Digital Twin Global Market Analysis, Opportunities and Strategy Report 2023
DUBLIN, March 7, 2023 /PRNewswire/ -- The "Digital Twin Global Market Opportunities and Strategies to 2031" report has been added to ResearchAndMarkets.com's offering.
The global digital twin market reached a value of nearly $7,861.3 million in 2021, having increased at a compound annual growth rate (CAGR) of 19.9% since 2016. The market is expected to grow from $7,861.3 million in 2021 to $41,767.9 million in 2026 at a rate of 39.7%. The market is then expected to grow at a CAGR of 28.6%from 2026 and reach $146,942.6 million in 2031.
The global digital twin market is moderately fragmented, with a large number of players. The top ten competitors in the market made up to 22.37% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. SAP SE was the largest competitor with 4.46% share of the market, followed by IBM Corporation with 3.04%, ANSYS Inc. with 2.43%, Microsoft Corporation with 2.39%, General Electric with 2.28%, Siemens AG with 1.94%, Bentley Systems with 1.84%, Dassault Systemes with 1.65%, ABB Ltd. with 1.19%, and Oracle Corporation with 1.15%.
The top opportunities in the digital twin market by type will arise in the system digital twin market, which will gain $18,885.3 million of global annual sales by 2026. The top opportunities in the digital twin market by technology will arise in the IoT and IIoT market, which will gain $9,292.2 million of global annual sales by 2026. The top opportunities in the digital twin market by application will arise in automotive and transportation market, which will gain $8,583.5 million of global annual sales by 2026. The digital twin market size will gain the most in the USA at $11,656.5 million.
Market-trend-based strategies for the digital twin market include using digital twin for metaverse, innovation in technology, developing digital twin solutions to optimize supply chains and operational processes, adopting digital twins in the pharmaceutical industry for drug discovery.
Player-adopted strategies in the digital twin industry include developing new cloud services through strategic collaborations and partnerships, enhancing business capabilities through launching new products and upgrading existing products and enabling customers to manage physical spaces digitally through strategic partnerships and collaborations.
Competitive Landscape And Company Profiles
Key Mergers And Acquisitions
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/wz9whe
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