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42% of Growth to Originate from North America for Digital Twin Market

·5 min read

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.

Attractive Opportunities in Digital Twin Market by End-user, Deployment, and Geography - Forecast and Analysis 2021-2025
Attractive Opportunities in Digital Twin Market by End-user, Deployment, and Geography - Forecast and Analysis 2021-2025

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.

To understand more about Market Dynamics. Download our FREE sample report

Key Beauty and Personal Care Market Report Highlights:

  1. Market growth 2020-2025: USD 24.81 billion

  2. Growth momentum & CAGR: Accelerate at a CAGR of 39.48%

  3. YoY growth (%): 35.21%

  4. Performing market contribution: North America at 42%

  5. 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.

For Additional Information about the regional market: Request for a free sample report.

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.

For instance:

  • 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.

Download our free sample report to get a brief understanding of various other vendors and the vendor's strategies.

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.
Download our free sample report

Related Reports:

Multi-Vendor Support Services Market by Service and Geography - Forecast and Analysis 2022-2026

Network Security Appliance Market by End-user and Geography - Forecast and Analysis 2022-2026

Digital Twin Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 39.48%

Market growth 2021-2025

$ 24.81 billion

Market structure

Fragmented

YoY growth (%)

35.21

Regional analysis

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

Competitive landscape

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.

Market dynamics

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

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Tailor this report according to your needs. Get it done with our $1000 worth of free customization. Speak to Our Analyst Now!

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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