Digital Twin Market - Global Size, Share, Trends, Competition, Opportunity and Forecast, 2027

Published: February 2022

2015 – 2025 2017 – 2027 GLOBAL DIGITAL TWIN MARKET – FORECAST AND OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

1

Table of Contents S. No.

Contents

1.

Service Overview

2.

Research Methodology

3.

Executive Summary

4.

Impact of COVID-19 on Global Digital Twin Market

5.

Voice of Customer

6.

5.1.

Percentage of Digital Twin Users vs Non-Users

5.2.

Digital Twin Usage Percent Share, By Type

5.3.

Factors Considered While Selecting a Vendor

5.4.

Satisfaction Level

5.5.

Satisfaction From Existing Digital Twin Software

Global Digital Twin Market Outlook 6.1.

Market Size & Forecast 6.1.1.

6.2.

6.3.

7.

By Value

Market Share & Forecast 6.2.1.

By Type (Process, Product, System)

6.2.2.

By Technology (Internet of Things, Artificial Intelligence & Machine Learning, Blockchain, Big Data Analytics, Extended Reality, 5G)

6.2.3.

By Application (Manufacturing Process Planning, Product Design, Predictive Maintenance, Others {Business Optimization, Inventory Management, etc.})

6.2.4.

By End User (Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Energy & Utilities, Aerospace and Defence, Others{Construction, Retail & Consumer Goods, Agriculture etc.})

6.2.5.

By Region

6.2.6.

By Company (2021)

Market Map (By Type, By Technology, By Application, By End User, By Region)

North America Digital Twin Market Outlook 7.1.

Market Size & Forecast © TechSci Research

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Table of Contents S. No.

Contents 7.1.1.

7.2.

7.3.

By Value

Market Share & Forecast 7.2.1.

By Type

7.2.2.

By Technology

7.2.3.

By Application

7.2.4.

By End User

7.2.5.

By Country

North America: Country Analysis 7.3.1.

United States Digital Twin Market Outlook 7.3.1.1.

Market Size & Forecast 7.3.1.1.1.

7.3.1.2.

7.3.2.

By Value

Market Share & Forecast 7.3.1.2.1.

By Type

7.3.1.2.2.

By Technology

7.3.1.2.3.

By Application

7.3.1.2.4.

By End User

Canada Digital Twin Market Outlook 7.3.2.1.

Market Size & Forecast 7.3.2.1.1.

7.3.2.2.

By Value

Market Share & Forecast 7.3.2.2.1.

By Type

7.3.2.2.2.

By Technology

7.3.2.2.3.

By Application

7.3.2.2.4.

By End User © TechSci Research

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Table of Contents S. No.

Contents 7.3.3.

Mexico Digital Twin Market Outlook 7.3.3.1.

Market Size & Forecast 7.3.3.1.1.

7.3.3.2.

8.

By Value

Market Share & Forecast 7.3.3.2.1.

By Type

7.3.3.2.2.

By Technology

7.3.3.2.3.

By Application

7.3.3.2.4.

By End User

Europe Digital Twin Market Outlook 8.1.

Market Size & Forecast 8.1.1.

8.2.

8.3.

By Value

Market Share & Forecast 8.2.1.

By Type

8.2.2.

By Technology

8.2.3.

By Application

8.2.4.

By End User

8.2.5.

By Country

Europe: Country Analysis 8.3.1.

Germany Digital Twin Market Outlook 8.3.1.1.

Market Size & Forecast 8.3.1.1.1.

8.3.1.2.

By Value

Market Share & Forecast 8.3.1.2.1.

By Type

8.3.1.2.2.

By Technology

8.3.1.2.3.

By Application

8.3.1.2.4.

By End User © TechSci Research

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Table of Contents S. No.

Contents

8.3.2.

United Kingdom Digital Twin Market Outlook 8.3.2.1.

Market Size & Forecast 8.3.2.1.1.

8.3.2.2.

8.3.3.

By Value

Market Share & Forecast 8.3.2.2.1.

By Type

8.3.2.2.2.

By Technology

8.3.2.2.3.

By Application

8.3.2.2.4.

By End User

France Digital Twin Market Outlook 8.3.3.1.

Market Size & Forecast 8.3.3.1.1.

8.3.3.2.

8.3.4.

Page No.

