Digital Twin Market to Garner $96.49 billion by 2029: Industry Trends, Growth Opportunities, Recent Initiatives and Future Prospect
According to a comprehensive research report by Fortune Business Insights, “Digital Twin Market Research Report: by Component, Technology, Device Type, Vertical -Forecast till 2029”, The reports further predict the market to flourish at a robust CAGR during the assessment timeframe.
The Digital Twin Market is expected to garner substantial traction in future years. The rising use of AR technology in head-mounted and head-up displays (HUD) substantiates the market growth and asserts that the global Digital Twin Market is estimated to reach 2029, growing throughout the assessment period (2022-2029).
The global digital twin market size was valued at USD 6.75 billion in 2021. The market is projected to grow from USD 8.88 billion in 2022 to USD 96.49 billion by 2029, exhibiting a CAGR of 40.6% during the forecast period.
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Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Digital Twin Market is likely to expand at a CAGR of around during the forecast period (2022-2029).
- The increase in revenue is mostly attributable to the demand for and sales of VR-based hardware in the gaming sector, by component segment.
- Based on Device Segment Analysis Mobile Sector dominate the Digital Twin Market.
- On the basis of region, North America is anticipated to have a significant share of the industry during the projected period.
- The Covid-19 pandemic favored the growth of the market due to a rise in the shift toward the adoption of technologies since most businesses implemented the work-from-home culture.
- Digital transformation and industry 4.0 had boosted the demand for Digital Twin Market. Moreover, the players were collectively forced to deploy multiple new and agile approaches to improve the consumer experience.
Companies involved in the global Digital Twin Market research report are:
- ANSYS Inc.
- PTC Inc.
- IBM Corporation
- Dassault Systems SE
- Accenture PLC
- SAP SE
- General Electric
- Siemens AG (Munich
- Germany) Huawei Technologies Co.Ltd.
- Robert Bosch (Gerlingen
- Germany) Infosys
- Hitachi Ltd.
- Autodesk Inc.
Click here to get the post-COVID-19 impact on this Market:
Driver: Rising investments in the market
Over the past few years, investments in the business have grown significantly. The Digital Twin Market business is receiving significant investment from firms including Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group. Additionally, a number of research organizations are investigating the AR application market for a range of goods and uses. Governments finance certain research institutes, while others are supported by private businesses and venture capitalists. Businesses in the consumer, healthcare, aerospace & military, retail, and marketing sectors all benefit.
- Market Environment: Government Policies, Technological Changes, Market Risks.
- Market Drivers: Growing Demand, Reduction in Cost, Market Opportunities and Challenges.
Digital Twin Market Forecast:
- Market Size Forecast: Global Overall Size, By Type/Product Category, By Applications/End Users, By Regions/Geography.
- Key Data (Revenue): Market Size, Market Share, Growth Rate, Growth, Product Sales Price.
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