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Ballooning Usage of IoT Fueling Demand for Digital Twin Solutions

The increasing adoption of the internet of things (IoT) by businesses is pushing up the requirement for digital twin solutions across the world. According to various reports, over 41 billion connected and IoT-integrated devices are predicted to be in usage all over the world by 2025. This will fuel the demand for digital twin solutions as these solutions make the monitoring of these devices very simple and convenient. The digital clone technology also helps improve the efficiency of these devices.

As individual automobile components and parts determine the performance of various automotive systems, the digital clone technology is increasingly being used for digitally twinning these components. Moreover, the connected devices made by various vendors generate large volumes of unstructured data. The sharing of such huge volumes of data among different stakeholders becomes very difficult and therefore, businesses are rapidly adopting digital twin solutions for mitigating their investments in physical product innovation processes and cloning their ecosystem.

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The mushrooming requirement for intelligent maintenance is another important factor fueling the demand for digital twin solutions around the world. Furthermore, the companies operating in the logistics and transportation industry are increasingly adopting the digital cloning technology for enabling faster data processing and visualization. This would reduce the risk associated with product deliveries and improve the overall engagement among the various stakeholders. Due to these reasons, the popularity of the digital twin technology is growing rapidly around the world.

This is, in turn, fueling the expansion of the global digital twin market. As a result, the value of the market is predicted to grow from $3,645.1 million in 2019 to $73,245.4 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 31.9% between 2020 and 2030. Depending on type, the market is divided into process, system, and product. Out of these, the system category will register the fastest growth in the market in the future.

This market research report provides a comprehensive overview of the market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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