Digital Twin Market Expected to Reach $125.7 Billion by 2030—Allied Market Research

WILMINGTON, DE, UNITED STATES, November 1, 2024 /EINPresswire.com/ — Allied Market Research, titled “Digital Twin Market,” estimates that the digital twin market was valued at $6.5 billion in 2021 and will reach $125.7 billion by 2030, growing at a CAGR of 39.48% from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/A17185

A virtual machine that offers a real-time online version of a physical object or process is called a “digital twin.” The performance of industrial assets is profiled, predicted, and optimized using simulation models, data, and intelligence. Because it enables automatic vehicle control and monitoring of industrial assets and processes like product development, design & manufacturing planning, investment performance management, business & operation optimization, and more, the digital twin is a crucial part of the Industrial Internet of Things.

The automotive and transportation industries’ increasing demand for digital twin technology is anticipated to fuel market expansion over the forecast period. The digital twin, which facilitates continuous communication between product developers & designers, end users, and several other stakeholders to provide creative and efficient vehicles that can be digitally automated, is principally responsible for this increase. In the upcoming years, it is anticipated that these reasons will hasten the market’s expansion for digital twins. Additionally, the prospective applications of the industrial Internet of Things are anticipated to increase demand for digital twin technology and propel digital twin market growth.

The use of digital twins as an advanced technology is anticipated to gain traction. Manufacturers in the industry currently require actual visibility across company boundaries and back down the supply side chain. This is made possible by digital twin technology. The digital twin serves as a strong digital shadow. They collect all the interrelated data sources from an asset’s entire lifecycle as semantically clearly delineated, information virtualization. A digital twin could be used to create twins of individual elements, assemblies, people, or a whole manufacturing facility. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A17185

The global digital twin market size is segmented on the basis of type which has been divided into system digital twin, product digital twin, and process digital twin. By industry, the market has been divided into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some of the leading digital twin market players are ABB Group, ANSYS Inc., Accenture PLC, Bentley systems corporation, AVEVA Inc, Bosch, Oracle Corporation, Siemens AG, Rockwell Automation Inc, and Schneider Electric.

The report offers a comprehensive analysis of the global digital twin market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A17185

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

– Based on type, the system digital twin sub-segment is expected to have the dominant share during the forecast period.

– By industry, the automotive & transportation industries had the largest digital twin market share and is expected to grow by 2030.

– By region, Asia-Pacific is forecasted to be the fastest-growing region during the forecast period.

– The report provides an in-depth study of the digital twin market analysis.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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