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Digital twin market growing at 37.87% CAGR by 2023 according to new research report

Semiconductor and Electronics Research

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

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The Digital Twin Market 2023 is Overview of Growth Factors and Future Prospects report added on ReportsnReports.com. The digital twin market is expected to be worth USD 15.66billion by 2023, at a CAGR of 37.87% during the forecast period.

The key players operating in digital twin market include General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, and PTC, Inc., ANSYS, Inc., Dassault Systèmes, and Siemens AG.

Download PDF Brochure of Digital Twin Market spread across 137 Pages, Profiling 8 Companies and Supported with 30 Tables and 40 Figures is now available at www.reportsnreports.com/contacts/r…aspx?name=1175159 .

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The growth of the market is driven by various 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 is one of the factors restraining the market growth.

“The digital twin market for other industries including materials and chemicals, and agriculture would witness the highest CAGR during the forecast period”

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.

Digital Twin Market with Forecast, Analysis, Trends and Company Profiles at www.reportsnreports.com/contacts/.aspx?name=1175159 .

”The market in APAC is expected to grow at the highest CAGR during the forecast period”

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.

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%.

Report at www.reportsnreports.com/.aspx?name=1175159 .

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