Remote Access to Assets Forecasted to Stimulate the Global Digital Twin Market Growth

Inkwood Research anticipates that the Global Digital Twin Market is evaluated to register a CAGR of 34.03% in terms of revenue during the forecasted period of 2021-2028.

"Browse 30 Market Data Tables and 44 Figures spread over 188 Pages, along with an in-depth TOC on the Global Digital Twin Market Forecast 2021-2028."

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The virtual copy of an asset, process, or complete manufacturing facility is termed a digital twin. A digital twin constitutes data, sensors, as well as simulation models directly connected to the original. As a result, this facilitates improved aspects such as the time consumed, performance, efficiency, strength, and sustainability of the process, asset, or facility.

Remote Access to Assets Fuels Market Growth
Digital twins provide engineers and operators with an intricate and detailed view of a physical asset that may be far away. The twin's presence eradicates the need for the asset and the engineer to be in the same room, state, or country. For instance, a mechanical engineer in Seattle can utilize a digital twin to diagnose a jet engine placed in the hanger of O'Hare airport. Conversely, through the digital twin, engineers can even visualize the entire length of the Channel Tunnel from Calais. Various sensors across a dozen modalities, including sight, vibration, sound, altitude, and others, signify that an engineer can 'twin' a physical thing from virtually anywhere, globally. This results in unprecedented control and clarity over visualization.
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Manufacturing Process Planning: Fastest-Growing and Major Application
The digital twin is considerably minimizing the time to set up new production processes and plants, and substantially reducing costs and efforts regarding regulatory compliances. Also, it significantly decreases the operation costs by automating operations and avoiding manual interactions. Additionally, it utilizes a modern message-based architecture, improving speed and agility in terms of new product launches. Moreover, it optimizes manufacturing, making it more efficient.

North America dominates the Global Market with Highest Revenue Share
The growing demand for the digital twin from the aviation, automotive, and manufacturing industries is the primary growth driver. Also, there has been a rising need for enhancing the design and performance of services and products among the regional producers. Moreover, the surging technological advancements offer ample growth opportunities.
The competitive rivalry among the domestic and global vendors is intense, with global vendors overseeing the product pricing and innovations to keep the competition in check. IBM Corporation, SAP SE, Wipro Limited, PTC Inc, Microsoft Corporation, Cisco Systems Inc, etc., are among the key firms in the market.

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