Growing demand for advanced technology for collecting and analyzing data in bulk by companies fuels the growth of the global digital twin market. Based on industry, the automotive & transportation segment contributed to the major share in 2021. Based on region, on the other hand, the market across Asia-Pacific would remain lucrative throughout the forecast period.
According to the report published by Allied Market Research, the global digital twin market was estimated at $6.5 billion in 2021 and is expected to hit $125.7 billion by 2030, registering a CAGR of 39.48% from 2022 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Growing demand for advanced technology for collecting and analyzing data in bulk by companies fuels the growth of the global digital twin market. Moreover, the prospective applications of the industrial internet of things are anticipated to increase the demand for digital twin technology, which has created lucrative opportunities for the key players in the industry.
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Covid-19 Scenario-
• All throughout the global health crisis, major manufacturers happened to use a variety of strategies, including product launches and product enhancements, as well as R&D investments, to increase their market share in the overall marketplace. This, in turn, impacted the market positively.
• Digital twins can be used to track a patient’s condition, the impact of tablet devices, and other variables. Some industry players have taken advantage of the coronavirus disease outbreak by offering a variety of different solutions. This trend is most likely to continue post pandemic as well.
The global digital twin market is analyzed across type, industry, and region. Based on type, the system digital twin segment contributed to more than half of the total market revenue in 2021, and is projected to lead the trail by 2030. The process digital twin segment, however, would exhibit the fastest CAGR of 40.74% during the forecast period.
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Based on industry, the automotive & transportation segment contributed to more than one-fifth of the total market revenue in 2021, and is projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 40.89% during the forecast period.
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Based on region, the market across North America held the major share in 2021, garnering nearly two-fifths of the global market. The Asia-Pacific region would also manifest the fastest CAGR of 41.64% throughout the forecast period.
The key market players analyzed in the global digital twin market report include BlueSnap, Databox, Payfirma, Yapstone, CashNotify, RJMetrics, HiPay Intelligence, PaySketch, Revealytics, and ProfitWell. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.