Digital Twin Market – PMI
The report “Global Digital Twin Market, By Application, By Vertical – Trends, Analysis, and Forecast till 2029’’
COVINA, CALIFORNIA , UNITED STATES, March 9, 2023 /EINPresswire.com/ — According to the latest research study, the demand of Digital Twin Market accounted for US$ 3.1 billion in 2020 and is estimated to be US$ 260.77 billion by 2030 and is anticipated to register a CAGR of 56.3%”
Report Metrics:
Report Attribute Details
Market Size 260.77 billion
CAGR 56.3%
Base Year 2020
Forecast Period 2020-2030
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Key Highlights:
• In August 2021, Matterport, Inc.,the leading spatial data company driving the digital transformation of the built world, today announced the open beta launch of Notes, a conversational, real-time team collaboration, communication and file sharing tool directly inside Matterport digital twins.
• In August 2021, Beijing conducted the 29th orbital launch of the year by blasting off twin satellites to boost its remote sensing and mapping capabilities. China launches twin satellites capable of creating 3D maps in space. The Long March 4B lifted off from the Taiyuan launch center to deploy the twin satellites in the near-polar orbit around 500 kilometers above the planet.
Analyst View:
Global industries have achieved a tremendous technological transformation due to the linkage between the digital and physical worlds. Digital twin technology has played an important role in enhancing this convergence. The target market’s growth is being fueled by rising technology demand in a variety of industries, including energy and utilities, consumer products, and transportation. The concerns associated with data security for developing digital twins, on the other hand, are impeding the target market’s growth. However, it is expected that digital revolution in the healthcare business will generate a dynamic growth potential for the target market.
Key Market Insights from the report:
The Global Digital Twin Market accounted for US$ 3.1 billion in 2020 and is estimated to be US$ 260.77 billion by 2030 and is anticipated to register a CAGR of 56.3%. The Global Digital Twin Market is segmented based on the application, vertical and region.
• By Application, the Global Digital Twin Market is segmented into Product Design, Manufacturing Process Planning, and Others.
• By Vertical, the market is segmented into Natural Resources, Manufacturing, Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others (Automotive and Oil and Gas).
• By Region, the Global Digital Twin Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America holds the largest share in the digital twin market.
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Scope of the Report:
1. Global Digital Twin Market, By Application, 2020 – 2030, (US$ Bn)
o Overview
Market Value and Forecast (US$ Bn), and Share Analysis (%), 2019 — 2029
Y-o-Y Growth Analysis (%), 2020 – 2030
Segment Trends
o Product Design
Overview
Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Manufacturing Process Planning
Overview
Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
2. Global Digital Twin Market, By Vertical, 2020 – 2030, (US$ Bn)
o Overview
– Market Value and Forecast (US$ Bn), and Share Analysis (%), 2019 — 2029
– Y-o-Y Growth Analysis (%), 2020 – 2030
– Segment Trends
o Natural Resources
– Overview
– Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Manufacturing Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others
– Overview
– Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Manufacturing
– Overview
– Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Healthcare
– Overview
– Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Consumer Goods
– Overview
– Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Transportation
– Overview
– Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Government and Utilities
– Overview
– Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
o Others (Automotive and Oil & Gas)
o -Overview
o -Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
3. Global Digital Twin Market, By Region, 2020 – 2030, (US$ Bn)
o Overview
Market Value and Forecast (US$ Bn), and Share Analysis (%), 2019 — 2029
Y-o-Y Growth Analysis (%), 2020 – 2030
Regional Trends
o North America
Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
Market Size and Forecast (US$ Bn), By Vertical, 2020 – 2030
Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
U.S.
Canada
o Europe
o -Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
o -Market Size and Forecast (US$ Bn), By Vertical, 2020 – 2030
Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
-Germany
-UK
-France
-Russia
-Italy
-Rest of Europe
o Asia Pacific
Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
Market Size and Forecast (US$ Bn), By Vertical, 2020 – 2030
Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
-China
-India
-Japan
-South Korea
-Rest of Asia Pacific
o Latin America
Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
Market Size and Forecast (US$ Bn), By Vertical, 2020 – 2030
Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
-Brazil
-Mexico
-Rest of Latin America
o Middle East & Africa
Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
Market Size and Forecast (US$ Bn), By Vertical, 2020 – 2030
Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
-GCC
-Israel
-South Africa
-Rest of Middle East
Company Profiles:
• General Electric Company
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• PTC, Inc.
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• Siemens AG
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• SAP SE
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• Alphabet Inc.
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• Dell Inc.
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• Cisco Systems, Inc.
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• Robert Bosch GmbH
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• Microsoft Corporation
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• International Business Machines Corporation
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
• ANSYS, Inc.
o Company Overview
o Product Portfolio
o Key Highlights
o Financial Overview
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Key Reasons to Purchase Digital Twin Market
Digital Twin technology is rapidly becoming popular across industries, and there are several reasons why organizations are investing in it. Here are some key reasons to purchase Digital Twin Market:
• Improved Efficiency: Digital Twin technology allows organizations to create a virtual replica of their physical assets, which can be used to identify inefficiencies and optimize performance. This can lead to improved efficiency and cost savings.
• Reduced Downtime: By monitoring assets in real-time, Digital Twins can detect potential issues before they become major problems. This can help organizations reduce downtime and improve asset reliability
• Predictive Maintenance: Digital Twins can be used to predict when maintenance is required, based on real-time data collected from sensors and other sources. This can help organizations schedule maintenance proactively, reducing unplanned downtime and maintenance costs.
• Better Decision Making: Digital Twins provide organizations with a better understanding of how their assets are performing and how they are likely to perform in the future. This can help organizations make better decisions, such as when to invest in new equipment or upgrade existing assets.
• Improved Safety: Digital Twins can be used to simulate potentially hazardous scenarios, allowing organizations to identify and mitigate safety risks before they occur. This can help improve safety for workers and reduce the risk of accidents.
• Increased Collaboration: Digital Twins can be shared across teams and departments, enabling better collaboration and knowledge sharing. This can lead to better decision making and improved outcomes.
Overall, Digital Twin technology provides organizations with a range of benefits, from improved efficiency and reduced downtime to better decision making and increased collaboration. As a result, it is becoming an increasingly important investment for organizations across industries.
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Shweta Raskar
Prophecy Market Insights
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