The digital twin market is expected to grow from USD 6.9 billion in 2022 to USD 73.5 billion by 2027; it is expected to grow at a CAGR of 60.6% from 2022 to 2027.
North America is expected to hold the largest share of the digital twin market throughout the forecast period. North America is a major hub for technological innovations and an early adopter of digital twin and related technologies.
The automotive & transportation industry is expected to account for the largest share of digital twin market during forecast period. It is further expected to grow at significant CAGR from 2022 to 2027.
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General Electric (US), Bentley Systems (US), IBM (US), Emerson (US), Microsoft (US), ANSYS (US), Amazon Web Services (US), Altair (US), and Oracle (US) also raises the demand and awareness regarding digital twin solutions.
A digital twin should be able to model simple as well as complex objects and their relationships by accurately capturing their physical properties and simulating behaviors. The main problem is obtaining data in the correct format. Classic mathematical techniques such as Bayesian estimation or Bayesian statistics are required to construct the digital model. One of the most significant challenges is that the majority of the world is inexperienced with Bayesian statistics.
Tuesday, September 27, 2022
Digital Twin Market Opportunities - Global Forecast to 2027
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