New York, USA, July 04, 2022 (GLOBE NEWSWIRE) -- A new report on the global digital twin market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $1,25,717.4 million by 2030, rising at a striking CAGR of 39.48% from 2021 to 2030. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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The report segments the global digital twin market into type, industry, and region.
System Digital Twin Sub-Segment to Observe Highest Growth
Among the type segment, the system digital twin sub-segment is projected to lead the market during the estimated timeframe. This is mostly because of the significant surge in the usage of system digital twin type by numerous industries including manufacturing, energy & utilities, automotive, oil & gas, and others for detecting novel revenue generating opportunities by making cost reductions and enhancing customer services.
Automotive & Transportation Sub-Segment to Witness Maximum Growth
Among the industry segment, the automotive & transportation sub-segment is projected to grab foremost market share during the estimated timeframe. This is mostly because of the significant surge in the usage of digital twin technologies in the automotive & transportation industry for developing digital models of connected vehicles.
Asia-Pacific Digital Twin Market to Observe Rapid Growth
The report analyzes the global digital twin market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe speedy growth in the forecast period. The growth of the region market is mainly because of the growing demand for digital twins in numerous industries such as manufacturing, automotive, and others for reducing labor costs in this region.
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Impact of COVID-19 Pandemic on the Digital Twin Market
The abrupt rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global digital twin market. Many hospitals have implemented digital twin technologies for monitoring patients’ condition, the effect of tablet devices, and other factors. Hence, there has been a significant surge in the demand for digital twin technologies since the outbreak of the pandemic. All these factors are greatly hampering the growth of the digital twin market amidst the pandemic period.
Factors Impacting the Digital Twin Market Growth
The key factors boosting the growth of the global digital twin market are the rising adoption of digital twin technologies in various industries to inspect operations, calculate the performance of physical assets, detect where the alterations are required, and obtain insights into critical procedures. Moreover, increasingly growing demand for digital twin technologies in different sectors and rising technical developments are projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, huge costs involved in the installation and maintenance of digital twin technology and dearth of skilled workforce are expected to obstruct the market growth.
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Leading Players of the Digital Twin Market:
The report lists some of the foremost players operating in the global industry including
- ProfitWell
- RJMetrics
- BlueSnap
- Databox
- CashNotify
- HiPay Intelligence
- Yapstone
- Payfirma
- PaySketch
- Revealytics, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire here to buy full report
For instance, in December 2021, Genesys International, a leading provider of engineering and information technology solutions to the commercial and government sectors, unveiled its pan India program to develop the Digital Twin of the whole Urban India.
More about Digital Twin Market:
- Acquisitions like That of Dacom Farm Intelligence by CropX to Propel the Growth of Global Digital Twin Market
- What is Digital Twin Technology and Which Industries Are the Most Benefitted from It?
