard to company profiles, product portfolio, revenue generation, financial standing, and market position. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, R&D advancements, and industrial penetration.
Some Key Highlights from the Report :
In December 2020, Akselos entered into an enterprise framework agreement for three years with Shell for the use of structural digital twin technology of Akselos. The agreement is intended to support worldwide teams of Shell with the design, process, and asset life extension throughout oil & gas portfolios.
Process digital twin delivers real-time insight into the collaboration of various units in an entire production facility. In a production process, individual operational units may produce too quickly, resulting in an excess of some individual parts and thereby leading to high cost of storage or other challenges associated with logistics. Process digital twin deploys Artificial Intelligence, mixed reality, and high-performance computing for the optimization of equipment, as well as the entire production process by facilitating in-process analysis of operational performance.
In the automotive sector, digital twin finds application in creating a connected vehicle’s virtual model by capturing the vehicle’s operational and behavioral data and aids in analyzing the complete performance of vehicle, along with connected capabilities. Also, digital twin in automotive helps in providing customized/personalized customer services.
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Global digital twin Market Segmentation based on Product Type and Application:
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
Blockchain
Big Data Analytics
Virtual Reality, Augmented Reality, and Mixed Reality
5G
Application Outlook (Revenue, USD Billion; 2018–2028)
Automotive
Healthcare
Aerospace & Defense
Retail
Energy & Utilities
Telecommunication
Agriculture
Others
The latest report on the global digital twin market offers strategic insights into the market landscape to stakeholders, investors, and business owners to help them make efficient and lucrative business decisions based on key statistical data and facts. The report aims to offers a thorough outlook of the digital twin market based on various key elements, such as market drivers, limitations, threats, restraining factors, and growth prospects. The report aims to deliver a comprehensive understanding of the digital twin market growth and expansion in each key region of the world. It offers accurate estimations about the expected market size and growth over the projected timeline of 2020-2027.
To know more about the report, visit @ https://www.emergenresearch.com/industry-report/digital-twin-market
digital twin Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Objectives of the Report:
Study of the global digital twin market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)
Industrial structure analysis of the digital twin market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape benchmarking
Analysis of digital twin market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global digital twin market
Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Digital Twin Market Size Worth USD 106.26 Billion in 2028
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