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Global Digital Twin Market Size to grow by US$ 89.45 Bn in 2030

The Global Digital Twin Market Size is expected to be worth USD 10.47 Billion in 2021 and is estimated to reach up to USD 89.45 Billion by 2030, at a compound annual growth rate (CAGR) of 34.48% from 2022 to 2030.


Digital Twin Market

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The market for digital twin technology is seeing growth due to the rising trend of spending on digital twins in the manufacturing, automotive, and healthcare sectors in order to understand the current and future performance of products. Businesses in these sectors are becoming more open to the idea of assisting with other strategic goals and mission-critical tasks. The market for digital twin technology is predicted to expand as a result of the proliferation of IoT sensors, which has sparked possible uses of the technology in other end-use sectors.


The major market participants utilized a variety of methods during the first quarter of 2021 to restructure their company model and increase their global commercial reach. As one of the essential technologies in automation, increased investments in IT projects by numerous key businesses and governments are projected to bring about change in digital solutions during the forecast period.


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Due to the emergence of "digital twins," which are digital copies of actual assets from a product, process, system, or facility, businesses are now better able to analyze and forecast the performance of their equipment. Since the development of big data and the Internet of Things, the concept of the "digital twin" has gained considerable momentum and has become an essential bridge connecting the physical and digital worlds. Through analysis of data gathered from sensors, digital twins enable extremely accurate system operation, maintenance, and outcome prediction. It monitors the system and helps with problem avoidance before it arises.


With the rise in advancement of 3D printing, a wider range of materials are now 3D printable. Due to the possibility of some materials warping while 3D printing, it can require a lot of trial and error. As a result, printing parts becomes more expensive and takes longer. Twins can be used to simulate the 3D printing manufacturing process. The 3D model's rectification is made possible by the twins' ability to anticipate probable distortions. As a result, a brand-new model that is completely optimized to take the variations into account is created.


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The North America region is expected to dominate the market share owing to the utilization of parts twin and product twin by end users in the U.S. across a variety of industries, including healthcare, home & commercial, among others. The important market players including IBM Corporation, Oracle Corporation, Microsoft Corporation, Cisco Systems, Inc., and others are concentrated in the United States and Canada. To improve their product offerings and expand their clientele, market players collaborate and combine with technology providers. However, The Asia Pacific region is expected to witness the highest growth rate during the forecast period of the market due to the end-users in China, Japan, India, South Korea, and other industrial processes are increasing their venture capital investment.


KEY INDUSTRY DEVELOPMENTS:


  • June 2021- Waylay announced that its powerful no-code IoT asset monitoring solution for Salesforce, called Waylay Digital Twin, had partnered with top-tier Salesforce Implementation Partners. The Waylay Digital Twin projects benefit from the selected implementation partners' increased consulting and implementation capabilities and their decades of Salesforce experience.


  • January 2021- A digital twin vehicle that depicts patient-specific (patho)physiology and is able to forecast the evolution of infectious viral infections was offered by DIGIPREDICTas a potential remedy.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/digital-twin-market/26033



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