Digital Twin Market Size, Share, Growth Analysis, By Application(Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Solution, Model (PaaS, SaaS), Deployment, Enterprises Size, Industry, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2130 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 66 |Figures: 75

Digital Twin Market Insights

Digital Twin Market was valued at around USD 9.28 Billion in 2022 and is expected to rise from USD 12.68 Billion in 2023 to reach a value of USD 154.69 Billion by 2031, at a CAGR of 36.7% during the forecast period (2024-2031). 

Integration of digital twin technology with other technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing is likely to drive market growth even more. Organizations are using IoT and AI technologies to capture and analyse behavioural data from existing IoT devices and connected products, which can then be applied to a digital twin model to imitate the performance and usage of the existing device. This aids product engineers and designers in observing product performance and identifying any flaws, as well as forecasting future iterations of prevalent difficulties. Organizations can improve operations and system productivity by deploying these technologies, which improves total product performance. 

Several additional operations in the value chain of sectors, such as aerospace, manufacturing, and automotive, were suspended as a result of production halts and supply chain disruptions during the COVID-19 pandemic. During the first half of the pandemic, this had an impact on the market. The market began to rebound significantly as the number of COVID-19 cases decreased and restrictions were loosened, as various businesses began to move toward automation and virtualization of products and processes. 

While the world has begun to recover, there is still a lot of uncertainty about the spread of new COVID-19 variations. As a result, a number of countries are likely to use digital twin technology as part of their economic reform efforts. Before actual prototypes are rolled out, digital twins could assist construct predictive models and estimate the likelihood of success. The pandemic has spurred the use of digital twin technology in a variety of verticals outside of manufacturing, such as real estate, healthcare, communications, and retail, boosting the market's development potential.

US Digital Twin Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 9.50 billion

Largest Segment

System

Fastest Growth

Process

Growth Rate

40.5% CAGR

Digital Twin Market ($ Bn)
Country Share for North America Region (%)

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Digital Twin Market Segmental Analysis

Global Digital Twin Market is segmented By Enterprise, By Application, By Industry and Region. Based on Enterprise, the market can be segmented into Large Enterprise, Small & Medium Enterprise. Based on Application, the market can be segmented into Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management and Other. Based on Industry, the market can be segmented into Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare, Aerospace, Oil & Gas, Telecommunication, Agriculture, Retail and Other.  Based on Region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Digital Twin Market Analysis by Application 

Predictive maintenance is estimated to dominate this segment for the overall revenue by 2023. In the case of digital twin in predictive maintenance, engineers can identify any defect in a machine and outlining the maintenance time, avoiding the machine to fail through agreeing on the most appropriate time for maintenance, thus extending its working time. In the case of performance concerns in the business setting, digital twins can be used to solve several problems with predictive maintenance without over investment in key resources. 

It is projected that the Product design & development segment will exhibit the highest Compound Annual Growth Rate (CAGR), throughout the forecast period. Digital twin solutions have become prominent in the context of product design & development due to the numerous advantages that include the ability to help engineers and designers to visualize the designs, analyze manufacturing processes with the help of computer aided manufacturing (CAM), and simulate the design as well. 

Digital Twin Market Analysis by Organization Size 

Among the three categories, large enterprises generated the highest revenue in 2023. This kind of high market share is due to the fact that, large enterprises are adopting more of digital twins to fasten the time to market and also improve on performance of their products. This helps the segment as these organizations can plan the maintenance of the machinery with the required inputs coming from the digital twin which enhances the product’s effectiveness and efficiency. 

Small enterprise segment is anticipated to be the highest growing segment with CAGR from 2024 to 2031. On the use of DT solutions in the industry, It has been observed that more and more SMEs are adopting them to reduce the overall costs of product development and there is easy access to some cost-effective solutions. Moreover, with the help of the digital twin solutions, the SMEs can observe the device and get insights on the performance of the machinery which can help to avoid any type of failure or damage in the machine.

Digital Twin Market By Application

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Digital Twin Market Regional Insights

North American region is anticipated to dominate the global digital twin market during the forecast period. End-users across industries in the United States, such as healthcare, home & commercial, and others, are investing in parts twin and product twin, which is expected to drive market expansion. In addition, a number of prominent players like IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc. and more are located in United States and Canada. In order to be able to offer their customers more and gain new clients, market players are merging and entering partnerships with technology companies. 

Recently, Siemens AG and IBM Corporation revealed the readiness of the enhanced solution that combines components of the IBM Maximo spectrum and the Siemens Xcelerator software. The solution can be ustilized to increase the production capacity, strengthen service lifecycle management (SML) assets by building a digital thread between equipment manufacturers, product design, and project owners. 

