New York, USA, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global digital twin market is expected to generate a revenue of $52,081.0 million by 2027, rapidly growing at a CAGR of 41.3% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Digital twin technology is efficiently used to monitor operations and insights of critical processes. This factor is expected to drive the growth of the market during the forecast period. In addition, its extensive application in various industries such as automotive, manufacturing, and construction are further expected to bolster the growth of the digital twin market during the forecast period.
Restraints: Unavailability of skilled workforce is expected to curb the growth of the market during the forecast period.
Opportunities: Persistent technological advancements and rapid adoption of digital twin technology among healthcare professionals and scientists are expected to create immense opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on type, end use industry, and region.
Type: System Digital Twin Type Sub-segment to be Most Profitable
The system digital twin type sub-segment generated a revenue of $1,920.8 million in 2019, and is further expected to grow expeditiously during the forecast period. Extensive application of system digital twin type in numerous industries like oil and gas, energy & utilities, automotive, etc. are expected to bolster the growth of the digital twin market sub-segment during the forecast period.
End Use Industry: Automotive and Transportation Industry Sub-segment to Have the Highest Market Share
The automotive and transportation industry is expected to generate a revenue of $12,112.5 million during the forecast period. There has been an extensive utilization of digital twin technologies for generating digital models of connected vehicles. In addition, mass production of vehicles and rising rate of globalization are expected to accelerate the growth of the sub-segment during the forecast period.
Get Access to Comprehensive Analysis of the Impact of Covid-19 on Digital Twin Market
Region: Asia Pacific Region Expected to Dominate the Market
The Asia Pacific region is expected to generate a revenue of $13,020.0 million during the forecast period. Surging demand for digital twin in the automotive industry so as to reduce the labor cost and persistent technological innovation in this region are expected to accelerate the growth of the digital twin market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of coronavirus has had a significant impact on the growth of the digital twin market, owing to the implementation of various tactics and strategies by prominent players of the market. Dominant manufacturers incorporated numerous strategies such as product innovations, company collaborations, product enhancements, and others to increase their market share. Thus, the pandemic has had a positive impact on the growth of the digital twin market.
The Prominent Players of the Digital Twin Market Include -
- IBM
- Microsoft
- Siemens
- Oracle
- SAP
- PTC
- ANYSYS, Inc.
- Robert Bosch GmbH
- General Electric
- DassaultSystèmes
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in July 2021, Siemens AG, a German multinational conglomerate and a focused technology corporation, acquired FORAN, a marine digital twin software company, in order to accelerate Siemens’ marine digital twin, adding preeminent capabilities to their integrated ship design and engineering digital thread solution.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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