NEW YORK, Jan. 19, 2022 /PRNewswire/ -- As per the latest research report, "Digital Twin Market by End-user, Deployment, and Geography - Forecast and Analysis 2021-2025", industry 4.0 and industrial IoT is notably driving the digital twin market growth.
Industry 4.0 efforts will use sophisticated technologies including cloud, IoT, analytics, digital twin, digital scanning, AI, and cybersecurity to introduce revolutionary manufacturing techniques. Industry 4.0 initiatives, which include automation, real-time data interchange, and smart manufacturing processes, are centered on digital twin technology.
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Key Beauty and Personal Care Market Report Highlights:
Market growth 2020-2025: USD 24.81 billion
Growth momentum & CAGR: Accelerate at a CAGR of 39.48%
YoY growth (%): 35.21%
Performing market contribution: North America at 42%
Key consumer countries: US, UK, Germany, China, Japan, and France
Regional Market Analysis
With 42% of the growth originating from North America, this region will record a fast growth rate during 2021-2025.
Over the projected period, the digital twin market in North America will benefit from rising demand for digital twins in the automotive and aerospace industries. In 2020, the region dominated the worldwide digital twin market, and this dominance is likely to continue over the forecast period. The region includes developed countries like the United States and Canada. Both countries have well-developed IT and network infrastructure, providing the door for technological advancements and deployments. Due to the rising demand for digital twins in the automotive and aerospace industries, the digital twin market in the area is expected to rise significantly over the forecast period.
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Key Vendors and Vendor Strategies
General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG, Wipro Ltd. are a few of the key vendors in the beauty and personal care market.
The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.
Microsoft Corp., in November 2020, the company collaborated with Social Alpha to accelerate the growth of health tech startups in India.
Siemens AG., in November 2020, the company partnered with Celonis to help customers by enabling them to optimize their internal processes even faster across all parts of their companies.
SAP SE., in January 2021, the company partnered with DNV GL to deliver an oil and gas industry cloud solution designed to combat corrosion.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the digital twin market.
Industry 4.0 and industrial IoT:
To know about a few other market drivers, trends, and challenges.
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Digital Twin Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 39.48%
Market growth 2021-2025
$ 24.81 billion
YoY growth (%)
North America, Europe, APAC, MEA, and South America
Performing market contribution
North America at 42%
Key consumer countries
US, UK, Germany, China, Japan, and France
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG, and Wipro Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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