According to IMARC Group latest report titled” Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The Global Digital Twin Market size reached a value of US$ 8.2 Billion in 2021. A digital twin refers to a virtual representation of a physical asset, process or system. It operates using sensors and real-time and chronological data to predict performance and anticipate system failures. The sensors collect data in the product development phase and generate insights regarding its performance. The digital twin also provides enhanced reliability and accessibility through monitoring and modeling of an existing system to improve the overall operational efficiency. As a result, it is extensively used across automotive, aerospace, telecommunication, healthcare and transportation industries.Request to get the sample report: www.imarcgroup.com/digital-twin-market/requestsample
Market Trends:
The global digital twin market is primarily being driven by significant growth in the manufacturing industry. Digital twins are widely used in the manufacturing process to monitor and determine production processes and indicate repairs or maintenance of a product. Moreover, various technological advancements, such as the integration of artificial intelligence (AI) and the Internet of Things (IoT) enabled sensors and cloud-based and 3D printing technologies, are favoring the market growth. They are widely used to enhance productivity, identify errors and calculate the data gathered for enhanced operational efficiency. Other factors, including the adoption of the digital twin in the automotive industry for designing, manufacturing and after-service processes, along with the increasing demand for effective solutions to analyze real-time and predictive data, are creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
ABB Ltd
Accenture Plc
ANSYS Inc.
AVEVA Group plc (Schneider Electric)
Cal-Tek Srl
Cityzenith
Dassault Systèmes
General Electric Company
International Business Machines Corporation
Microsoft Corporation
PTC Inc.
SAP SE
Siemens AG
Digital Twin Market Segmentation:
Our report has categorized the market based on region, type, technology and end use industry.
Breakup by Type:
Product Digital Twin
Process Digital Twin
System Digital Twin
Breakup by Technology:
IoT and IIoT
Blockchain
Artificial Intelligence and Machine Learning
Augmented Reality, Virtual Reality and Mixed Reality
Big Data Analytics
5G
Breakup by End Use:
Aerospace and Defense
Automotive and Transportation
Healthcare
Energy and Utilities
Oil and Gas
Agriculture
Residential and Commercial
Retail and Consumer Goods
Telecommunication
Others
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