The global digital twin market has witnessed a substantial growth in recent years. The increase in the adoption rate of internet of things devices and cloud platforms as well as increased focus towards improving the business performance in terms of cost-effectiveness, process optimization as well as time to market are the key factors fuelling the growth of the digital twin market. In addition, the new technological advancements in the area virtual and augmented reality will further help the market to grow at a substantial rate during the forecast period.
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The electronics and electrical/machine manufacturing industry is estimated to hold the largest share in digital twin market in 2016. The key factors propelling the growth of the electronics and electrical/machine manufacturing industry include the increasing digitization for designing and manufacturing process of electrical and electronic equipment’s as well as in after-sales services.
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Asia-Pacific region is expected to grow at the highest rate during the forecast period in the global digital twin market. The major factors propelling the growth of the market in the region is the increased adoption rate of digital twins which typically drive the business impact of Internet of Things. The emerging economies such as India, China are focussing towards increasing the implementation of Internet of things in the region. Also, the other factors such as industrialization and high disposable income of people are the key factors which are fuelling the growth of digital twin market in the region.
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This research report on global digital twin market provides in-depth analysis of the global digital twin market based on end-user, application and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants. The research report provides market size and forecast for digital twin market. The report also analyses the competitive landscape and the major player and their market share in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.
Key questions this research would answer:
- Is the digital twin market growing? How long will it continue to grow and at what rate?
- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
- What are the regional revenue and forecast breakdowns? What are the regional hotspots for growth in the digital twin market?
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