Press release
Digital Twin Market Report Predicting Future Trends and Ongoing Developments
Digital Twin Market Insights:
• In 2021 the automotive and transportation segment contributed for the biggest revenue share of 19% on the basis of industry.
• Geographically, Asia will be the fastest-growing market, with a 43% CAGR during the projected period.
Make a Direct Purchase of the latest Digital Twin Market Report published in the month of Sep-2022. Click the below link to initiate the purchase: https://strategicmarketresearch.com/buy-now/digital-twin-market
Digital Twin Market Dynamics
The global need for cloud-based platforms is expanding, and the internet of things (IoT) is becoming popular. Another significant driver of the digital twin market's expansion is a rise in the demand for affordable solutions for industrial manufacturing. One of the key factors influencing the growth of the digital twin market is the widespread usage of the industrial internet of things for manufacturing and designing.
However, managing all the design files for digital twins among the distributors and suppliers is limiting the global expansion of the market. The main issue facing the market for digital twins in the coming years is the prevalence of cyberattacks.
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Digital Twin Market: A thorough and detailed Segmentation Analysis
The digital twin market segmentation and division has been done on the basis of enterprise, industry, application, and region.
By Enterprise:
• Small Enterprise
• Medium Enterprise
• Large Enterprises
By Industry
• Retail
• Healthcare
• Energy and Utilities
• Telecommunication
• Aerospace
• Agriculture
• Oil and Gas
• Automotive and Transportation
• Other Industries
By Application
• Product Development
• Inventory Management
• Predictive Maintenance
• Business Optimization
• Product Design
• Performance Monitoring
• Other Application
By Region
North America
• United States
• Mexico
Europe
• Germany
• France
• United Kingdom
• Rest of Europe
Asia Pacific
• South Korea
• India
• China
• Japan
• Rest of Asia Pacific
LAMEA
• Mexico
• Brazil
• Rest of LAMEA
Rest of the World
• Africa
• South America
• Middle East
In 2021 the automotive and transportation segment contributed for the biggest revenue share of 19% on the basis of industry. This is due to the use of electric vehicles (EVs), lean manufacturing, and expanding simulation technology. The use of digital twin technology by engineers in the automotive industry enables them to collect operational and behavioral data about the vehicle, enabling future improvements in automobile design and cost optimization. This technology is also anticipated to become more widely used due to upcoming trends in the automotive sector, such as shared mobility, electrification, and autonomous and connected vehicles.
Geographically, Asia Pacific will be the fastest-growing market, with a 43% CAGR during the projected period. The developed manufacturing and automotive sectors in nations like China, India, Japan, and South Korea are to blame for this region's expansion. The regional market is also driven by the growth of smart cities around the region and the increasing demand for consumer goods. Additionally, it is anticipated that throughout the projected period, the development of connected devices will support regional market expansion. In 2021, North America had the largest market share, following Europe.
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Key industry Players in the Digital Twin Market
• Siemens
• SAP
• Hexagon AB
• Dassault Systemes
• ABB
• Oracle Corporation
• IBM Corporation
• General Electric
• AVEVA Group plc
• Microsoft Corporation
• Bosch
The worldwide digital twin market in 2021 was worth $6.30 billion, and it will be worth $131.09 billion by 2030, with a 40.1% CAGR from 2021 to 2030. The market is expanding due to the increasing use of technologies, including artificial intelligence (AI), 5G, internet of things (IoT), and machine learning (ML), as well as the increasing acceptance of Industry 4.0 standards and increased demand for cloud services.
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