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With 40.6% CAGR, Digital Twin Market Size Worth USD 96.49 Billion in 2029

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Pune, India, May 09, 2022 (GLOBE NEWSWIRE) — The global digital twin market size was valued at USD 6.75 billion in 2021. The market is projected to grow from USD 8.88 billion in 2022 to USD 96.49 billion by 2029, exhibiting a CAGR of 40.6% during the forecast period. This information is presented by Fortune Business Insights, in its report, titled, “Digital Twin Market, 2022-2029.”

Key Industry Development:

March 2022: NVIDIA Corporation unveiled a platform comprising of artificial intelligence framework for virtual twin to resolve scientific and engineering complications utilizing machine learning models. The twin platform provides quick operation and prompt outcomes. It aids in research works such as examining extreme weather events with greater precision.

Request a Sample Copy of the Research Report:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/digital-twin-market-106246

Report Coverage Details
Forecast Period 2022-2029
Forecast Period 2022 to 2029 CAGR 40.6%
2029 Value Projection USD 96.49 billion
Base Year 2021
Digital Twin Market Size in 2021 USD 6.75 billion
Historical Data for 2018-2020
No. of Pages 170
Segments covered Type, End-user and Regional
Digital Twin Market Growth Drivers Increasing Adoption of 3D Simulation and 3D Printing Software to Fuel Market Growth
Concerns of Privacy and Security to Impede Adoption of Twin Solution

Drivers and Restraints:

Surging Embracing of 3D Simulation and 3D Printing Software to Navigate Market Growth
The 3D printing technology is promptly fluctuating and the increasing number of materials are 3D printable. Few materials could mislead throughout the 3D printing procedure, demanding a prolonged trial and error period. Consequently, the prices of printing parts amplify, and so does the time it utilizes to print them. Twins can be utilized to duplicate the 3D printing production method. The twins can foresee if and where alterations may rise, permitting them to be restored on the 3D model.

However, the surging apprehensions of privacy and protection are estimated to impact the demand throughout healthcare, government, and critical infrastructure sectors. This is anticipated to obstruct the digital twin market growth.

Growing Investment in IT Assignments Bolstered Demand during Pandemic
Bearing in mind the numerous primary indicators post COVID-19, a deterioration in the general demand for a digital solution across numerous industries was observed. Also, due to the pandemic, numerous business tactics and predicted investment circumstances were put on hold measuring the absence of functioning. Nevertheless, during the first quarter of 2021, prime players in the market implemented several strategies to rearrange their business model and magnify their business globally.

Click here to get the short-term and long-term impact of COVID-19 on this Market:

https://www.fortunebusinessinsights.com/digital-twin-market-106246

Segments:

Implementation of Product Twin across Healthcare to Spur Segment Growth

Based on type, the market of digital twin has been categorized into parts twin, process twin, product twin, and system twin. Among these, the product twin segment is estimated to hold the major share during the predicted period. The growth is due to the surging demand for IoT sensors, and electronic manufacturing devices throughout the healthcare industry.

Acceptance of 3D Simulation and 3D Printing Software Across Automotive & Transportation to Enhance Growth  

Based on end-user, the market of digital twin has been categorized into home & commercial, manufacturing, automotive & transportation, aerospace & defense, retail, healthcare, energy & utilities, IT and telecom, and others. Among end users, the automotive & transportation segment will hold the prime part during the mentioned period.

The global Digital Twin Market scope is branched across five regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.


Report Coverage:

The Digital Twin Market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market for digital twin.

Have any query? Speak to Analyst-

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/digital-twin-market-106246

Regional Insights:

North America to Dominate Backed by Sturdy Investments by Players

North America is anticipated to develop with important CAGR during the forecast period and hold the largest digital twin market share. As the end-users throughout industries, such as healthcare, home & commercial, among others, of the U.S. are capitalizing to implement parts twin and product twin and this is estimated to drive the market growth.

Asia Pacific is likely to develop with the maximum CAGR during the forecast period. End-users across production methods in China, India, Japan, South Korea, and others are surging their venture capitalization to implement twin technologies.

Europe is expected to demonstrate substantial gain during the forecast period. The increasing demand for advanced industrial technologies across European economies is anticipated to uplift the demand for virtual twining technology.

Competitive Landscape:

Groundbreaking Product Launches by Prime Players to Spur Market Growth

The fundamental players embrace numerous tactics to bolster their position in the market as dominating companies. One such pivotal strategy is procuring companies to bolster the brand value among users. Another vital strategy is intermittently launching inventive products with a methodical review of the market and its target users.

List of Key Players Mentioned Digital Twin Market Share Report:

  • General Electric
  • Microsoft Corporation
  • Hitachi Ltd.
  • Dassault Systemes SE
  • Autodesk Inc.
  • SAP SE
  • Siemens AG
  • ANSYS Inc.
  • PTC Inc.
  • IBM Corporation

Quick Buy – Digital Twin Market Research Report:

https://www.fortunebusinessinsights.com/checkout-page/106246

Major Table of Contents:

  • Global Digital Twin Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Type (USD)
      • Parts Twin
      • Product Twin
      • Process Twin
      • System Twin
    • By End User (USD)
      • Aerospace & Defence
        • Aircraft Engine Design and Production
        • Space-Based Monitoring
      • Automotive & Transportation
        • Fleet Management
        • Vehicle Designing & Simulation
      • Manufacturing
      • Healthcare
        • Medical Device Simulation
        • Patient Monitoring
      • Retail
      • Energy & Utilities
        • Wind & Gas Turbines
        • Power Infrastructure
      • Home & Commercial
      • IT and Telecom
      • Others
    • By Region (USD)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  • North America Digital Twin Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Type (USD)
      • Parts Twin
      • Product Twin
      • Process Twin
      • System Twin
    • By End User (USD)
      • Aerospace & Defence
        • Aircraft Engine Design and Production
        • Space-Based Monitoring
      • Automotive & Transportation
        • Fleet Management
        • Vehicle Designing & Simulation
      • Manufacturing
      • Healthcare
        • Medical Device Simulation
        • Patient Monitoring
      • Retail
      • Energy & Utilities
        • Wind & Gas Turbines
        • Power Infrastructure
      • Home & Commercial
      • IT and Telecom
      • Others

TOC Continued…!

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

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MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

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Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO

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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.

 
 
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.” 
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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