The Global Digital Twin Market Size to Hit $125.7 Billion by 2030 | Growing at a CAGR of 39.48%.

According to a new report published by Allied Market Research, titled, "Digital Twin Market," The digital twin market was valued at $6.5 billion in 2021, and is estimated to reach $125.7 billion by 2030, growing at a CAGR of 39.48% from 2022 to 2030.

Read More: https://www.alliedmarketresearch.com/digital-twin-market-A17185

A virtual machine that offers a real-time online version of a physical object or process is called a "digital twin." The performance of industrial assets is profiled, predicted, and optimized using simulation models, data, and intelligence. Because it enables automatic vehicle control and monitoring of industrial assets and processes like product development, design & manufacturing planning, investment performance management, business & operation optimization, and more, the digital twin is a crucial part of the Industrial Internet of Things.

The digital twin is a digital representation of both non-living and living physical objects such as things, people, and processes. It is used to investigate operations and gain knowledge of critical processes. Because of these benefits, end-use industries are increasing their demand for digital twins, which is a major driving factor for market growth during the forecast period.

Due to accuracy issues and doubt in the authenticity of results produced by digital twin technology, the market is expected to observe a negative growth in the forecast time period.

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However, companies in these industry verticals are constantly utilizing digital twin systems and technologies to estimate the performance of physical assets and identify where the modifications are needed. Such factors are expected to increase the demand for innovative solutions such as digital twin.

According to the analysts, Asia-Pacific is projected to register faster growth as compared to North American and European markets.

"Growing demand for advanced technology for collecting and analyzing data in bulk by companies is expected to drive digital twin market share growth in the forecast time period."

The global digital twin market is segmented on the basis of type which has been divided into system digital twin, product digital twin, and process digital twin. By industry, the market has been divided into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key Findings of the Study

Based on type, system digital twin sub-segment is expected to have the dominant share during the forecast period.

By industry, the automotive & transportation industries had the largest digital twin market share and is expected to grow by 2030.

By region, Asia-Pacific is forecasted to be the fastest growing region during the forecast period.
The report provides an in-depth study of the digital twin market analysis.

Some of the leading digital twin market players are ABB Group, ANSYS Inc., Autodesk Inc, bentley systems, AVEVA Inc., bosch rexroth ag, Oracle Corporation, Siemens AG, Rockwell Automation Inc. and Schneider Electric.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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