North America Digital Twin Market By Type (System, Process and Product), By Application (Predictive Maintenance & Performance Monitoring, Business Optimization, Inventory Management, Product Design & Development and Others), By Industry (Automotive & Transportation, Residential & Commercial, Healthcare & Life Sciences, Manufacturing, Energy & Power, Agriculture, Retail & Consumer Goods and Others), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Market Report Description
The North America Digital Twin Market would witness market growth of 40.9% CAGR during the forecast period (2021-2027). Digital twin comprises location-based systems, software like CAD, FEM, and analytics; products such as computing devices, and wearable devices AR / VR. It also includes sensing technologies such as sensors and gauges, manage Measuring Machines, vision systems, lasers, and scanning devices, and other associated services. It excludes guesswork from evaluating the service critical physical resources, from engines to power turbines. As this intelligence can easily access assets so it ensures broader optimization options and leads to business transformation.
Digital twin technology is required across all industries in which value lies in the assets and more complex systems. Its capability to offer early predictions, warnings, and optimization that is presently used with external operating assets. Additional benefits of the digital twin concept include its ability to use historical data and current data, so that a whole picture of a specific asset, its earlier performance, what it should be achieving now, and its expected end of life date, when it can be predicted to be less efficient.
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. As the healthcare industry in North America is very advanced and is characterized by the extensive use of technology, hence, it is expected that the healthcare sector of North America will be among the early adopters of the digital twin. The European market also has a flourishing automotive industry and rising biotechnology industry in this region. Therefore, the demand for digital twin technology is likely to boost in North America in the forecast period.
The US market dominated the North America Healthcare & Life Sciences Digital Twin Market by Country 2020, thereby, achieving a market value of $1,718.6 million by 2027. The Canada market is experiencing a CAGR of 45.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 43.9% during (2021 - 2027).
Based on Type, the market is segmented into System, Process and Product. Based on Application, the market is segmented into Predictive Maintenance & Performance Monitoring, Business Optimization, Inventory Management, Product Design & Development and Others. Based on Industry, the market is segmented into Automotive & Transportation, Residential & Commercial, Healthcare & Life Sciences, Manufacturing, Energy & Power, Agriculture, Retail & Consumer Goods and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Digital Twin Market is Estimated to Reach USD 63.5 Billion by 2027 at a CAGR of 41.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Scope of the Study
Market Segments Covered in the Report:
- Predictive Maintenance & Performance Monitoring
- Business Optimization
- Inventory Management
- Product Design & Development
- Automotive & Transportation
- Residential & Commercial
- Healthcare & Life Sciences
- Energy & Power
- Retail & Consumer Goods
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Honeywell International, Inc.
- SAP SE
- PTC, Inc.
- General Electric (GE) Co.
- IBM Corporation
- Oracle Corporation
- Siemens AG
- Robert Bosch GmbH
- Microsoft Corporation
- ABB Group
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