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Digital twin market set to be worth $15.66 billion by 2023 scrutinized in new research

Digital twin market set to be worth $15.66 billion by 2023 scrutinized in new research

Digital Twin Market Global Review From 2017 to 2023 of 137 pages added by reports and reports explores Global Digital Twin Market size, trends, demand, share, growth, industry, and company analysis to 2023. According to study global digital twin market set to grow $15.66 billion by 2023, growing at a CAGR of 37.87%. Digital twin refers to a digital replica of physical assets, processes and systems that can be used for various purposes.

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Inquire For Complete Report Copy of Digital Twin Market by End User (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Electronics & Electricals/Machine Manufacturing, Energy & Utilities, Healthcare, Retail & Consumer Goods), and Geography - Forecast to 2023 at: www.reportsnreports.com/contacts/i…aspx?name=1175159

The growth of global digital twin market is boosted by factors such as growing adoption of Internet of things (IoT) by various end user industries and reduction in manufacturing process time and cost. However, the risks associated with data security due to the use of IoT and cloud platforms are one of the factors restraining the market growth.

The Global Digital Twin market projected to grow at a CAGR of 37.87%. This study expands Global Digital Twin Market by End User (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Electronics & Electricals/Machine Manufacturing, Energy & Utilities, Healthcare, Retail & Consumer Goods), and Geography

Digital Twin enables collaboration between healthcare stakeholders, reduces administrative tasks, and provides greater transparency in the field, thus enhancing the quality, safety, and efficiency.

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Digital Twin Market Companies are General Electric (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US), ANSYS, Inc. (US), Dassault Systems (France), and Siemens AG (Germany).

“Digital Twin Market” spread across 137 pages, profiling 8 companies and supported with 80 tables and 50 figures is now available at: www.reportsnreports.com/contacts/d…aspx?name=1175159

The digital twin market for other industries comprising materials and chemicals, and agriculture is expected to grow at the highest CAGR between 2017 and 2023. The growing adoption of new technologies for digitalization in product development, which substantially enhances the operational efficiency, boosts the growth of digital twin market for other industries and is likely to contribute to the fastest growth of the market for this segment.

APAC held the largest share of the overall digital twin market in 2016, and the market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The growth of digital twin market in APAC is driven by the growing adoption of IoT for industrial applications in developing countries such as China, India, and Japan.

Also, the increasing number of industries in this region leads to the growing demand for digital twins for improving the efficiency of product manufacturing.

Given below is the breakdown of the profile of the primary participants in terms of different parameters considered:

  • By Company Type: Tier 1=25%, Tier 2=45%, and Tier 3=30%
  • By Designation: C-Level=50%, D-Level=32%, and Others=18%
  • By Region: Americas=32%, Europe=30%, APAC=24%, and RoW= 14%.

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Research Coverage

This report on the digital twin market segments it on the basis of end user and geography. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market.

The report gives a detailed view of the market across 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Reasons to Access the Report:

  • This report includes the market size estimated in terms of value (in USD), segmented on the basis of end user and geography.
  • Major drivers, restraints, opportunities and, challenges for the digital twin market have been provided in detail in this report.
  • The report includes illustrative segmentation, analysis, and forecast of the digital twin market based on its segments and sub segments.
  • The report includes proprietary micro quadrant framework, which analyzes market players on various parameters within the broad categories of business and product strategy.
  • Bottom up approach of this report analyzes Digital Twin market size and future growth potential for product, application, technology, end user, and region. Competitive analysis for major key players in Digital Twin market with their market development, strategies, and products also included in this report.

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