Market Dynamics:

Remote Monitoring (One driver from heading): Remote monitoring capabilities of digital twins is one of the key drivers contributing to their rising adoption across industries. By creating a virtual version of physical assets, their functional parameters can be monitored and analyzed in real time from any location. This helps manufacturers and plant operators keep a close watch on machinery performance without having to be physically present at plant sites. Any abnormalities or issues can be identified at an early stage through remote condition monitoring. This enhances operational efficiency, availability and uptime of equipment while reducing downtime costs.

Key Takeaways
The Global Digital Twin Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 12.26 Billion in 2023. Digital twins find increasing applications across industries and expected to revolutionize how assets are monitored and optimized.

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