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:

1. Market growth 2020-2025: USD 24.81 billion
2. Growth momentum & CAGR: Accelerate at a CAGR of 39.48%
3. YoY growth (%): 35.21%
4. Performing market contribution: North America at 42%
5. Key consumer countries: US, UK, Germany, China, Japan, and France

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:

• Microsoft Corp., in November 2020, the company collaborated with Social Alpha to accelerate the growth of health tech startups in India.
• Siemens AG., in November 2020, the company partnered with Celonis to help customers by enabling them to optimize their internal processes even faster across all parts of their companies.
• SAP SE., in January 2021, the company partnered with DNV GL to deliver an oil and gas industry cloud solution designed to combat corrosion. 

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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.

• Industry 4.0 and industrial IoT:
• • The expansion of the digital twin market will be fueled by the emergence of Industry 4.0 and industrial IoT. 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. For asset and product lifecycle management, industries have been actively employing digital twins. Companies can use the technology to construct a virtual reproduction of their products and operations, allowing them to make critical decisions ahead of time.

To know about a few other market drivers, trends, and challenges.
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