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

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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.m
arketsandmarkets.com/Market-Reports/digital-twin-m
arket-225269522.html
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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"
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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.
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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/pdfdow
nloadNew.asp?id225269522 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.
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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/requestsa
mpleNew.asp?id225269522 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 RD 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.
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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.
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