Digital Twin Market Outlook 2029: Technological Advancement, Business Trends, Industry Insights & Opportunity Evaluation 2019-2029 – General Electric, IBM, PTC

Digital Twin Market:

A digital twin can be defined as a replica of a physical object or also as a system that is designed to analyze and study the actual behavior of the object under different circumstances for maintenance purposes. The object whose digital twin is to be made can vary from a small object to a city, which is primarily used to test changes that will later be made to the actual equipment. The concept of a digital twin is advantageous in various ways. It offers a real-time perspective of the current scenario to reduce product defects and maintenance costs.
The concept, digital twin, is classified into three types, namely, Digital twin Prototype (DTP), Digital Twin Instance (DTI), and the Digital Twin Aggregate (DTA). The use of a digital twin increases product reliability and improves productivity. It incorporates 3D graphics and data modeling to create an exact replica of the real-world situation. Digital twin technology is rapidly emerging as an Industry 4.0 technology. A digital twin can be used at the component level, asset level, system level, and process level. It allows virtual troubleshooting and removal of restraints in production in order to enhance supply chains. The global digital twin market is expected to witness a high growth rate during the forecast period owing to its multiple benefits.

The digital twin has been rapidly solving complex problems for solution providers by monitoring training, communication, and strategy. It is now being used in almost all sectors to create a virtual model of the object and analyze overall performance. The digital twin concept is revolutionizing business by connecting to IoT devices. It demonstrates behavioral patterns identical to the real device, therefore showcasing the features offered by it and saving millions in maintenance costs. The digital twin concept is slowly and steadily modernizing sports, cities, farming, and can be currently placed in its growth phase.

Technological advancements, such as the emergence of IoT and cloud computing, are rapidly driving market growth as these technologies serve as the base for the implementation of the digital twin concept. Developing healthcare and automotive infrastructure across the globe is further bolstering market growth as these sectors are rapidly deploying digital twins to test new scenarios. Digital twin structure, along with simulation, is driving significant changes in the sector. The early adoption of new technologies in the automotive, transportation and aerospace and aviation sectors is an indication of successful market growth. The reduction of downtime in the automation industry by using a digital twin is expected to drive market growth successfully. The Digital Twin Prototype (DTP) is expected to witness the highest growth rate during the forecast period owing to the increasing trend of creating a 3D representation of a physical object for troubleshooting. The high rate of adoption of digital twin prototype in infrastructure and healthcare is expected to propel the market economy. Automobile and aviation industries are also expected to emerge as system integrators.

Prominent end-users of the global digital twin market include the aerospace and defense, automotive and transportation, commercial, healthcare, energy and utilities sectors. The rapid growth of digital twin technology in all these sectors is attributed to their increasing adoption of Artificial Intelligence, block chain, machine learning, big data analytics, and 5G technologies. The commercial, healthcare, and transportation sectors are expected to witness rapid growth due to various research and development happenings associated with the increased productivity of such sectors. The industrial revolution, urbanization, and globalization are expected to further aid market growth.

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The Major Prominent Players Covered in this Report:
General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM.AI, and among others

By Type, Digital Twin Prototype (DTP), Digital Twin Instance (DTI), Digital Twin Aggregate (DTA), By End-User, Aerospace and Defense, Automotive and Transportation, Home and Commercial, Healthcare, Energy and Utilities, Oil and Gas, Others

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Digital Twin Market Trends:
- The report identifies, determines, and forecasts the Global Digital Twin Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Digital Twin Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Digital Twin Market.

Key Questions Answered in The Report:
What will the Digital Twin market growth rate?
What are the key factors driving the global Digital Twin market?
Who are the key manufacturers in the Digital Twin market space?
What are the market opportunities, market risk, and market overview of the Digital Twin market?
What are sales, revenue, and price analysis of top manufacturers of the Digital Twin market?
Who are the distributors, traders, and dealers of the Digital Twin market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Digital Twin Industry?
What are sales, revenue, and price analysis by regions of Digital Twin industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Developments:
In February 2019, ANSYS, a software company launched ANSYS Twin Builder that can optimize product operations and accelerate product development

In March 2019, Siemens signed an agreement with a German company Saab Medav Technologies GmbH, for noise, vibration, and harshness (NVH) end-of-line quality testing. This collaboration was aimed at improving quality testing for Siemens digital twin

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