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Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global digital twin market reached a value of US$ 10.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 54.6 Billion by 2027, exhibiting at a CAGR of 31.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A digital twin is a virtual model that accurately reflects a physical object, process, or service. It relies on real-time and historical data to represent the past and present and stimulate predicted failures. It assists in undertaking effective actions and transforming businesses by accelerating the holistic understanding and optimal decision-making. It also aids in reducing the risk of accidents and unplanned downtime through failure, lowering maintenance costs, and ensuring production goals are achieved. As it offers increased reliability and availability through monitoring and simulation to improve overall performance, its demand is escalating around the world.

 

 
 

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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Digital Twin Market Trends:

There is presently a rise in the utilization of digital twins in the pharmaceutical industries across the globe. This represents one of the key factors propelling the growth of the market. Digital twins support effective research and design of products and provide valuable insights that help companies refine their products before starting production. They also offer greater efficiency throughout the manufacturing process and assist in determining which product materials can be opted. Consequently, they are employed in the production of aircraft prototypes worldwide. Apart from this, the growing adoption of the Internet of Things (IoT) solutions that allow engineers to test and communicate with sensors integrated with the operating products and deliver real-time prescriptive systems functioning and timely maintenance is driving the market. Additionally, there is an increase in the adoption of digital twin technology in the healthcare industry on account of the coronavirus disease (COVID-19) outbreak. This, along with the integration of 3D printing capability to lower the production and manufacturing cost through pre-testing and predictive analysis of goods, is projected to impel the market further. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global digital twin market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, technology and end use.

Breakup by Type:

  • Product Digital Twin
  • Process Digital Twin
  • System Digital Twin
     

Breakup by Technology:

 

 
 

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  • IoT and IIoT
  • Blockchain
  • Artificial Intelligence and Machine Learning
  • Augmented Reality, Virtual Reality and Mixed Reality
  • Big Data Analytics
  • 5G
     

Breakup by End Use:

  • Aerospace and Defense
  • Automotive and Transportation
  • Healthcare
  • Energy and Utilities
  • Oil and Gas
  • Agriculture
  • Residential and Commercial
  • Retail and Consumer Goods
  • Telecommunication
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Accenture Plc, ANSYS Inc., AVEVA Group plc (Schneider Electric), Cal-Tek Srl, Cityzenith, Dassault Systèmes, General Electric Company, International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE and Siemens AG.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Type, Technology, End Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered ABB Ltd, Accenture Plc, ANSYS Inc., AVEVA Group plc (Schneider Electric), Cal-Tek Srl, Cityzenith, Dassault Systèmes, General Electric Company, International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE and Siemens AG
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Digital Twin Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Type
    6.1    Product Digital Twin
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Process Digital Twin
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    System Digital Twin
        6.3.1 Market Trends
        6.3.2 Market Forecast
7   Market Breakup by Technology
    7.1    IoT and IIoT
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Blockchain
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Artificial Intelligence and Machine Learning
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Augmented Reality, Virtual Reality and Mixed Reality
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Big Data Analytics
        7.5.1 Market Trends
        7.5.2 Market Forecast
    7.6    5G
        7.6.1 Market Trends
        7.6.2 Market Forecast
8   Market Breakup by End Use
    8.1    Aerospace and Defense
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Automotive and Transportation
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Healthcare
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Energy and Utilities
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Oil and Gas
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Agriculture
        8.6.1 Market Trends
        8.6.2 Market Forecast
    8.7    Residential and Commercial
        8.7.1 Market Trends
        8.7.2 Market Forecast
    8.8    Retail and Consumer Goods
        8.8.1 Market Trends
        8.8.2 Market Forecast
    8.9    Telecommunication
        8.9.1 Market Trends
        8.9.2 Market Forecast
    8.10    Others
        8.10.1 Market Trends
        8.10.2 Market Forecast
9   Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10  SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13  Price Analysis
14  Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    ABB Ltd
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Accenture Plc
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    ANSYS Inc.
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    AVEVA Group plc (Schneider Electric)
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
        14.3.5    Cal-Tek Srl
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    Cityzenith
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
        14.3.7    Dassault Systèmes
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    General Electric Company
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    International Business Machines Corporation 
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials
           14.3.9.4 SWOT Analysis
        14.3.10    Microsoft Corporation
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    PTC Inc.
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    SAP SE
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Siemens AG
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
           14.3.13.4 SWOT Analysis

