Global Digital Twin Market Size To Exceed $140.76 Billion By 2032; CAGR 27.29% | Spherical Insights

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The Global Digital Twin Market Size was valued at USD 12.6 Billion in 2022 and the Worldwide Digital Twin Market is expected to reach USD 140.76 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: ANSYS Inc., General Electric Company, Cal-Tek SRL, IBM Corporation, Cityzenith Inc., Microsoft, Dassault Systèmes, Siemens, PTC, ABB Group, Accenture plc, Autodesk Inc, Bosch Rexroth AG, Rockwell Automation Inc., Schneider Electric, Oracle Corporation and among others.

New York, United States , April 21, 2023 (GLOBE NEWSWIRE) — The Global Digital Twin Market Size is to Grow from USD 12.6 Billion in 2022 to USD 140.76 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 27.29% during the projected period. The rising adoption of 3D modelling and simulation to replicate the real-time object for various applications in several industries such as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others will boost the demand for the digital twin market during the forecast period.

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In the Industry 4.0 paradigm, digital twins include the implementation of artificial intelligence (AI), big data, machine learning (ML), and the growing popularity of the Internet of Things (IoT) and are primarily used in the industrial Internet of Things (IIoT), engineering, and manufacturing-related settings. The global pandemic has increased the adoption of digital twin technology in industries other than manufacturing, such as health care, construction, information technology, and retail, boosting market growth over the forecast period. As a result, many different countries around the world are likely to incorporate digital twin technology into their economic operations. Several businesses are focusing on implementing digital twin innovations to optimize their vendor networks and operational procedures in order to recover from the financial challenges caused by the global pandemic. The introduction of such technologies also assists businesses in increasing activity and system productivity, which contributes to overall production efficiency.

Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on Global Digital Twin Market Size, Share, and COVID-19 Impact Analysis, By Type (System Digital Twin, Product Digital Twin, Process Digital Twin, Other Types), By Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032″. Get Detailed Report Description Here:

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The system digital twins’ segment is dominating the market with the largest revenue share over the forecast period.

On the basis of type, the global digital twin market is segmented into system digital twins, product digital twins, process digital twins, and other types. Among these, the system digital twins’ segment is dominating the market with the largest revenue share of 27% over the forecast period. The rise of this sector is largely attributed to the widespread adoption of system digital twins by a variety of fields, including automobile manufacturing, the manufacturing process, oil & gas, energy & amenities, and others, in order to recognize brand-new opportunities for revenue generation through cost optimization and improved service quality performance.

The automotive & transportation segment accounted the largest revenue share of more than 55% over the forecast period.

On the basis of industry, the global digital twin market is segmented into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. Among these, automotive & transportation are dominating the market with the largest revenue share of 55% over the forecast period. This expansion is primarily due to the increasing use of digital twin technologies in the automotive and transportation sectors for developing digital representations of connected automobiles.

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North America dominates the market with the largest market share over the forecast period.

North America is dominating the market with more than 45% market share over the forecast period. North America is a well-established technological innovation hub that is a leading user of digital twins and related technological advances. The presence of key digital twin solution service providers in the region, such as GE, Bentley Systems, IBM, Emerson, the software giant Microsoft, ANSYS, Amazon Web Services, Cisco Systems, Altair, and Oracle, increases demand and understanding of digital twin solutions.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Digital Twin Market include ANSYS Inc., General Electric Company, Cal-Tek SRL, IBM Corporation, Cityzenith Inc., Microsoft, Dassault Systèmes, Siemens, PTC, ABB Group, Accenture plc, Autodesk Inc, Bosch Rexroth AG, Rockwell Automation Inc., Schneider Electric, Oracle Corporation and among others.

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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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