Digital Twin Market 2023-2032; Growth Forecast & Industry Share Report

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Digital Twin Market is Projected To Record CAGR
of 25 By 2032
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• Industry Insights

• As per a recent research report, Global Digital
  Twin Market share is likely to surpass USD 90
  billion valuation by 2032.
• Digital Twin Market is anticipated to expand
  significantly between 2023 and 2032 owing to the
  increasing internet penetration and the
  widespread use of smartphones.
• The digital twin industry is being driven by the
  technological advancements that are pushing IoT
  adoption across a broad plethora of industries
  across the globe. IoT integration aids in the
  creation of complex architecture and historical
  data learning to avoid the shortcomings of
  previous models. The growing application AI
  production models in manufacturing, electrical
  electronics, oil gas, automotive
  transportation, and others is pushing the demand
  for digital twin technological services.

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• The Scientific and AI ML advancements have
  further expanded the potential for the market
  players to emerge in the field. For instance, In
  July 2022, the annual Tour de France cycling
  event and NTT, a renowned telecommunications firm
  that has been the event's official technology
  partner for the past eight years, used AI and
  digital twin technologies to improve spectator
  experiences.
• The digital twin market has been bifurcated as
  per application, end use, and region.
• In terms of application, the support and service
  segment is projected to record significant gains
  in the upcoming years. Digital Twins enables the
  creation of new customer and corporate value
  through customized service, the improvement of
  product quality and innovation, helps in the
  prevention of breakdowns before they occur, and
  the reimagining of knowledge-sharing in a
  people-machine context. Such beneficial features
  will expand its acceptance globally and
  supplement the segmental growth.

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• Regional Analysis

MEA digital twin market development is attributed
to massive investments in smart infrastructure
and smart cities to improve public amenities for
nations' residents. The MEA market is expected to
show considerable progress at a strong growth
rate from 2023 to 2032. The Middle East is a hub
of technology growth and creativity, and digital
twin technologies are leveraged to create new
spaces by integrating physical architecture,
hyper-connected technologies, and AI. The
cutting-edge technology was recently utilized in
Qatar's main airport, Hamad International Airport
(HIA) in Doha, which officially launched its
digital twin initiative in July 2022 as part of
its smart airport program, which uses digital
renovation to strengthen HIA's stance as one of
the most advanced airports in the world.

• Competitive Analysis

• AUTOSAR, General Motors Company, Automotive Grade
  Linux, BlackBerry Limited, Android (Alphabet
  Inc.), BMW AG (Bayerische Motoren Werke AG),
  ArcherMind Technology (Nanjing) Co., Ltd

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