Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-01-06
As per Business Intelligence Insights (BII) study, the global Digital Twin Market attained revenue growth of USD 3,295.8 million in 2021 and it is projected to reach around USD USD 110,941.6 million by 2030, growing at a 55.2% CAGR.
The growing demand for digital twins in the healthcare and pharmaceutical industries as a result of the COVID-19 pandemic, the evolving nature of maintenance, as well as the increasing usage of digital twin solutions to combat the COVID-19 pandemic, are driving the digital twin market's rise.. A digital twin is a virtual duplication of any physical asset, process, or system that can be used to ensure predictive maintenance and reduce outages over a specified time period. As a result, a digital twin is created using several IoT sensors that collect real-time data generated during the product development phase and learn, analyze, and update itself based on working conditions.
The integration of digital twin technology with technologies such as IoT, AI, and cloud computing is likely to increase market growth even further. Several firms are focusing on using digital twin solutions to streamline their supply chains and operational operations in order to recover from the pandemic's economic damages. As a result, cloud providers such as Microsoft Azure and Google Cloud are focusing on developing a variety of cloud-based digital twin solutions for industry players in order to provide easy access and customizable solutions. Due to COVID-19, industry participants are facing numerous issues in areas such as health and safety, supply chain, supplier resilience, labor shortages, and others. In the current context, manufacturers in the sector require real-time visibility across company boundaries and all the way down the supply and demand chain. This is possible because of digital twin technology.
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Digital Twin Market: Companies Mentioned
Key Highlights of the Report
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Revenue-generating Segment Highlights
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa (MEA)
Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Digital Twin Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –
• What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
• What is the current trend taking place in the market space?
• What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
• What market drivers, restraints, and challenges are influencing market demand and growth?
• In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?
The Digital Twin Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Digital Twin Market Forecast Report 2022- 2030 - Order Now!
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