Digital Twin Technology Market will multiply at an impressive CAGR of 4.8% by 2027 & Top Key Players Microsoft Corporation, Autodesk Inc., Oracle Corporation, , Sap SE, Dassault Systemes, Tibco Software Inc., Sight Machine Inc.,Siemens Ag, Virtalis LimiteThe digital twin technology enables the connection of the physical and virtual world. It also enables the user to perform several takes at the same time. The global digital twin technology market can be segmented on the basis of software and end-user. On the basis of software, it is sub-segmented into APDV, Predix, DTS-Si and others. Predix sub-segment is expected to expand at a significant CAGR over the forecast period. It is cloud based platform-as-a-Service (PaaS) software that is primarily used in collection and examining of the data. On the basis of end-user, it is sub-segmented into manufacturing, aerospace, automotive, power generation, oil & gas and others. Manufacturing sub-segment is anticipated to lead the end-user segment. The twin technology in manufacturing industries is mainly used for the designing and manufacturing of the prototype of the devices such as printers, computers, transformers etc. The prototype helps in manufacturing of the equipment with less defects.
The global digital twin technology market is anticipated to expand at a significant CAGR during 2018-2027. It is projected to reach significant market size by 2027. The growing technological development in the electronics industry coupled with growing adoption of the technology by various end-user industries is anticipated to boost the growth of the global digital twin technology market over the forecast period.
By region, global digital twin technology market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is expected to lead the global digital twin technology market during the forecast period. The increasing use of IoT tools by various organizations in order to improve and enhance the efficiency is anticipated to be the major reason for the North America region to lead the global digital twin technology market. Asia-Pacific is expected to be the fastest growing region for the global digital twin technology market.
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The rising industrialization in the region is major reason for the expansion of the various end-user industries in the region. Additionally, the increasing penetration of internet in the various countries such as China and India is expected to upsurge demand for the digital twin technology in the region.
Rising technology development is anticipated to boost the growth of the global digital twin technology market
The increasing research and development in order to produce enhanced equipment and devices is anticipated to increase the demand for the digital twin technology. The rising adoption of the various tools such as artificial intelligence, big data and IoT is projected to drive the digital twin technology market worldwide. The increasing demand for twin technology by the various end-user industries is anticipated to be a major reason for the expansion of the global digital twin technology market.
The report titled “Digital Twin Technology Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global digital twin technology market in terms of market segmentation by software, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global digital twin technology market which includes company profiling of key companies such as Microsoft Corporation, Autodesk Inc., Oracle Corporation, , Sap SE, Dassault Systemes, Tibco Software Inc., Sight Machine Inc.,Siemens Ag, Virtalis Limited, Robert Bosch Gmbh ,IBM Corporation, Prodea System Inc.,Toshiba Corporation, General Electric, Aucotec Ag, PTC Inc..
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The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global digital twin technology market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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