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Jun 21, 2020 (Market Insight Reports) --
The Global Digital Twin Technology Market is estimated to witness a substantial growth during the forecast period 2020-2027.
Digital twin technology is used to monitor, control and record dynamic process, product or a service through a hypothetical model that uses simulation software and computer-based aids.
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The power generation, space exploration, automotive, aerospace and oil & gas verticals have started using digital twin technology to reduce paperwork and boost the optimized solutions offered by respective industries in the long-term.
The digital twin technology industry is driven by various growth factors such as introduction of smart technology and abolishment of obsolete technology, digitization of records and optimized products among others. Whereas, lack of awareness related to digital technology in rural areas and increase in number of cyber-attacks will restrain the market growth over the forecast period. On the other hand, growth in research and development investment will offer lucrative market opportunities for the market players present in the global digital twin technology market over the forecast period.
Digital twin technology is benefitting various industry verticals in terms of efficiency, productivity, lean manufacturing, and cost effectiveness. The technology works with simulation platform and predictive analytics along with integration of several manufacturing assets, underlying parts, and system processes in real-time that helps sensors to communicate to their operators in simulation module, this system senses data and can analyse their work. Digital twin used for reducing operational losses, or repairing and designing of aeroplanes and turbines, that controls supply chain losses in related to manufacturing plants.
In the agriculture industry, digital twin technology offers remote monitoring, crop and soil health monitoring, virtual geography information, livestock and farm management, among these applications.
Segmentation Overview of the Global Digital Twin Technology Market
The global digital twin technology market is segmented on the basis of various segments that include software type and industry verticals as the major segments. These segments are further categorized into various sub-segments to study the market in detail considering various market determinants and geographical reasons.
The Software Type Segment of the Global Digital Twin Technology Market is Sub-Segmented into:
- Predix
- APDV
- DTS-SI
- Others
The Industry Vertical Segment of the Global Digital Twin Technology Market is Sub-Segmented into:
- Aerospace
- Automotive
- Manufacturing
- Oil & Gas
- Power Generation
- Others
Geographical Overview of the Global Digital Twin Technology Market
The North America digital twin technology market is estimated to dominate the global marketplace owing to growth in investment in the region to enhance the business for better and valuable working along with increasing adoption of cloud-based technology in the region.
On the other hand, the Asia-Pacific digital twin technology market is estimated to hold the position of highest revenue generator amongst all the other regions.
Competitive Insights of the Global Digital Twin Technology Market
AT&T, CSC, Bosch Software Innovations GmbH, Cisco Systems, Inc., Dell, Alphabet Inc., SAP SE, Siemens AG, PTC and General Electric are some major key players included in the research study of the global digital twin technology market. These companies are using various competitive strategies such as merger & acquisition, collaboration, partnership and product launch among others to acquire majority of market share in the global marketplace.
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