Global Digital Twin Market to Reach $3.3 Billion by 2033, Driven by Innovation in IoT and Cloud Computing
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Global electrical digital twin market to reach $3.3 billion by 2033, growing at a CAGR of 11.9% due to increased adoption of technologies like IoT and cloud computing.
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Digital twin adoption growing across industries like automotive, manufacturing, energy & utilities to evaluate asset performance and guide improvements.
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North America leading in market share growth due to investments to modernize power infrastructure using advanced digital technologies.
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System digital twin type holds majority market share, widely used to uncover revenue opportunities by lowering costs.
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Cloud deployment of electrical digital twins rising due to benefits like scalability, flexibility and cost-effectiveness.