Global Digital Twin Market Report 2022: Sector to Reach $96.32 Billion by 2028 at a 40.5% CAGR - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Digital Twin Market, By Solution, By End-use, By Application, By Industry & By Region - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

Global Digital Twin Market was valued at USD 6.76 billion in 2021, and it is expected to reach a value of USD 96.32 billion by 2028, at a CAGR of 40.5% over the forecast period (2022 - 2028).

The system involved in digital twinning includes stimulation, integration, testing, monitoring, and maintenance. The digital twin involves the real-world process and its digital counterpart. The real-time process must be synchronized with the physical system in order for the digital twin to exist. The characteristics of digital twinning include the increased internet connectivity, the Internet of Things, and the numerous technologies created for the digital twin. With improved connections between the physical and digital connections, the technology created for the digital twin has many of the same characteristics as that of the Internet of Things.

Segments covered in this report

Global digital twin market is segmented based on end use, type, solution, application, industry and region. Based on end use the market is further sub-segmented into manufacturing, agriculture. According to the solution category, the market is segregated into components, process and system.

Based on Application the market is further sub-segmented into Predictive Maintenance, Business optimization. Based on Industry, the market is further sub-segmented into aerospace, automotive & transportation, healthcare, infrastructure, energy & utilities. Based on region the market is further sub segmented into North America, Europe, Asia Pacific, and Rest of the World.

Driver

Increase in technologies have enhanced workflow through the use of digital twin technology, including cloud computing, the internet of things, computing, and others, with increased development of real-time data collection and analysis techniques. A digital twin that has been physically altered and given enhanced performance. Due to new developments, a high prototype with a digital twin helps to drive the market for digital twins at an inflated growth rate.

Restraint

With more internet connections, advanced technologies like the Internet of Things, computing, clouding, and others emerged in the digital twin space. Due to lower customer demand, the cost of the digital twin increased, and the market growth rate of the digital twin was slowed down with a small revenue share of the market during the forecast period.

Market Trends

One of the newest trends is the use of twin solutions in the healthcare and life science industries. There are fewer physical and real-world tests or process completions as a result of the increased use of these solutions throughout the pharmaceutical industry to estimate the end of procedures.

These elements aid healthcare professionals in creating and validating drug applicants. The Swedish Digital Twin Consortium claims that product twin solutions, which are still in the emerging stage, have the potential to personalize medical care. The goal is to create safe network models and then computationally match those twins.

A selection of companies mentioned in this report includes

• General Electric (US)
• Microsoft Corporation (US)
• Hitachi Ltd. (Japan)
• Dassault Systemes SE (France)
• Autodesk Inc. (US)
• SAP SE (Germany)
• Siemens AG (Germany)
• ANSYS Inc. (US)
• PTC Inc. (US)
• IBM Corporation (US)

For more information about this report visit https://www.researchandmarkets.com/r/4ycnxs-digital?w=4

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