List of Figures

Figure 1: Global: Digital Twin Market: Major Drivers and Challenges
Figure 2: Global: Digital Twin Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Digital Twin Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Digital Twin Market: Breakup by Type (in %), 2021
Figure 5: Global: Digital Twin Market: Breakup by Technology (in %), 2021
Figure 6: Global: Digital Twin Market: Breakup by End Use (in %), 2021
Figure 7: Global: Digital Twin Market: Breakup by Region (in %), 2021
Figure 8: Global: Digital Twin (Product Digital Twin) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Digital Twin (Product Digital Twin) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Digital Twin (Process Digital Twin) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Digital Twin (Process Digital Twin) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Digital Twin (System Digital Twin) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Digital Twin (System Digital Twin) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Digital Twin (IoT and IIoT) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Digital Twin (IoT and IIoT) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Digital Twin (Blockchain) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Digital Twin (Blockchain) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Digital Twin (Artificial Intelligence and Machine Learning) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Digital Twin (Artificial Intelligence and Machine Learning) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Digital Twin (Augmented Reality, Virtual Reality and Mixed Reality) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Digital Twin (Augmented Reality, Virtual Reality and Mixed Reality) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Digital Twin (Big Data Analytics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Digital Twin (Big Data Analytics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Digital Twin (5G) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Digital Twin (5G) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Digital Twin (Aerospace and Defense) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Digital Twin (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Digital Twin (Automotive and Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Digital Twin (Automotive and Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Digital Twin (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Digital Twin (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Digital Twin (Energy and Utilities) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Digital Twin (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Digital Twin (Oil and Gas) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Digital Twin (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Digital Twin (Agriculture) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Digital Twin (Agriculture) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Digital Twin (Residential and Commercial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Digital Twin (Residential and Commercial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Global: Digital Twin (Retail and Consumer Goods) Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Global: Digital Twin (Retail and Consumer Goods) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Global: Digital Twin (Telecommunication) Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Global: Digital Twin (Telecommunication) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Global: Digital Twin (Other End Uses) Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Global: Digital Twin (Other End Uses) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: North America: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: North America: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: United States: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: United States: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Canada: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Canada: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Asia-Pacific: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Asia-Pacific: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: China: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: China: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Japan: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Japan: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: India: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: India: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: South Korea: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: South Korea: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Australia: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Australia: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Indonesia: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Indonesia: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Others: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Others: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Europe: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Europe: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Germany: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Germany: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: France: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: France: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: United Kingdom: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: United Kingdom: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Italy: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Italy: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Spain: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Spain: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Russia: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Russia: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Others: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Others: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Latin America: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Latin America: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Brazil: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Brazil: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 88: Mexico: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 89: Mexico: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 90: Others: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 91: Others: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 92: Middle East and Africa: Digital Twin Market: Sales Value (in Million US$), 2016 & 2021
Figure 93: Middle East and Africa: Digital Twin Market: Breakup by Country (in %), 2021
Figure 94: Middle East and Africa: Digital Twin Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 95: Global: Digital Twin Industry: SWOT Analysis
Figure 96: Global: Digital Twin Industry: Value Chain Analysis
Figure 97: Global: Digital Twin Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Digital Twin Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Digital Twin Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Digital Twin Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 4: Global: Digital Twin Market Forecast: Breakup by End Use (in Million US$), 2022-2027
Table 5: Global: Digital Twin Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Digital Twin Market: Competitive Structure
Table 7: Global: Digital Twin Market: Key Players


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Key Questions Answered in This Report

The global digital twin market was valued at US$ 10.3 Billion in 2021.

We expect the global digital twin market to exhibit a CAGR of 31.7% during 2022-2027.

The growing adoption of digital twin model across several end-use industries, as it accurately
examines a physical object, process, or service and helps to achieve production goals, is currently
driving the global digital twin market.

The sudden outbreak of the COVID-19 pandemic has led to the rising integration of digital twin
technology with 3D printing solutions for pre-testing of medical equipment in the healthcare
industry, thereby positively influencing the market growth.

Based on the technology, the global digital twin market can be categorized into IoT and IIoT,
blockchain, artificial intelligence and machine learning, augmented reality, virtual reality and mixed
reality, big data analytics, and 5G. Among these, IoT and IIoT technology currently accounts for the
largest market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle
East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global digital twin market include ABB Ltd, Accenture Plc, ANSYS
Inc., AVEVA Group plc (Schneider Electric), Cal-Tek Srl, Cityzenith, Dassault Systèmes, General
Electric Company, International Business Machines Corporation, Microsoft Corporation, PTC Inc.,
SAP SE, and Siemens AG.

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