By Value

Market Share & Forecast 8.3.3.2.1.

By Type

8.3.3.2.2.

By Technology

8.3.3.2.3.

By Application

8.3.3.2.4.

By End User

Russia Digital Twin Market Outlook 8.3.4.1.

Market Size & Forecast 8.3.4.1.1.

8.3.4.2.

By Value

Market Share & Forecast 8.3.4.2.1.

By Type

8.3.4.2.2.

By Technology

8.3.4.2.3.

By Application

8.3.4.2.4.

By End User © TechSci Research

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Table of Contents S. No.

Contents 8.3.5.

Italy Digital Twin Market Outlook 8.3.5.1.

Market Size & Forecast 8.3.5.1.1.

8.3.5.2.

9.

By Value

Market Share & Forecast 8.3.5.2.1.

By Type

8.3.5.2.2.

By Technology

8.3.5.2.3.

By Application

8.3.5.2.4.

By End User

Asia-Pacific Digital Twin Market Outlook 9.1.

Market Size & Forecast 9.1.1.

9.2.

9.3.

By Value

Market Share & Forecast 9.2.1.

By Type

9.2.2.

By Technology

9.2.3.

By Application

9.2.4.

By End User

9.2.5.

By Country

Asia-Pacific: Country Analysis 9.3.1.

China Digital Twin Market Outlook 9.3.1.1.

Market Size & Forecast 9.3.1.1.1.

By Value © TechSci Research

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Table of Contents S. No.

Contents 9.3.1.2.

9.3.2.

Market Share & Forecast 9.3.1.2.1.

By Type

9.3.1.2.2.

By Technology

9.3.1.2.3.

By Application

9.3.1.2.4.

By End User

Japan Digital Twin Market Outlook 9.3.2.1.

Market Size & Forecast 9.3.2.1.1.

9.3.2.2.

9.3.3.

Market Share & Forecast 9.3.2.2.1.

By Type

9.3.2.2.2.

By Technology

9.3.2.2.3.

By Application

9.3.2.2.4.

By End User

South Korea Digital Twin Market Outlook 9.3.3.1.

Market Size & Forecast 9.3.3.1.1.

9.3.3.2.

9.3.4.

By Value

By Value

Market Share & Forecast 9.3.3.2.1.

By Type

9.3.3.2.2.

By Technology

9.3.3.2.3.

By Application

9.3.3.2.4.

By End User

India Digital Twin Market Outlook 9.3.4.1.

Market Size & Forecast 9.3.4.1.1.

9.3.4.2.

By Value

Market Share & Forecast © TechSci Research

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Table of Contents S. No.

Contents

9.3.5.

9.3.4.2.1.

By Type

9.3.4.2.2.

By Technology

9.3.4.2.3.

By Application

9.3.4.2.4.

By End User

Australia Digital Twin Market Outlook 9.3.5.1.

Market Size & Forecast 9.3.5.1.1.

9.3.5.2.

9.3.6.

Market Share & Forecast 9.3.5.2.1.

By Type

9.3.5.2.2.

By Technology

9.3.5.2.3.

By Application

9.3.5.2.4.

By End User

Singapore Digital Twin Market Outlook 9.3.6.1.

Market Size & Forecast 9.3.6.1.1.

9.3.6.2.

9.3.7.

By Value

By Value

Market Share & Forecast 9.3.6.2.1.

By Type

9.3.6.2.2.

By Technology

9.3.6.2.3.

By Application

9.3.6.2.4.

By End User

Vietnam Digital Twin Market Outlook 9.3.7.1.

Market Size & Forecast 9.3.7.1.1.

9.3.7.2.

By Value

Market Share & Forecast © TechSci Research

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Table of Contents S. No.

10.

Contents 9.3.7.2.1.

By Type

9.3.7.2.2.

By Technology

9.3.7.2.3.

By Application

9.3.7.2.4.

By End User

Middle East & Africa Digital Twin Market Outlook 10.1.

Market Size & Forecast 10.1.1.

10.2.

10.3.

By Value

Market Share & Forecast 10.2.1.

By Type

10.2.2.

By Technology

10.2.3.

By Application

10.2.4.

By End User

10.2.5.

By Country

Middle East & Africa: Country Analysis 10.3.1.

UAE Digital Twin Market Outlook 10.3.1.1.

