Digital Twin Technology Market Trends, Forecast, and Analysis by Future Market Insights 2017 - 2027
The digital twin technology has several industrial applications in areas such as wind turbines and aircraft engines. The complex intelligent maintenance system and prognostics platforms can influence the use of digital twin to improve productivity and resolving operational issues. Additionally, digital twin technology can also be used for the application such as monitoring, smart cities and diagnostics.
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Digital twin technology Market:Drivers and Challenges
The rise of industrial internet of things is one of the major factor driving the growth of the digital twin technology market. The industrial internet of things is the next surge of digitalization of technology that develops a bridge between physical and digital world. Digital twin technology model tracks the progress status of the physical product development cycle and allows user to monitor the performance of the system.
Managing all the design files for digital twin among distributers and suppliers is one of the major restraints faced by the digital twin technology market.
Digital twin technology Market: Segmentation
Segmentation of digital twin technology on the basis of application
Manufacturing process planning
Segmentation of digital twin technology on the basis of end user:
Oil and gas
Power and utilities
Digital twin technology Market: Key Players
Some of the key players of the digital twin technology are: Siemens Ltd., General Electric Company, Tibco software Inc., SAP SE, Microsoft Corporation, Forbesindia.com, and Schnitger Corporation.
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Digital twin technology Market: Regional Overview
On the basis of geography, digital twin technology market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa. Among various regions, the digital twin technology market in North America is expected to dominate during the forecast period owing to high adoption of industrial IoT technology by medium and large scale enterprises to improve their operational performance. North America region is expected to be followed by Western Europe and APAC.
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