The size of the global market digital twins is expected to reach USD 106.26 billion at a steady CAGR of 54.7% in 2028, according to the latest analysis from Emergen Research. The steady revenue growth of the digital twins market can be attributed to the increasing adoption of IoT in industries and the growing use of digital twins for monitoring, tracking and controlling industrial systems.
Digital twin technology provides real-time visibility into production and assets to identify bottlenecks to streamline workflow and improve product development. The technology is in high demand due to the growing acceptance of Industry 4.0 as the use of digital twins to provide comprehensive insight into asset health, allowing businesses to instantly recognize anomalies in the flow of data. operations. Additionally, deploying a digital twin helps proactively plan for maintenance and replacement of spare parts to reduce uptime and avoid cost-prohibitive asset failures.
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The global digital twin market is highly consolidated owing to the presence of a large number of companies in this industry. The report examines in detail the current position of these companies in the market, their past performance, supply and demand graph, production and consumption patterns, sales network, distribution channels and opportunities. growth in the market. The report examines the strategic approach of leading market players to expand their product offerings and strengthen their market presence.
The main market players are 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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Emergen Research has segmented the global digital twin market based on type, technology, application, and region:
Type Outlook (revenue, billion USD; 2018-2028)
Digital twin product
Digital Twin Technology Outlook (Revenue, USD Billion; 2018-2028)
internet of things
Artificial intelligence and machine learning
Big Data Analytics
Virtual reality, augmented reality and mixed reality
(Revenue, USD billion; 2018–2028)
Aeronautics & Defense
Energy & Utilities
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Regional segmentation includes current and forecast estimation of the market in key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Digital Twin Market Regional Outlook:
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Key Features of Digital Twin Market Report:
the report provides details about key drivers, restraints, opportunities, challenges, growth prospects, limitations and threats.
The report contains details of key companies, product portfolio along with specifications, production valuation and market shares.
Assessment of key current and emerging market trends and growth prospects
It also offers research-based estimations for the forecast period of eight years, mainly to estimate the potential growth of the market
Brief overview of the industry as it relates to research and development, technological advancements, and product development
In-depth assessment of upstream raw materials, downstream buyers, demands, current market scenario
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