Global Digital Twin Market is expected to grow at a CGAR of 58% during 2021-2026

The Global Digital Twin Market is expected to grow at a CAGR of 58% during 2021-26. The growth of the market is attributed to the advantages of deployment of digital twin such as asset optimization, enhanced operations and added value in the business. The other major factors driving the market growth are increase in adoption of industrial IoT and rise in development of smart building infrastructure. However, High cost associated with the deployment of digital twin is the biggest challenge that could hinder the growth of the market.

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Key questions answered in the study
1. What are the current and future trends in Global Digital Twin market?
2. How the industry has been evolving in terms of geography and services adoption?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for Global Digital Twin market?
5. What are the customer orientation, purchase behavior, and expectations from the Global Digital Twin market service provider across various regions?

Product Digital Twinning dominates the market
Based on Type, Product Digital Twinning has held the largest market share in the Global Digital Twin Market in 2019. This is due to the rising demand of industries to virtually co-ordinate with the physical model and the virtual model simultaneously to avoid the line shutdown. Product digital twin is used by various end-users such as manufacturing units, transportation, energy & utilities, etc. Moreover, in order to reduce the process downtime along with maintaining the asset health and optimizing the asset performance, the demand for product digital twinning is increasing substantially.

“Global Digital Twin Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and opportunities available for Digital Twin providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

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Healthcare and Life Science Exhibits Fastest Growth
The technological advancement in the field and need for connected ecosystem in the healthcare sector has increased the adoption of digital twining in this vertical. With the help of digital twin, the doctors can monitor the patient and keep track of the patient state of health through the disease indication which are used as the primary data source for building the virtual model. Thereby driving the growth of the market in the forthcoming timeline as revealed by MarkNtel Advisors’ research report “Global Digital Twin Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the Global Digital Twin market are Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., ANYSYS, Inc., Oracle Corporation, and Others.

Market Segmentation:
1. By Type (Parts Twin, Product Twin, Process Twin, System Twin)
2. By Technology (DTS-Si, Predix, APDV, Other)
3. By Application (Product Design and Development, Machine & Equipment Health Monitoring, Predictive Maintenance, Dynamic Optimization)
4. By Deployment Type (Cloud, On Premises, Hybrid)
5. By End User (Manufacturing, Agriculture, Automotive & Transportation, Energy & Utilities, Healthcare & Life Sciences, Residential & Commercial, Retail & Consumer Goods, Others)
6. By Region (North America, South America, Europe, Middle East and Africa, Asia-Pacific)
7. By Country (US, Canada, Mexico, Brazil, Germany, Italy, France, UK, Spain, Saudi-Arabia, UAE, Qatar, Turkey, South Africa, China, India, Japan, Australia, South Korea, Singapore)
8. By Company (Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., ANYSYS, Inc., Oracle Corporation, and Others)

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MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

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