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Written by Jack » Updated on: October 23rd, 2024
Browse over 186 market data Figures and 6 market Tables spread through 245 Pages and an in-depth TOC on the "Global Digital Twin Market."
According to the TechSci Research report the Global Digital Twin Market was valued at USD 83.36 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 32.34% through 2029. This growth is primarily attributed to the increasing emphasis on smart city development and the rapid integration of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics across enterprises.
The automotive industry is particularly driving the demand for digital twin technology to create virtual models of automobile components, driven by the rising popularity of electric and autonomous vehicles. The deployment of advanced driver-assistance systems (ADAS) and other cutting-edge automotive technologies underscores the necessity for testing and performance evaluation, further stimulating market demand.
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The global digital twin market is segmented by type, technology, application, end-user, company, and region. Process digital twin, capturing a market share of 46.78% in 2021, dominates the market and is utilized to enhance consumer experience and predict potential failures to prevent breakdowns.
In terms of technology, the market segments include the Internet of Things, artificial intelligence & machine learning, blockchain, big data analytics, extended reality, and 5G. The Internet of Things technology is expected to witness significant growth due to its capability to create virtual models of the physical world through sensors.
Major market players operating in the global digital twin market are:
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The report emphasizes the growing role of digital twin technology in various industries, such as manufacturing, automotive and transportation, healthcare and life sciences, energy & utilities, aerospace and defense. Real-time tracking, equipment monitoring, and performance improvement are among the key applications of digital twin technology in these sectors.
Mr. Karan Chechi, Research Director at TechSci Research, highlights the role of high internet penetration and the proliferation of smart devices, particularly in developing countries, as key drivers of market growth. He expects ongoing advancements in the telecommunication industry and the launch of high-performance connected devices to further propel the global digital twin market until 2027.
The report, titled "Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2019-2029", aims to provide comprehensive market intelligence to aid decision-makers in making informed investment decisions. Additionally, it identifies emerging trends, drivers, challenges, and opportunities in the global digital twin market.
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