Digital Twin Market - The Booming Market showing Strong Position in Future

According to Verified Market Intelligence, the global digital twin market was valued at USD 1.86 billion in 2016 and is projected to reach USD 32.36 billion by 2025, growing at a CAGR of 37.35% from 2017 to 2025.

Digital twin signifies the merging of both physical and the virtual world that gives a digital representation to all the industrial products. The purpose of the digital tower is to collect and use the data from its manufacturing operations in order to create a unique model of a particular asset, process or system. It offers numerous benefits such as reduced product defects, extended life of the equipment and assets, increased optimization of operations, sustainability and efficient control of production.

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Increased technological enhancements in the field of virtual and augmented reality, growing demand of digital twin technology in the automobile and aerospace industries, increasing use of IIOT for design and manufacturing and reduced time and cost of production have been driving the global digital twin market. While lack of technical expertise, poor awareness about cost benefits of the adoption of digital twins and data security concerns due to the use of IoT might hinder the overall growth of the market at a global level.

The “Global Digital Twin Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Siemens AG, Dassault, Systemes, PTC, Inc., Robert Bosch GmbH, IBM Corporation, Oracle Corporation, General Electric, and SAP SE. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.

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This release was published on openPR.