New York, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Twin Market, BCC Research" - https://www.reportlinker.com/p06229676/?utm_source=GNW
Revenue forecasts for this period are segmented based on type, application, industry and geographic region.
The report also focuses on the drivers and challenges that affect the market and the vendor landscape.The report explores the competitive landscape and current trends in the digital twin market.
The report concludes with an analysis of the digital twin vendor landscape and includes profiles of the major players in the global market.
Report Includes:
- 32 data tables and 60 additional tables
- An up-to-date overview of the global market for digital twin technologies
- Analyses of the global market trends, with data from 2020-2021, estimates for 2022 and 2024, and projections of compound annual growth rates (CAGRs) through 2026
- Evaluation and forecast the digital twin market size, forecasted growth trends, and corresponding market share analysis by type of technology, application, end-user industry, and geographic region
- Highlights of the market potential for digital twins and areas of focus to forecast this market into various segments and sub-segments
- In-depth information (facts and figures) concerning market drivers, opportunities, challenges and other demographic and economic factors that will drive future demand for digital twins
- Review of emerging companies and the leading competitors in the prevailing digital twin industry
- Discussion of industry value chain analysis, major stakeholders, and COVID-19 implications on the progress of this market
- Descriptive company profiles of the major global players, including ABB Group, Autodesk, Inc., Bentley Systems, Dassault Systèmes, GE Digital, Rockwell Automation Inc., and Schneider Electric SE
Summary:
A digital twin is a virtual representation of a physical product, one designed to reflect it exactly.A wind turbine, for example, is equipped with a variety of sensors connected to critical areas of functioning.
These sensors collect data on the energy production, weather conditions, temperature and other characteristics of the actual object’s operation.This information is subsequently sent to a processing machine, where it is converted to a digital version.
Once this information is transmitted to the virtual model, it can be used to run simulations, investigate performance concerns and suggest changes, all with the purpose of gaining insights that can later be implemented in the original physical device.
A fundamental change to existing operating models is clearly taking place.A digital reinvention is occurring in asset-intensive industries that is changing operating models in a disruptive way, requiring an integrated physical plus digital view of assets, equipment, facilities and processes.
Digital twins are a vital part of that realignment.Digital twins have a promising future, due to the increasing amounts of cognitive power being devoted to their use.
Accordingly, digital twins are constantly learning new skills and capabilities, which means they can continue to generate the insights needed to make products better and processes more efficient.
COVID-19 has aided in the acceleration of digitalization.Digital twins can be a useful tool for pinpointing stress spots and representing scenarios ranging from product development and operations to asset utilization and risk.
They can also aid in the management of unpredictability and the maintenance of business operations.The touchless society that emerges after a pandemic will have a significant effect on service levels.
Contactless delivery of products and services will become increasingly important, as producers use digital twins to create emergency plans for supply chain disruptions and healthcare professionals start to use digital twins to reduce the danger of needless contact with patients. The digital twin market is expected to grow from $REDACTED in 2021 at a compound annual growth rate (CAGR) of REDACTED to reach about $REDACTED in 2026.
Organizations are becoming more cost-effective as a result of their use of this technology.In a world being reshaped by COVID-19, this is an important competitive advantage.
Digital twins are becoming more widespread tools that help businesses make better data-driven choices, in the process transforming how companies operate.
Digital twins are becoming increasingly crucial as the IoT expands and becomes more sophisticated.Beacons and sensors rely on them for stability.
They serve as a central repository for data that has been gathered.They serve as the foundation for business management solutions.
Without digital twins, the IoT will require much more connectivity among data source and data utilization points.
Read the full report: https://www.reportlinker.com/p06229676/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