Market Size & Forecast 10.3.1.1.1.

10.3.1.2.

By Value

Market Share & Forecast 10.3.1.2.1.

By Type

10.3.1.2.2.

By Technology

10.3.1.2.3.

By Application

10.3.1.2.4.

By End User © TechSci Research

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Table of Contents S. No.

Contents 10.3.2.

Saudi Arabia Digital Twin Market Outlook 10.3.2.1.

Market Size & Forecast 10.3.2.1.1.

10.3.2.2.

10.3.3.

Market Share & Forecast 10.3.2.2.1.

By Type

10.3.2.2.2.

By Technology

10.3.2.2.3.

By Application

10.3.2.2.4.

By End User

South Africa Digital Twin Market Outlook 10.3.3.1.

Market Size & Forecast 10.3.3.1.1.

10.3.3.2.

10.3.4.

By Value

By Value

Market Share & Forecast 10.3.3.2.1.

By Type

10.3.3.2.2.

By Technology

10.3.3.2.3.

By Application

10.3.3.2.4.

By End User

Turkey Digital Twin Market Outlook 10.3.4.1.

Market Size & Forecast 10.3.4.1.1.

10.3.4.2.

By Value

Market Share & Forecast © TechSci Research

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Table of Contents S. No.

Contents

10.3.5.

10.3.4.2.1.

By Type

10.3.4.2.2.

By Technology

10.3.4.2.3.

By Application

10.3.4.2.4.

By End User

Egypt Digital Twin Market Outlook 10.3.5.1.

Market Size & Forecast 10.3.5.1.1.

10.3.5.2.

10.3.6.

By Value

Market Share & Forecast 10.3.5.2.1.

By Type

10.3.5.2.2.

By Technology

10.3.5.2.3.

By Application

10.3.5.2.4.

By End User

Nigeria Digital Twin Market Outlook 10.3.6.1.

Market Size & Forecast 10.3.6.1.1.

10.3.6.2.

By Value

Market Share & Forecast 10.3.6.2.1.

By Type

10.3.6.2.2.

By Technology

10.3.6.2.3.

By Application

10.3.6.2.4.

By End User © TechSci Research

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Table of Contents S. No.

11.

Contents

Page No.

South America Digital Twin Market Outlook 11.1.

Market Size & Forecast 11.1.1.

11.2.

11.3.

By Value

Market Share & Forecast 11.2.1.

By Type

11.2.2.

By Technology

11.2.3.

By Application

11.2.4.

By End User

11.2.5.

By Country

South America: Country Analysis 11.3.1.

Brazil Digital Twin Market Outlook 11.3.1.1.

Market Size & Forecast 11.3.1.1.1.

11.3.1.2.

11.3.2.

By Value

Market Share & Forecast 11.3.1.2.1.

By Type

11.3.1.2.2.

By Technology

11.3.1.2.3.

By Application

11.3.1.2.4.

By End User

Argentina Digital Twin Market Outlook 11.3.2.1.

Market Size & Forecast 11.3.2.1.1.

11.3.2.2.

By Value

Market Share & Forecast © TechSci Research

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Table of Contents S. No.

Contents

11.3.3.

11.3.2.2.1.

By Type

11.3.2.2.2.

By Technology

11.3.2.2.3.

By Application

11.3.2.2.4.

By End User

Colombia Digital Twin Market Outlook 11.3.3.1.

Market Size & Forecast 11.3.3.1.1.

11.3.3.2.

11.3.4.

Market Share & Forecast 11.3.3.2.1.

By Type

11.3.3.2.2.

By Technology

11.3.3.2.3.

By Application

11.3.3.2.4.

By End User

Chile Digital Twin Market Outlook 11.3.4.1.

Market Size & Forecast 11.3.4.1.1.

11.3.4.2.

12.

By Value

By Value

Market Share & Forecast 11.3.4.2.1.

By Type

11.3.4.2.2.

By Technology

11.3.4.2.3.

By Application

11.3.4.2.4.

By End User

Market Dynamics 12.1.

Drivers

12.2.

Challenges © TechSci Research

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Table of Contents S. No.

Contents

13.

Market Trends and Developments

14.

Company Profiles 14.1.

Bentley Systems, Incorporated

14.2.

Robert Bosch GmbH

14.3.

Schneider Electric SE

14.4.

