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Digital Twin Market to Witness Robust Expansion Throughout the Forecast Period 2019 – 2024 | General Electric, PTC, Siemens, Dassault Systmes, IBM Corporation, ANSYS, Microsoft Corporation, Oracle Corporation etc

05-14-2019 04:28 PM CET | IT, New Media & Software

Press release from: ReportsWeb

Digital Twin Market

Digital Twin Market

Digital twins integrate technologies such as machine learning, M2M, artificial intelligence (AI), predictive analytics, and sensor telemetry to create digital clones of physical machines and idealized digital simulation models that evolve based on the data collected from real-world instances. Digital twins are digital copies of physical assets including all their modeled characteristics and behaviors. This can also include the effects of aging and repeated usage on a physical object over a period of time. A digital twin is designed by 3D modeling a physical object, which is activated using sensors that have data collected from sensors of the physical object. Factors such as increasing adoption of IoT and Cloud platforms, predominant usage of Industrial Internet-of things (IIoT) for design and manufacturing are favoring the market growth. Moreover, increased speculation in R&D and new technological innovations in the field of virtual reality and augmented reality is going to develop the visualization of a digital twin is anticipated to open innovative opportunities in the market.

According to this study, over the next five years the Digital Twin market will register a 37.8% CAGR in terms of revenue, the global market size will reach US$ 8480 million by 2024, from US$ 1240 million in 2019.Digital twins exist at the nexus of physical engineering, data science, and machine learning, and their value translates directly to measurable business outcomes-reduced asset downtime and maintenance costs, improved plant and factory efficiency, reduced cycle times, and increased market agility.

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Leading Digital Twin Market Players:
General Electric, PTC, Siemens, Dassault Systmes, IBM Corporation, ANSYS, Microsoft Corporation, Oracle Corporation

Global Digital Twin Market Analysis to 2024 is a specialized and in-depth study of the Digital Twin industry with a focus on the global market trend. The research report on Digital Twin Market provides comprehensive analysis on market status and development trend, including types, applications, rising technology and region. The report provides key statistics on the market status of the Digital Twin players and offers key trends and opportunities in the market.

Segmentation by product type:
Parts Twin
Product Twin
System Twin

Segmentation by application:
Aerospace & Defense
Automotive & Transportation
Machine Manufacturing
Energy & Utilities
Others

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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Digital Twin market based on product and application. It also provides market size and forecast till 2024 for overall Digital Twin market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM), which is later sub-segmented by respective countries and segments.

Fundamentals of Table of Content:

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered

2 Global Growth Trends
2.1 Digital Twin Market Size
2.2 Digital Twin Growth Trends by Regions
2.3 Industry Trends

3 Market Share by Key Players
3.1 Digital Twin Market Size by Manufacturers
3.2 Digital Twin Key Players Head office and Area Served
3.3 Key Players Digital Twin Product/Solution/Service
3.4 Date of Enter into Digital Twin Market
3.5 Mergers & Acquisitions, Expansion Plans

4 Breakdown Data by Product
4.1 Global Digital Twin Sales by Product
4.2 Global Digital Twin Revenue by Product
4.3 Digital Twin Price by Product

5 Breakdown Data by End User
5.1 Overview
5.2 Global Digital Twin Breakdown Data by End User

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