Digital Twin Market| Insights on the Crisis and the Roadmap to Recovery from COVID-19 Pandemic| Technavio
The global digital twin market is expected to register an incremental growth of USD 16.44 billion, witnessing a CAGR of almost 38% during 2020-2024, according to latest market research analysis by Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the digital twin market in optimistic, probable, and pessimistic forecast scenarios.
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The digital twin market will witness a Neutral impact during the forecast period owing to the extensive rise of COVID-19 pandemic. Furthermore, as per Technavio's pandemic-focused research highlights, the market growth is likely to Increase compared to 2019.
Digital Twin Market 2020-2024: Vendor Analysis
The market is fragmented. Key players in the market have been launching several initiatives and introducing innovative products and services to cater to a larger target audience during the pandemic. With a rapidly shifting focus toward creating a digital marketplace to provide a convenient platform for stakeholders in the supply chain, several companies in the market are resorting to move their businesses online along with existing brick-and-mortar channels.
Major Digital Twin market participants are
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Digital Twin Market 2020-2024: Segmentation
Digital Twin Market is segented as below:
Manufacturing companies are increasingly deploying digital twin solutions in their functions because of the wide array of benefits offered by these solutions.
North America region will account for the highest incremental growth during the forecast period due to the increasing demand for digital twins in the automobile and aerospace industries.
The digital twin market is driven by industry 4.0 and industrial IoT and the use of AI in digital twin, as per Technavio's pandemic impact-focused research study. Furthermore, Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, and significant developments in vendor operations and government regulations in Information Technology industry.
For gaining more insights about the impact of COVID-19 pandemic on related reports, check out Technavio's Information Technology section
Key Considerations for Market Forecast:
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Table of Contents:
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Deployment
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