Swim.ai, Inc.

14.5.

Honeywell International Inc.

14.6.

Rockwell Automation Inc.

14.7.

ABB Ltd.

14.8.

AVEVA Group plc

14.9.

Dassault Systèmes

14.10.

PTC Inc.

14.11.

Siemens AG

14.12.

General Electric Company

14.13.

Microsoft Corporation

14.14.

IBM Corporation

14.15.

Oracle Corporation

15.

Strategic Recommendations

16.

About Us & Disclaimer

© TechSci Research

14

Service Overview

Service Overview Scope of Report: Digital Twin Digital Twin is a virtualized dynamic representation that serves as the real-time digital counterpart of a physical object or process. It uses the combination of data and intelligence to profile, predict and optimize the performance of their industrial asset via simulations. Digital Twin is an integral part of Industrial Internet of Things as it allows for the automated controlling and monitoring of industrial assets and processes with capabilities such as product designing, manufacturing process planning, asset performance management, business and operation optimization, etc.

DATA Metadata or Structural Operational Data Contextual Data

INFORMATION INTELLIGENCE

BUSINESS OUTCOMES

Data Analytics or Data Modeling (Machine Learning and Artificial Intelligence)

Performance Monitoring Process Planning Prediction Optimization

Market Segmentation

BY TYPE

BY END USER

BY TECHNOLOGY

•

Process

•

Internet of Things

•

Product

•

Artificial Intelligence & Machine

•

System

BY APPLICATION

Learning •

Blockchain

•

Big Data Analytics Extended Reality 5G

•

Manufacturing Process Planning

•

•

Product Design

•

• •

Year Range

•

Manufacturing

•

Automobile and Transportation

•

Healthcare and Lifesciences

Review Period

•

Energy & Utilities

2017 – 2020

•

Aerospace and Defence

•

Others

BY REGION •

North America

Predictive Maintenance

•

Europe

Others

•

Asia-Pacific

•

South America

•

Middle East & Africa

Base Year

2021 Estimated Year

2022 Forecast Period

2023 – 2027 © TechSci Research

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Research Methodology

Research Methodology

Market Profiling

In-depth secondary research was conducted to determine top players, overall market size and segmental market size in Global Digital Twin Market.

Formulating Questionnair e In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.

Developing List of Respondents List of industry players and industry specialists was developed.

Data Validatio n

Data Collectio n TechSci conducted interviews with industry experts and industry players for data collection and verification.

Data obtained as a result of primary and secondary research was validated through rigorous triangulation.

Primary Research

Data Filter Research & Actionable Business Data Collection & AnalysisIntelligence Insights Solution

Primary Research Research Primary  LinkedIn LinkedIn   TechSci TechSci Internal Internal  Database Database

 Company Company Websites Websites   Company Company Annual Annual  Reports Reports  White White Paper Paper Study Study   Financial Financial Reports Reports   Investor Investor  Presentations Presentations  Regulatory Regulatory Body Body 

The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Global Digital Twin Market.

Desk Research

 Identifying Key Opinion Leaders  Questionnaire Design  In-depth Interviews

Secondary Secondary Research Research

Data Analysis

 Recent Developments  Market Changing Aspects/Dynamics  Government Policies  Conclusion

Company Analysis  Market Participants  Key Strengths

Paid Sources Sources Paid  Factiva Factiva   Hoovers Hoovers 

© TechSci Research

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Research Methodology Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of Global Digital Twin Market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing penetration of smart technologies, rising data security demand, growing penetration of digital twin in healthcare sector, government policy support, etc., and projected growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in Global Digital Twin Market.

Methodology Followed for Calculation of Market Size:

Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts.

The team interviewed more than 20 companies, 100 end users and 12 industry experts and other value chain stakeholders in Global Digital Twin Market to obtain the overall market size during 2017-2021, which was validated by the Delphi technique.

Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for the historical period. © TechSci Research

19 19

Research Methodology Respondents were asked about the current and future market growth rates, as well as market shares by type, by technology, by application, by end user, by region, and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered to arrive at the final revenue shares.

Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the component.

Methodology Followed for Calculation of Market Shares:

Market shares by type, by technology, by application, by end user, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading players in the global digital twin market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating and their competitive structure in the global digital twin market.

