{"id":69577,"date":"2020-09-16T03:30:00","date_gmt":"2020-09-16T03:30:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2728026"},"modified":"2020-09-16T03:30:00","modified_gmt":"2020-09-16T03:30:00","slug":"digital-twin-market-worth-48-2-billion-by-2026","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/09\/16\/digital-twin-market-worth-48-2-billion-by-2026\/","title":{"rendered":"Digital Twin Market worth $48.2 billion by 2026"},"content":{"rendered":"

According to the new market research report“<\/strong>Digital Twin Marketby Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography – Global Forecast to 2026″<\/strong>, published by MarketsandMarkets\"™\", the Digital Twin Marketwas valued atUSD 3.1 billion<\/span>in 2020 and is expected to reachUSD 48.2 billion<\/span>by 2026, at a CAGR of 58% from 2020 to 2026. Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market.<\/p>\n

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System digital twin to account for the largest share of the digital twin market<\/strong><\/p>\n

The market for system digital twin accounted for the largest market sharein 2019. This growth can be attributed to the increasing use of digital twin for systems in various applications. For example, in the aerospace & defense sector, the LOCOMACHS has implemented a digital twin for the entire assembly line for an aircraft wing for performance monitoring. In addition, in the automotive & transportation industry, Tesla Motors is using a digital twin solution for every car it manufactures for better performance and business improvement.<\/p>\n

Automotive & transportation accounted for the largest share of the digital twin market in 2019<\/strong><\/p>\n

Automotive & transportation industry accounted for the largest market share in the digital twin market in 2019. This growth can be attributed to the increasing usage of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. Automotive & transportation is one of the industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred due to the pandemic.<\/p>\n

Browsein-depth TOC on<\/em>“<\/strong>Digital Twin Market<\/a>“
<\/strong>97 – Tables
47 – Figures
177 – Pages<\/strong><\/p>\n

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North America<\/span>to account for the largest share of the digital twin market by 2026<\/strong><\/p>\n

In recent years, the development of various software and deployment of automation solutions in the manufacturing industries has improved production lines and downstream operations. These developments have positively impacted the growth of the digital twin market inNorth America<\/span>due to the high economic growth and a large presence of vendors offering digital twins.<\/p>\n

A few of the key players in the digital twin market are General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany<\/span>), ANSYS (US), SAP (Germany<\/span>), Oracle (US),Robert Bosch<\/span>(Germany<\/span>), and SWIM.AI<\/span>(US)<\/span>.<\/strong><\/p>\n

Related Reports:<\/strong><\/p>\n

Industrial IoT (IIoT) Market<\/a>by Device & Technology (Sensor, RFID, Industrial Robotics, DCS, Condition Monitoring, Networking Technology), Connectivity (Wired, Wireless, Field Technology), Software (PLM, MES, SCADA), Vertical, Region – Global Forecast to 2025<\/p>\n

Artificial Intelligence Market<\/a>by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), End-User Industry, and Geography – Global Forecast to 2025<\/p>\n

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According to the new market research report “Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography – Global Forecast to 2026″, published by MarketsandMarkets™, the Digital Twin Market was valued at USD 3.1 billion in 2020 and is expected to reach USD … Continue reading Digital Twin Market worth $48.2 billion by 2026<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,5,67,57,4,54],"tags":[],"class_list":["post-69577","post","type-post","status-publish","format-standard","hentry","category-english","category-extended-distribution","category-icn-internal-distribution","category-ips","category-research-newswire","category-wire"],"yoast_head":"\nDigital Twin Market worth $48.2 billion by 2026 - 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