NEW YORK, Jan. 19, 2022 /PRNewswire/ -- As per the latest research report, "Digital Twin Market by End-user, Deployment, and Geography - Forecast and Analysis 2021-2025", industry 4.0 and industrial IoT is notably driving the digital twin market growth.
Industry 4.0 efforts will use sophisticated technologies including cloud, IoT, analytics, digital twin, digital scanning, AI, and cybersecurity to introduce revolutionary manufacturing techniques. Industry 4.0 initiatives, which include automation, real-time data interchange, and smart manufacturing processes, are centered on digital twin technology.
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Key Beauty and Personal Care Market Report Highlights:
Regional Market Analysis
With 42% of the growth originating from North America, this region will record a fast growth rate during 2021-2025.
Over the projected period, the digital twin market in North America will benefit from rising demand for digital twins in the automotive and aerospace industries. In 2020, the region dominated the worldwide digital twin market, and this dominance is likely to continue over the forecast period. The region includes developed countries like the United States and Canada. Both countries have well-developed IT and network infrastructure, providing the door for technological advancements and deployments. Due to the rising demand for digital twins in the automotive and aerospace industries, the digital twin market in the area is expected to rise significantly over the forecast period.
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Key Vendors and Vendor Strategies
General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG, Wipro Ltd. are a few of the key vendors in the beauty and personal care market.
The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.
For instance:
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the digital twin market.
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Digital Twin Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 39.48% |
Market growth 2021-2025 |
$ 24.81 billion |
Market structure |
Fragmented |
YoY growth (%) |
35.21 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, UK, Germany, China, Japan, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG, and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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