A comprehensive industry overview and market perspective are included in the latest study from MarkNtel Advisors titled Global Digital Twin Market. The research provides a detailed overview of the current market state, including market trends and the most recent advancements made globally. In-depth analysis of market size, share, industry trends, forecast, and competitive environment is covered in the report that presents clear picture of the market with relevant statistical data.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Global Digital Twin Market Definition:
A digital twin is a digital replica of a physical entity— a product, process, person, or place. It uses real-world information using its data analytics, machine learning, & multi-physics simulation capabilities to predict the performance characteristics of their physical companions. Sensors installed on objects or assets demonstrate their real-time performance, operating scenarios, & changes over time, which ensure accurate modeling over a product’s entire lifetime. Thus, it eliminates the need for physical prototypes, minimizes production time, & enhances the quality of the final product or process.
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Global Digital Twin Market Insights:
The Global Digital Twin Market is projected to grow at a whopping 58% CAGR during the forecast period, i.e., 2023-28.
Global Digital Twin Market Key Driver:
Key Driver: Rising Penetration of IIoT across Industries- The Industrial Internet of Things (IIoT) is an amalgamation of physical objects, platforms, systems, & applications that consist of embedded technology to communicate, transfer, and share intelligence, consumers, and the external environment. The high adoption rate of IIoT is driven mainly by the affordability & improved availability of sensors, processors, platforms, and other integrated technologies that have helped facilitate access to real-time information.
Besides, to optimize the performance of industrial assets, IIoT platforms are integrated into digital twin models used by many end-user industries to understand the operational behavior of assets before they get installed in real-time. Other applications of digital twin technology using IIoT include product integration, smart monitoring, and remote diagnosis that provide enhanced operational efficiency, high productivity, and the utmost performance of the equipment.
Global Digital Twin Market Leading Key Players:
IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., Ansys Inc., Oracle Corporation, Dassault Systems, Robert Bosch, Google
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Global Digital Twin Market Segmentation:
Based on Type
– Parts Twin
– Product Twin
– Process Twin
– System Twin
Based on Technology
Based on Application
– Product Design and Development
– Machine & Equipment Health Monitoring
– Predictive Maintenance
– Dynamic Optimization
Based on Deployment Type
Based on End User
– Automotive & Transportation
– Energy & Utilities
– Healthcare & Life Sciences
– Residential & Commercial
– Retail & Consumer Goods
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Global Digital Twin Market Geographical Analysis
– North America
– South America
– Middle East & Africa
Recent Development of Global Digital Twin Market:
In December 2022, Hexagon AB announced the acquisition of LocLab to add speed, scalability & automation to digital twin creation.
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