Digital Twin Market By 2024 Key Players: General Electric, IBM, Oracle, Dassault, PTC, Ansys, Siemens, SAP, Sight Machine, TIBCO Software

Market Overview: -

Global Digital Twin Market is influenced by the increasing need to improve business performance in terms of process optimization, cost efficiency, and time-to-market and rising adoption of smart technologies such as IoT and big data. As the technology can offer a virtual outlook of any product, at any stage of the its lifetime, it is expected to be adopted at a significant rate over the forecast period.

Digital twin is an emerging digital profile of a process or a physical product representing its functional and behavioral characteristics used for performance optimization. The technology has enabled the convergence of the real and the virtual world through real-time digital representations of physical products that can extend to every stage of the product development lifecycle right from idea generation to commercialization.

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Top Key Players: -

Some of the key players operating in the digital twin market are General Electric, IBM, Oracle, Dassault, PTC, Ansys, Siemens, SAP, Sight Machine, TIBCO Software, AT&T, Infosys, TwinThread, Prodea System, Cosmo Company Sas, Autodesk, SimScale, DIGITAL TWIN, Concirrus, Computer Science Corporation, and Bosch.

Market share calculation in this report is not done based on companies covered in it. The calculation of digital twin market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

With increasing adoption of industrial IoT in the U.S., North America is expected to hold a significant share of the digital twin market over the forecast period.

With increasing industrialization in emerging economies such as India and China, the demand for digital twin technology is expected to significantly increase in the Asia Pacific region, leading to a robust market growth.

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Some of the key applications of digital twin technology are observed in the areas of retail, manufacturing, healthcare, automobile and industrial IoT. In the manufacturing sector, the throughput time can be significantly reduced by adopting digital twin technology to improve the efficiency of the manufacturing process flow and optimize it. In the automobile sector, virtual models of connected vehicles can be designed to analyze the performance of the vehicle and to provide the customers with a customized experience.

In the healthcare sector, the digital twin market will enable personalized healthcare delivery and efficient patient monitoring by leveraging data from associated IoT platforms. Implementing the technology for industrial applications can largely facilitate effective monitoring, tracking, and control of various industrial systems and processes digitally.

With the ability of predicting future anomalies, digital twin market technology can aid in operational planning for the industrial applications resulting in time and cost savings.

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