Methodology Followed for Forecasting:

TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results in SPSS/Tableau Software. © TechSci Research

20

Research Methodology Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global digital twin market, TechSci Research used various forecast techniques such as: o

Moving Average

o

Time Series Analysis

o

Regression Analysis

o

Econometric and Judgmental Analysis

TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions.

TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario.

Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Partial List of Companies Interviewed

Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, and Oracle Corporation among others.

Partial List of Secondary Sources

Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.

Note: (a) Sum of some shares may not be 100% due to round off till two decimal places. (b) The market data for 2021 is actual only for nine months till September 2021. For rest of the three months between October 2021 and December 2021, the data is estimated as financials of few companies for full year 2021 have not been disclosed yet. © TechSci Research

21

Industry Brief Growing demand for digital manufacturing to drive the global digital twin market through 2027.

According to TechSci Research report, “Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 20172027”, the global digital twin market is anticipated to witness a growth of CAGR of 32.34% in the forecast period to reach USD43264.08 million by 2027.

The primary factors driving the demand for global digital twin market are increasing smart city construction and rapid implementation of advanced technologies like the internet of things, artificial intelligence, and big data analytics in enterprises.

Digital twin technology is in high demand from the automotive industry to create a virtual model of automobile components. Automatic and electric vehicles are witnessing massive demand. The deployment of advanced driver-assistance systems (ADAS), automatic emergency braking (AEB), and other cutting-edge automotive technologies emphasize the need for testing and performance evaluation. The growing need for testing and quality assurance in automobiles is expected to drive the global digital twin market demand. However, growing concerns relating to data privacy and security may restrain the market growth for the next five years.

The global digital twin market is segmented into type, technology, application, end user, company, and regional distribution.

Based on type, the market is divided into process, product, and system. Process type dominated the market by capturing a market share of 46.78% in 2021. It is used to enhance the consumer experience by providing personalized services and maintaining the products' quality. Process digital twin also predicts the expected failures, which helps prevent breakdown before they even occur.

Based on the technology, the market is divided into the internet of things, artificial intelligence & machine learning, blockchain, big data analytics, extended reality, and 5G. Internet of things technology is expected to grow at a CAGR of 33% in the forecast period as it creates the virtual model of the physical world through sensors.

Based on application, the market is divided into manufacturing process planning, product design, predictive maintenance, others. Manufacturing process planning dominated the market with a share of 37.04% in 2021 and is expected to maintain its dominance throughout the forecast period. Digital twin technology is used in the manufacturing process planning to lower the time and cost associated with assembling, installing, and checking the quality of the manufactured products.

Based on end user, the market is divided into manufacturing, automobile and transportation, healthcare and lifesciences, energy & utilities, aerospace and defence, others. The manufacturing industry is leading the global digital twin market with a share of 24.80% in 2021. Digital twin technology is used in manufacturing industries for real-time tracking and equipment monitoring. It improves product performance, speeds up product performance, and decreases downtime; therefore, it is in high demand among the manufacturing industries.

Major market players operating in the global digital twin market are Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, Oracle Corporation “High internet penetration, the proliferation of smart devices, and the growing adoption of the benefits of the internet of things technology in developing countries are expected to create a base for developing the global digital twin market. Digital twin technology is used to improve the performance of connected nodes. The rise in the usage of the internet of things technology in various end-user industries generates real-time information that can be utilized to make informed decisions. Ongoing advancements in the telecommunication industry and the launch of high-performance connected devices are expected to propel the growth of the global digital twin market till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. © TechSci Research

22

Sample Data - Snapshot Global Digital Twin Market Size, By Value (USD Million), 2017-2027F CAGR 2017-2021

By Value: xx%

2017

2018

2019

CAGR 2022E-2027F

By Value: xx%

2020

2021

2022E

2023F

2024F

2025F

2026F

2027F

Value (USD Million) North America Digital Twin Market Share, By Type, By Value, 2017-2027F

2017

2018

2019

2020

2021

2022E

2023F

2024F

2025F

2026F

2027F

United States Digital Twin Market Share, By Technology, By Value, 2017-2027F

2017

2018

2019

2020

2021

2022E

2023F

2024F

2025F

2026F

2027F

© TechSci Research

23

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Report Name: GLOBAL DIGITAL TWIN MARKET FORECAST AND OPPORTUNITIES 2017 – 2027

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24

About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.

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