Market Research Report
United States Digital Twin Market Forecast 2021-2026
|United States Digital Twin Market Forecast 2021-2026|
Published: July 19, 2021
Content info: 144 Pages
Delivery time: 2-3 business days
The United States digital twin market is projected to register a CAGR of 33.66% over the forecasting years. The country's market growth is primarily ascribed to the rising use of digital twin as an adhesive, technological advancements, and the surging demand across sectors such as manufacturing, aviation, and automotive. The base year considered for the studied market is 2020 and the forecasting period is from 2021 to 2026.
With one of the largest automotive industries worldwide, the United States light vehicle sales reached 12.2 million units in 2018. Overall, the country is the second-largest market for vehicle production and sales, in addition to the automotive sector being at the forefront of innovation. Furthermore, new research and development initiatives continue to transform the market to better respond to available opportunities. As per the Auto Alliance, out of the $105 billion spent on research and development across the globe, nearly $18 billion is spent on the United States.
Conversely, in 2018, the United States exported over 1.8 million new light vehicles as well as 131,200 medium and heavy trucks to more than 200 markets across the world. Besides, additional exports of automotive parts were valued at $88.5 billion. With an open investment policy, a highly skilled workforce, a large consumer market, and state and local government incentives, the United States is a premium market for the 21st-century automotive industry. Therefore, the abovementioned factors are set to play an important role in augmenting the country's digital twin market growth.
Some of the key companies operating in the market are: IBM Corporation, Microsoft Corporation, Cisco Systems Inc, etc.