New York, USA , April 21, 2021 (GLOBE NEWSWIRE) -- Research Dive has recently added a report to its online repository, titled “Digital Twin Market, by Type (System Digital Twin, Product Digital Twin, and Process Digital Twin), End Use Industry (Aerospace and Defense, Automotive and Transportation, Home and Commercial, Healthcare, Energy and Utilities, Oil and Gas, Agriculture, Telecommunication, Others), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027”
The is anticipated to generate a revenue of $52,081.0 million at a CAGR of 41.3% during the forecast period.
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Regional Analysis
Asia-Pacific region market is projected to experience a significant growth during the forecast period and produce a revenue of $13,020.0 million by 2027. There is a growing demand for digital twin in several industries such as automotive, manufacturing and other verticals to minimize the labor cost.
Highlights of the Report
The report has divided the market into different segments based on type, end-use industry, and regional analysis.
- System digital twin type sub-segment accounted for the majority global market share in 2019, which was over $1,920.8 million and is predicted to continue command over the global market size during the forecast period too. This dominance is mainly owing to extensive usage of system digital twin type by several industries such as automotive, manufacturing, oil & gas, energy & utilities and other verticals to identifying new revenue producing opportunities through reducing costs and enhancing customer services.
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- Automotive and transportation industry held the highest digital twin market size; it was about $746.5 million in 2019 and is predicted to continue its dominance to produce a revenue of $12,112.5 million by 2027. This command over the overall market is majorly owing to wide utilization of digital twin technologies in the automotive and transportation sector for generating the digital models of connected vehicles.
Dynamics of the Market
Digital twin refers to the digital representation of non-living and living physical objects including things, people, processes and others. It is used to analyze operations as well as insights of critical processes. Due to these benefits, there is increase infrom end use industries, which is a major driving factor for the market growth in the forecast time.
Huge initial investments are required for installation along with high maintenance expenditure required due to lack of skilled workforce, and this factor is limiting the growth of the market in the forecast years.
Growing implementation of the digital twin technology by several industries is estimated to create opportunities in the digital twin market.
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Key Players of the Market
The leading players of the global digital twin market include
- IBM
- ANSYS, Inc.
- Microsoft
- General Electric
- SAP
- Siemens
- PTC
- Oracle
- Robert Bosch GmbH
- DassaultSystèmes
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status -Inquire to Get access for Detailed Top Companies Development Strategy Report
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