Vancouver, BC -- (SBWIRE) -- 05/03/2021 -- The global digital twin market size is expected to reach USD 106.26 Billion at a steady CAGR of 54.7% in 2028, according to latest analysis by Emergen Research. Steady digital twin market revenue growth can be attributed to growing adoption of IoT in industries and increasing use of digital twin technology for monitoring, tracking, and controlling industrial systems. Digital twin technology provides real-time production and asset visibility to identify obstructions to streamline flow of operations and enhance product development.

The technology is witnessing high demand due to increasing acceptance of Industry 4.0 as use of digital twins to delivers a complete insight about equipment health, thereby enabling companies to instantly recognize anomalies in operations flow. Also, deploying digital twin helps in proactive planning of maintenance and spare part replacement to reduce time-to-service and prevent cost-prohibitive asset failures.

The latest industry intelligence research on the Digital Twin market offers a repository of valuable data on the size, share, and growth rate of the Digital Twin market for the forecast period, 2020 - 2028. Importantly, examination of various facets of the industry including but not limited to production volume, product sales, demand and supply assessment and forecast for the period, 2020 - 2028 aim at offering business owners a competitive edge over their rivals. The study further conducts a qualitative evaluation of various driving forces expected to shape the future of the industry during the estimated period.

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Digital twin market in North America contributed largest revenue share to the global market in 2020, attributed to high adoption of advanced technologies, rising adoption of industry 4.0 in the manufacturing sector, and increasing demand for IoT in healthcare and automotive sectors. Additionally, robust presence of leading providers of digital twin technology in the region is causative of steady market growth.

Key players in the market include Microsoft Corporation, Oracle Corporation, IBM Corporation, PTC Inc., Ansys Inc., General Electric Company, SAP SE, Siemens AG, Hexagon AB, and Aveva Group PLC.

Important Points Mentioned in the Digital Twin Market Study
Manufacturing Analysis: The report initially analyzes the various segments of the market in a brief manner, which includes product types, applications, and so on. Further, the report consists of a separate section wherein an in-depth analysis of the manufacturing process has been provided which has been verified thorough primary information collected by experts of reputed industries as well as the industry analysts.

Sales and Revenue Estimation: By applying several top-down and bottom-up approaches on the previous years' sales and revenue data as well as the present market scenario, the analysts have anticipated the market growth and size in major geographies. The report further includes an all-inclusive study on the applications and end-user industries participating in the market. Furthermore, the report provides crucial data on the regulatory policies and guidelines, as well as the macro-economic factors, that determine the evolution of the market along with predictive analysis.

Demand & Supply Assessment: The report further offers key information on the manufacturing and cost analysis, consumption ration, import/export factors, and product and service distribution.

Competitiveness: The report provides crucial data based on the company profile, product portfolio, product and service cost, potential, and sales and revenue generated by the key pioneers and other leading companies.

Factors such as robust presence of international Digital Twin solutions providers such as Oracle Corporation, TIBCO Software Inc., MicroStrategy Incorporated, and Cloudera, Inc. in countries in North America is expected to drive growth of the market in the region during the forecast period.

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Regional scope- North America; Europe; Asia Pacific; Central & South America; MEA

Type Outlook (Revenue, USD Billion; 2018–2028)
Process Digital Twin
Product Digital Twin
System digital Twin

Technology Outlook (Revenue, USD Billion; 2018–2028)
Internet of Things
Artificial Intelligence & Machine Learning
Blockchain
Big Data Analytics
Virtual Reality, Augmented Reality, and Mixed Reality
5G

Application Outlook (Revenue, USD Billion; 2018–2028)
Automotive
Healthcare
Aerospace & Defense
Retail
Energy & Utilities
Telecommunication
Agriculture
Others

To offer more clarity on the current business environment researchers probe into the import and export status, supply chain management, demand and supply, consumption capability and manufacturing capacity. When assessing the size of the industry special consideration is given to the value and volume of the products and services offered on a year on year basis.

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Key questions answered in the report
What will be the market size in terms of value and volume in the next five years?
Which segment is currently leading the market?
In which region will the market find its highest growth?
Which players will take the lead in the market?
What are the key drivers and restraints of the market's growth?

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Table of content:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2028
Chapter 3. Key Insights
Chapter 4. Digital Twin Market Segmentation & Impact Analysis
4.1. Digital Twin Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing demand for growing medicinal application
4.2.2.2. Rising legalization of Digital Twin
4.2.2.3. Technological advancement in product invention
4.2.3. Market restraints analysis
4.2.3.1. The complex regulatory framework for the usage of Digital Twin
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…