Published Date: 14-Jun-2021
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According to a new report Global Digital Twin Market, published by KBV research, The Global Digital Twin Market size is expected to reach $63.5 billion by 2027, rising at a market growth of 41.7% CAGR during the forecast period.
The residential and commercial segments is among the top revenue generating segment of the market in 2020. The massive revenue share of this segment is due to the growing establishment of smart buildings in developing countries across the world. The use of IoT technology in smart buildings is for centralized connectivity throughout the building. The integration of digital twin technology facilitates the construction activities and cost-effective smart buildings.
The System market dominated the Global Digital Twin Market by Type 2020, and would continue to be a dominant market till 2027; growing at a CAGR of 41.3 % during the forecast period. The Process market is expected to witness a CAGR of 42.3% during (2021 - 2027).
North America dominated the market and obtained a significant revenue share of the market in 2020. It is likely to grow progressively over the forecast period. The market instability is increasing, and customer expectations and advancement in technology are key factors that are driving businesses from everywhere to transformation. If compared to other regions, in North America there is significant adoption of digital twin technology. The market of the digital twin is likely to witness progress in this region over the forecast period.
Full Report: https://www.kbvresearch.com/digital-twin-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., SAP SE, PTC, Inc., General Electric (GE) Co., IBM Corporation, Oracle Corporation, Siemens AG, Robert Bosch GmbH, Microsoft Corporation, and ABB Group.
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