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(IT-NEWSWIRE.COM, June 15, 2021 )
Digital Twin is also known as Digital replica of living or non-living physical entity. The increase in internet penetration along with the proliferation of smartphones and the advent of advanced technologies such as VR, AR, Artificial Intelligence, deep learning, machine language, and blockchain is driving the global digital twin market growth. Digital Twin technology is helping to reduce the time to market, to increase operational efficiency, and improve product lifecycle for various end-use segments like automotive, aerospace, and healthcare. Furthermore, the digital twin technology allows supply chain managers to better control their stocks. For instance, the Internet of things (IoT) sensors deployed in smart stores use the data through these sensors & analyze them with the digital twin technology and big data analytics to increase the shopper value & to improve the efficiency in supply chain in real-time.
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Key Players
Some prominent players operating in the global digital twin market include General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM AI. To leverage new opportunities in the digital twin market & target new customers, companies are adopting various strategies to develop customized products for specific clients.
Impact of COVID-19 on Market
The Global Digital Twin Market experienced a slight slump in the year 2020 due to the shutting down of manufacturing sites, production plants, and other factories in the 1st half of the year triggered by the spread of the COVID-19 outbreak. However, due to the varied applications of digital twins, the market is poised for exponential growth, which is anticipated to be accelerated by social distancing norms, forcing companies to adopt digital twins.
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Market Taxonomy
By Types
• Part Digital Twin
• Product Digital twin
• System Digital Twin
By Technology
• IoT and IIot
• Blockchain
• Artificial Intelligence and Machine Learning
• Big Data Analytics
• Augmented Reality, Virtual Reality, and Mixed Reality
By End Users
• Aerospace & Defense
• Automotive & Transportation
• Electronics and Electrical Machine Manufacturing
• Healthcare
• Retail
• Energy & Utilities
• Home & Commercials
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Regional Analysis
The Global Digital Twin Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North America region holds the largest market share in the overall digital twin market. In recent years, the development of various software & deployment of automation solutions in the manufacturing industries has improved production lines as well as downstream operations which is expected support the market growth in the region. Moreover, the increase in research & development in the field of the IoT and IIoT and growing demand for efficient & cost-effective technologies for product manufacturing are also accelerating the regional market growth.
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Qualiket Research
Hemant Singh
8208257128
hemant.singh@qualiketresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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