The global digital twin market is anticipated to grow significantly at a CAGR of 40.2% over the forecast period (2022-2028). The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, the American Institute of Aeronautics and Astronautics has agreed to cooperate with the digital twin consortium to drive the adoption of computer technology, which is used to create a virtual representation of a physical system in the pre-production process. The consortium seeks to accelerate the implementation of digital twin technologies in various applications such as conceptual and structural modeling, artificial intelligence, terminology, and taxonomy and provides to develop new and innovative content and programming for the members. Further in November 2021, FutureOn signs an agreement with Kongsberg Digital(KDI), to strengthen its position as an international digital twin software provider. In doing so, it aims to support a comprehensive approach for designing, building, and operating digital twin for energy projects.
Browse the full report description of “Global Digital Twin Market Size, Share & Trends Analysis Report By Type (Product Digital Twin, Process Digital Twin, System Digital Twin) By Deployment Type(Cloud, and On-Premises) By Application(Gas and Steam Power Plant, Digital Wind Farm, Grid, Hydropower Station, Others) Forecast 2022-2028” at https://www.omrglobal.com/industry-reports/digital-twin-market
Moreover, in December 2021, Siemens Smart Infrastructure acquired digital twin software for buildings from EcoDomus, a US-based company via agreement. The acquisition enabled Siemens Smart Infrastructure expand its digital building portfolio. The acquisition compises addition of its EcoDomus cloud-based building operations twin software and its flagship building management platform Desigo CC. With the help of the software, customers can generate digital replicas of their real buildings and assets, creating a common data environment that integrates BIM, Building Management Systems (BMS), Computerized Maintenance Management Systems (CMMS) and Internet of Things (IoT) systems. Such strategies adopted by key player will drive the market growth.
Market Coverage
• The market number available for – 2022-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered- by type,by deployment type, by application
• Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
• Competitive Landscape- 3i Inc., ABB group, General Electric Co., Microsoft, IBM, Scalable Network Technologies Inc., Wipro Ltd., and others and others.
• Key questions addressed by the report
• What is the market growth rate?
• Which segment/region dominates the market in the base year?
• Which segment/region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID forecast
o Most affected region/segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Digital Twin Market– Segmentation
By Type
By Deployment Type
By Application
Global Digital Twin Market –Region
North America
• US
• Canada
Europe
• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Rest of Asia-Pacific
Rest of the World
• Middle East & Africa
• Latin America
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