Asia Pacific is expected to witness the highest growth during the projection period. From the recent past, end-users in China, India, Japan, South Korea, among other eastern countries, have been investing more in twin technological ventures. Likewise, there is great potential in the region due to the presence of numerous industries like automotive and transportation, manufacturing, energy and utilities and others. According to the United Nations Statistics Division, China's manufacturing industry accounts for 28.7% of worldwide industrial output.

Digital Twin Market By Region
  • Largest
  • Fastest

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Digital Twin Market Dynamics

Digital Twin Market Driver

Increasing 3D Simulation and 3D Printing Software Adoption to Drive Market Growth.

  • A growing number of materials are now 3D printable, thanks to significant advancements in 3D printing. Some materials will warp during the 3D printing process, demanding a long time of trial and error. As a result, the cost of printing parts and the time it takes to print them both rise. Twins can be used to mimic the production process of 3D printing. The twins can forecast whether and where distortions will occur, allowing for their correction on the 3D model. As a result, a new model is developed that is fully optimised to account for the variations.  

Increasing Adoption of Industry 4.0 and Its Associated Technologies to Drive the Digital Twin Market: 

  • The increasing adoption of Industry 4.0 initiatives having a strong influence on the Digital Twin market. Industry 4.0 initiative, a manufacturing paradigm that focus on automation, data exchange, and integration of smart digital technologies, is a major driver of digital twins market. As a key component of Industry 4.0, digital twins enable enhanced monitoring, optimization, and data-driven decision-making in manufacturing processes. Our analysis shows that about 30% international organizations are currently in the process to adopt Industry 4. 0 widely, which would enhance the usage of digital twin technology even more. 

Digital Twin Market Restraint  

Privacy And Security Concerns May Stymie Twin Solution Adoption. 

  • In industries, the demand for twin solutions based on technologies such as the Internet of Things, Big Data, cloud, and artificial intelligence is increasing. The approach entails the combination of several loT sensors and other digital technologies in order to create the physical twin. There is an increased danger of security, compliance, and data protection, as well as legislation, as the number of loT sensors and programmable electrical devices grows. 
  • Due to a lack of privacy-related constraints, there may be a large risk of an anonymous individual or a hacker easily acquiring the information of mechanisms. In the healthcare, government, and critical infrastructure sectors, rising worries about privacy and security are expected to affect demand. This will most likely reduce market share. 

High Implementation Costs: 

  • One of the biggest drawbacks of the digital twin implementation is the high initial cost of investment. This entails potentially large expenses in software and hardware to support the research, as well as the purchasing or development of human capital in the form of specialized personnel. It is due to such high first-time costs that can be quite off-putting for firms, especially small to medium-sized ones, to adopt the digital twin solutions. Also, the fact that this technology must be integrated into the current business solutions adds another layer of difficulty in terms of technical demands and investments. These financial and technical barriers make it quite challenging for organizations to implement the digital twin technology, which may in a way hinder the growth of this technology in the overall society despite the numerous benefits that are associated with it.

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Digital Twin Market Competitive Landscape

Companies are investing in product R&D and process automation as a result of intense competition among major competitors to introduce improved and innovative products. Furthermore, numerous car firms are implementing digital twin technology to boost consumer interaction by utilising interactive automobile dashboards on websites that allow buyers to modify automobiles at their leisure. This enables businesses to better understand consumer behaviour and make modifications to existing models.

Digital Twin Market Top Player's Company Profiles

  • General Electric (US) 
  • Microsoft Corporation (US) 
  • Hitachi Ltd. (Japan) 
  • Dassault Systèmes SE (France) 
  • Autodesk Inc. (US) 
  • SAP SE (Germany) 
  • Siemens AG (Germany) 
  • ANSYS Inc. (US) 
  • PTC Inc. (US) 
  • IBM Corporation (US) 
  • ABB Group (Switzerland) 
  • Amazon Web Service (US) 
  • AVEVA Group plc (UK) 
  • Bentley Systems Inc. (US) 
  • Hexagon AB (Sweden) 
  • Robert Bosch GmbH (Germany) 
  • Rockwell Automation (US) 
  • Accenture plc (Ireland) 
  • Schneider Electric (France) 
  • Oracle Corporation (US)

Digital Twin Market Recent Developments

  • In April 2024 Siemens and Microsoft announced to converge Digital Twin Definition Language with W3C Thing Description Standard. By unifying both languages, customers will be offered consistent modeling experiences, mitigating fragmentation in an evolving IoT landscape. With customers typically deploying a mix of vendors in their infrastructure leading to lock-in and high integration efforts, this convergence will allow for simpler system integration and interoperability. 
  • In March 2024 NVIDIA Announces Earth Climate Digital Twin. The Weather Company, Central Weather Administration of Taiwan Among First to Adopt New Earth-2 Cloud APIs, Using AI to Speed Creation of High-Resolution Simulations and Visualization of Global Climate, Weather at Groundbreaking 2-Kilometer Scale 
  • In July 2023 NTT DATA Launches its Revamped Digital Twin Technology, ShotView at The 151st Open, Enhancing Fan Experience. This will provide fans with an unparalleled data experience

Digital Twin Key Market Trends

  • Siemens announced the Simatic Real-time Locating Systems (RTLS) + SieTrace software, which provides real-time location information that customers may utilize to control their manufacturing processes and adjust their operating procedures accordingly during the COVID-19 crisis. In the case that an employee contracts COVID-19, the solution will allow organisations to govern how employees interact with one another, the production line, and the plant setup promptly and efficiently.

