Digital Twin Market | Industry is further estimated to grow at a CAGR of 36.86% from 2017 to reach USD 15.83 Billion by the year 2023 Global Opportunity Analysis and Industry and Market Key players IBM, Microsoft, General Electric, Siemens and Others
Digital twins integrate artificial intelligence, machine learning and software analysis with spatial network graphs to create a vivid digital simulation model that is updated and changed as the physical party changes. Digital twins constantly learn and update from multiple sources to show near-real-time status, work status, or location. This learning system learns for itself using sensor data that conveys various aspects of the operating state. From human experts such as engineers with deep and relevant industry knowledge; from other similar machines; and that comes from larger systems and environments. Digital Twin reflects historical data on past machine usage in digital models.
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GLOBAL DIGITAL TWIN MARKET was valued at USD 2.41 Billion in the year 2017. Global Digital Twin Market is further estimated to grow at a CAGR of 36.86% from 2017 to reach USD 15.83 Billion by the year 2023. North America region holds the highest market share in 2017 and Asia-Pacific is considered as the fastest growing market in the forecasted period. At a country level, developed markets like the U.S. and emerging markets like China with highest population base holds a notable market share in 2017 and it is projected to grow at a gradual pace in the coming years.
IBM Corporation (US), Microsoft Corporation (US), General Electric (US), SAP SE (Germany) are some of the key players in the Digital Twin Market with IBM Corporation holding a substantial market share because of its better technological advancements and global reach. Technological up-gradation to address the changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top players in the last 5 years.
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Genesis Market Insights follows in-depth Research Methodology focused on reducing deviation in the collected data. GMI offers the most precise evaluations and projection for the market numbers. GMI engages following Market Engineering techniques –
1. Raw Market Data is collected and compared with the Existing in-house Data on a broad front.
2. Both Bottom-Up and Top-Down approaches are analyzed for segmenting and estimating measurable aspects of the market.
3. To avoid bias, we filter the collected data collected from authenticated sources.
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5. Further, the report findings are validated with the Industry Expert Panel on face to face or telephonic interviews.
6. Panelists are approached from Leading Enterprises across the value chain including manufacturers, suppliers, technology providers, domain experts and buyers so as to validate a thorough and balanced market overview.
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