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Pre- and Post-COVID-19 Scenario for digital twin market

Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market.

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Pre- and Post-COVID-19 Scenario for digital twin market

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  1. MarketsandMarkets Presents Pre- and Post-COVID-19 Scenario for Digital Twin Market Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026 https://www.marketsandmarkets.com/Market-Reports/digital-twin-market-225269522.html

  2. The global digital twin market size was valued at USD 3.1 billion in 2020 and is projected to reach USD 48.2 billion by 2026. It is expected to grow at a CAGR of 58% during the forecast period. ncreasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market. Browse 97 market data Tables and 47 Figures spread through 177 Pages and in-depth TOC on "Digital Twin Market - Global Forecast to 2026"

  3. Pre- and Post-COVID-19 Scenario for digital twin market The world is facing an economic crisis due to the sudden outbreak of the COVID-19 pandemic. The pandemic has affected the growth of the end-use industries. Major oil producers are running out of storage space for extracted oil, as the demand is on a declining trend. This has resulted in a massive gap between supply and demand. The energy & power, automotive & transportation, and aerospace & defense industries are also among the key end users of digital twin technology. These industries are also witnessing a declining demand due to the pandemic.

  4. System digital twin  to account for a larger share of the digital twin market by 2026 The market for system digital twin accounted for the largest market share in the 2019. This growth can be attributed to the increasing use of digital twin for systems in various applications. For example, in the aerospace & defense sector, the LOCOMACHS has implemented a digital twin for the entire assembly line for an aircraft wing for performance monitoring. In addition, in the automotive & transportation industry, Tesla Motors is using a digital twin solution for every car it manufactures for better performance 33 and business improvement. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225269522 Automotive & Transportation accounted for the largest market share in 2019 Automotive & transportation industry accounted for the largest market share in the digital twin market in 2019. This growth can be attributed to the increasing usage of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. Automotive & transportation is one of the industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred due to the pandemic.

  5. Predictive maintenance to account for the largest market share during the forecast period The market for predictive maintenance application accounted for the largest share in 2019. The growth of the predictive maintenance application segment can be attributed to an increase in the use of digital twins for predictive maintenance in the post-COVID-19 period across various industries. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=225269522 North America to hold the largest share in digital twin market during the forecast period The North America holds the largest share in the digital twin market. In recent years, the development of various software and deployment of automation solutions in the manufacturing industries has improved production lines and downstream operations. These developments have positively impacted the growth of the digital twin market in North America due to the high economic growth and a large presence of vendors offering digital twins. Moreover, the increased R&D in the field of the IoT and IIoT and increasing demand for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth.

  6. APAC to witness higher CAGR during the forecast period The market in APAC has been divided into India, China, Japan, and Rest of APAC. The market in APAC is expected to grow at the highest rate during the forecast period. China has a high potential for creating digital transformation in the manufacturing industries. The dense population, growing per capita income with large-scale industrialization and urbanization, and increasing adoption of IoT are the factors driving the growth of the digital twin market in the region.

  7. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

  8. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/digital-twin.asp

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