Digital twin technology has gained immense traction during the COVID-19 pandemic for the reason that economic activities resume at a faster pace with the implementation of this technology. The entire globe suffered disruptions during this period and went through huge losses. However, the businesses are bouncing back and reviving their lost glory. This process can speed up through the use of digital twin technology. The adoption of digital twin technology in various industries such as healthcare, telecom, retail, real estate, and others is likely to create revenue generation opportunities for the global market during the forecast period of 2021-2031.
Digital twin technology integrates technologies, namely AI, IoT, and cloud computing. These technologies replicate the current devices and fix the issues related to their performance. Concurrently, this helps in improving the system's performance and increases productivity. In addition, it also improves the operations and helps the organizations in optimizing their supply chains which may eventually amplify the growth of the digital twin technology market.
The digital twin technology market can be segmented into system, process, and component based on the solutions. On the basis of end-users the market can be classified into aerospace, telecommunication, residential, commercial, life sciences, healthcare, agriculture, automotive, transport, energy & utilities, manufacturing, and others.
The research report by TMR includes all important aspects that contribute to the growth of the digital twin technology market. The exhaustive market survey conducted by the team of analysts throws light on the factors such as current trends, competitive landscape, recent developments, key drivers, opportunities, and regional perspective. The relevant insights provided by the experts into the digital twin technology market provide a blueprint to the stakeholders and assist them in taking appropriate decisions and plan effective strategies. Further, the impact of COVID-19 on the growth trajectory is also included in this report.
The adoption of digital twin technology by various end-use industries may prove to be growth booster for the digital twin technology market. Subsequently, the application in supply chain management, warehouse management, smart city projects, and other processes are likely to open new growth avenues for the digital twin technology market. Moreover, the advantages of these technologies in synchronizing the components, enhancing the operations, and performance has gained immense consumer attention.
The application of digital twin technology in the booming automotive sector has enhanced the services provided by them. In addition, the escalating adoption of simulation technologies may contribute in the growth of the digital twin technology market. The emerging trend of autonomous and connected vehicles with features such as electrification, and shared mobility is expected to generate rampant growth to the digital twin technology market.
The healthcare sector has shown significant growth due to the pandemic situation. However, the digital twin technology has proved to be beneficial in studying patient's history and can provide accurate treatment simulations. Besides this, the building and construction sector is also using the digital twin technology for the smart city projects in developing countries and upgrading the 3D models. In addition, the telecom industries are accommodating new solutions and upgrading their network systems through adoption of digital twin technologies. All these factors are expected to create multiple growth prospects for the digital twin technology market.
The key players are focusing on developing novel technologies and upgrading the existing ones through relentless research and development activities. Strategic collabrations play a crucial role in market expansion.
The leading players operating in the digital twin technology market are IBM Corporation, Dassault Systemes, ABB, General Electric, SAP, and ABB
Asia Pacific is prognosticated to showcase substantial growth due to the booming automotive sector in this region. Furthermore, the increase in smart city projects in countries like India and China may catapult the growth to the global digital twin technology market. North America is also anticipated to witness good revenue growth on the back of technological advancements in this region.
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