Information Technology
Global Digital Twin Market Expected to Garner $1,25,717.4 Million by 2030, Growing at 39.48% CAGR from 2021-2030 [255-Pages] | Research Dive
As per the report, the is predicted to grow at a fascinating timeframe, thereby garnering .
Growing adoption of digital twin technology by various industries across different sectors is predicted to be the primary growth driver of the digital twin market in the forecast period. Moreover, integration of digital twin technology with advanced technologies like IoT, AI, etc., is expected to augment the growth rate of the market in the forecast timeframe.
Since the last few years, various sectors such as automotive, manufacturing, healthcare, etc., have adopted digital twin technology for product launches and product enhancements which is expected to offer numerous growth opportunities to the market in the analysis timeframe. Along with this, integration of advanced technologies like machine learning and AI with digital twin technology is anticipated to push the market forward.
Lack of skilled workforce, however, may dampen the growth rate of the digital twin market.
The Covid-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. The lockdowns have worsened the situation as they have completely disrupted the global supply chains, both- supply-side and demand-side, thereby altering and adversely affecting the business and production cycles of several industries. In such a scenario, when lockdowns were in place, digital twin technology has played a huge role in completion of product enhancement projects of several companies. As a result of the critical role played by digital twin technology, the digital twin market has succeeded in registering a huge growth despite the pandemic.
The report has divided the digital twin market into different segments based on type, industry, and region.
The significant market players of the digital twin market are
These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market. –
For instance, , a Japanese electrical engineering company, announced the acquisition of Insilico Biotechnology AG, a German-based bioprocess software and service provider. Insilico Biotechnology AG is considered as one of the pioneers in developing a bioprocess digital twin technology and this acquisition will help Yokogawa to increase its footprint in the digital twin market.
The report also summarizes many crucial aspects of the digital twin market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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