Rise in Utilization in the Pharmaceutical Industry Bolsters Growth

Global Digital Twin Market

Dublin, March 08, 2023 (GLOBE NEWSWIRE) — The “Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global digital twin market size reached US$ 13.8 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 71.9 Billion by 2028, exhibiting a CAGR of 31.67% during 2022-2028.

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:

Breakup by Type:

• Product Digital Twin

• Process Digital Twin

• System Digital Twin

Breakup by Technology:

• 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

Story continues

Breakup by Region:

• 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

Key Questions Answered in This Report

1. What was the size of the global digital twin market in 2022?
2. What is the expected growth rate of the global digital twin market during 2023-2028?
3. What are the key factors driving the global digital twin market?
4. What has been the impact of COVID-19 on the global digital twin market?
5. What is the breakup of the global digital twin market based on the technology?
6. What are the key regions in the global digital twin market?
7. Who are the key players/companies in the global digital twin market?

Key Attributes:

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

5 Global Digital Twin Market

6 Market Breakup by Type

7 Market Breakup by Technology

8 Market Breakup by End Use

9 Market Breakup by Region

10 SWOT Analysis

11 Value Chain Analysis

12 Porters Five Forces Analysis

13 Price Analysis

14 Competitive Landscape

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/rvlw0v

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