Digital Twin Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research. 

According to our Global Digital Twin Market Analysis, In 2022, the Product twin market led the global digital twin market. With a market share of more than xx%, North America is expected to dominate the global Twin Market Services market. With the increasing adoption of the Internet of things, electronic manufacturing equipment in healthcare and Automotive have emerged as major trends in this market.

Report Metric Details
Market size value in 2022 USD 9.28 Billion
Market size value in 2031 USD 154.69 Billion
Growth Rate 36.7%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Enterprises Size
    • Large Enterprise, Small & Medium Enterprise
  • Application
    • Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management and Other
  • Industry
    • Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare, Aerospace, Oil & Gas, Telecommunication, Agriculture, Retail and Other
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • General Electric (US) 
  • Microsoft Corporation (US) 
  • Hitachi Ltd. (Japan) 
  • Dassault Systèmes SE (France) 
  • Autodesk Inc. (US) 
  • SAP SE (Germany) 
  • Siemens AG (Germany) 
  • ANSYS Inc. (US) 
  • PTC Inc. (US) 
  • IBM Corporation (US) 
  • ABB Group (Switzerland) 
  • Amazon Web Service (US) 
  • AVEVA Group plc (UK) 
  • Bentley Systems Inc. (US) 
  • Hexagon AB (Sweden) 
  • Robert Bosch GmbH (Germany) 
  • Rockwell Automation (US) 
  • Accenture plc (Ireland) 
  • Schneider Electric (France) 
  • Oracle Corporation (US)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Digital Twin Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Digital Twin Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Digital Twin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Twin Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Twin Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Digital Twin Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Digital Twin Market was valued at around USD 9.28 Billion in 2022 and is expected to rise from USD 12.68 Billion in 2023 to reach a value of USD 154.69 Billion by 2031, at a CAGR of 36.7% during the forecast period (2024-2031). 

Companies are investing in product R&D and process automation as a result of intense competition among major competitors to introduce improved and innovative products. Furthermore, numerous car firms are implementing digital twin technology to boost consumer interaction by utilising interactive automobile dashboards on websites that allow buyers to modify automobiles at their leisure. This enables businesses to better understand consumer behaviour and make modifications to existing models. 'General Electric (US) ', 'Microsoft Corporation (US) ', 'Hitachi Ltd. (Japan) ', 'Dassault Systèmes SE (France) ', 'Autodesk Inc. (US) ', 'SAP SE (Germany) ', 'Siemens AG (Germany) ', 'ANSYS Inc. (US) ', 'PTC Inc. (US) ', 'IBM Corporation (US) ', 'ABB Group (Switzerland) ', 'Amazon Web Service (US) ', 'AVEVA Group plc (UK) ', 'Bentley Systems Inc. (US) ', 'Hexagon AB (Sweden) ', 'Robert Bosch GmbH (Germany) ', 'Rockwell Automation (US) ', 'Accenture plc (Ireland) ', 'Schneider Electric (France) ', 'Oracle Corporation (US)'

A growing number of materials are now 3D printable, thanks to significant advancements in 3D printing. Some materials will warp during the 3D printing process, demanding a long time of trial and error. As a result, the cost of printing parts and the time it takes to print them both rise. Twins can be used to mimic the production process of 3D printing. The twins can forecast whether and where distortions will occur, allowing for their correction on the 3D model. As a result, a new model is developed that is fully optimised to account for the variations.  

Siemens announced the Simatic Real-time Locating Systems (RTLS) + SieTrace software, which provides real-time location information that customers may utilize to control their manufacturing processes and adjust their operating procedures accordingly during the COVID-19 crisis. In the case that an employee contracts COVID-19, the solution will allow organisations to govern how employees interact with one another, the production line, and the plant setup promptly and efficiently.

North American region is anticipated to dominate the global digital twin market during the forecast period. End-users across industries in the United States, such as healthcare, home & commercial, and others, are investing in parts twin and product twin, which is expected to drive market expansion. In addition, a number of prominent players like IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc. and more are located in United States and Canada. In order to be able to offer their customers more and gain new clients, market players are merging and entering partnerships with technology companies. 

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