Digital twin is commonly called as the digital replica of living or non-living physical entity. Digital twin is a type of IoT (Internet of Thing). It is a virtual model of process, product, and service. Digital twin is used for the data analysis, and system monitoring. Digital twin represents the convergence of the virtual and the physical world where each industrial product will get dynamic representation.
Increase in demand for IoT, Artificial Intelligence in various industries like Aerospace & Defense, Automotive and transportation will rise the demand for digital twin, in near future. Increase in research and development activities such as 3D printing is expected to boost the growth of global digital twin marker. For instance, In January 2019, Siemens Ag had launched new 3D additive manufacturing process with digital twin software. This new technology expected to grow global digital twin market in this forecast period. Inadequate It infrastructures in developed countries is the major restraining factor for the market, which is expected to hamper the growth of global digital twin market.
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Global digital twin market is segmented by types such as Part Digital Twin, Product Digital Twin, System Digital Twin, and Process Digital Twin, by technology such as IoT and IIot, Blockchain, Artificial intelligence and Machine Learning, Big Data Analytics, and Augmented Reality, Virtual Reality, and Mixed Reality. Further global digital twin market is segmented by End users such as Aerospace & Defense, Automotive & Transportation, Electronics and Electrical Machine Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercials, and Others.
Also, global digital twin market is segmented into five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Global Digital Twin Market Key Competitors
Various key competitors are discussed in the global digital twin market report including General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM AI
Global Digital Twin Market Taxonomy
- Part Digital Twin
- Product Digital twin
- System Digital Twin
- IoT and IIot
- 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
- Energy & Utilities
- Home & Commercials
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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