Product Code: SMRC21060
According to Stratistics MRC, the Global Digital Twin Market is accounted for $7.45 billion in 2020 and is expected to reach $84.60 billion by 2028 growing at a CAGR of 35.5% during the forecast period. Growing adoption of Industry 4.0 across the globe, changing face of maintenance in various industries, and rising adoption of digital twin technology to cope with COVID-19 crisis are the major factors propelling the market growth. However, data security due to use of IoT and cloud platforms and lack of skilled workforce are hampering the market growth.
A digital twin refers to the virtual replication of any process, physical asset, and systems that can be used for ensuring predictive maintenance and reduces outage over stipulated time. A digital twin thus, is developed with multiple IoT sensors that collect the real-time data generated in the product development phase, and learns, analyzes and updates itself according to working conditions.
Based on end user, the automotive & transportation segment is estimated to have a lucrative growth due to the growing usage of digital twins for simulation, designing, MRO (maintenance, repair, and overhaul), production, and after service. Automotive and transportation is one of the major industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred because of the pandemic.
By geography, North America is going to have a lucrative growth during the forecast period due to the high economic growth and a large presence of vendors offering digital twins. Moreover, the increased R&D in the field of the IoT and IIoT and increasing inclination for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth.
Some of the key players profiled in the Digital Twin Market include ANSYS, General Electric, IBM, Microsoft Corporation, Oracle, PTC, Robert Bosch, SAP, Siemens AG, and SWIM.AI.
Types Covered:
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
- Part Twin
Technologies Covered:
- 5G
- Artificial Intelligence & Machine Learning
- Augmented Reality, Virtual Reality, and Mixed Reality
- Big Data Analytics
- Blockchain
- Internet of Thing (IoT) & Industrial Internet of Things (IIoT)
Solutions Covered:
Enterprises Covered:
- Large Enterprises
- Small & Medium Enterprises
Applications Covered:
- Predictive Maintenance & Performance Monitoring
- Business Optimization
- Inventory Management
- Product Design & Development
- Machine & Equipment Health Monitoring
- Process Support & Service
End Users Covered:
- Aerospace & Defense
- Automotive & Transportation
- Residential & Commercial
- Healthcare & Life Sciences
- Energy & Utilities
- Oil & Gas
- Agriculture
- Telecommunication
- Retail & Consumer Goods
- Construction
- Manufacturing
- Energy & Utility
- Government
- Natural Resources
Regions Covered:
- North America
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 Application Analysis
- 3.8 End User Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Digital Twin Market, By Type
- 5.1 Introduction
- 5.2 Product Digital Twin
- 5.3 Process Digital Twin
- 5.4 System Digital Twin
- 5.5 Part Twin
6 Global Digital Twin Market, By Technology
- 6.1 Introduction
- 6.2 5G
- 6.3 Artificial Intelligence & Machine Learning
- 6.4 Augmented Reality, Virtual Reality, and Mixed Reality
- 6.5 Big Data Analytics
- 6.6 Blockchain
- 6.7 Internet of Thing (IoT) & Industrial Internet of Things (IIoT)
7 Global Digital Twin Market, By Solution
- 7.1 Introduction
- 7.2 Software
- 7.2.1 Design Software
- 7.2.2 Analytics
- 7.3 Services
- 7.3.1 On-Premises
- 7.3.2 Cloud
8 Global Digital Twin Market, By Enterprise
- 8.1 Introduction
- 8.2 Large Enterprises
- 8.3 Small & Medium Enterprises
9 Global Digital Twin Market, By Application
- 9.1 Introduction
- 9.2 Predictive Maintenance & Performance Monitoring
- 9.3 Business Optimization
- 9.4 Inventory Management
- 9.5 Product Design & Development
- 9.6 Machine & Equipment Health Monitoring
- 9.7 Process Support & Service
10 Global Digital Twin Market, By End User
- 10.1 Introduction
- 10.2 Aerospace & Defense
- 10.3 Automotive & Transportation
- 10.4 Residential & Commercial
- 10.5 Healthcare & Life Sciences
- 10.6 Energy & Utilities
- 10.7 Oil & Gas
- 10.8 Agriculture
- 10.9 Telecommunication
- 10.10 Retail & Consumer Goods
- 10.11 Construction
- 10.12 Manufacturing
- 10.13 Energy & Utility
- 10.14 Government
- 10.15 Natural Resources
11 Global Digital Twin Market, By Geography
- 11.1 Introduction
- 11.2 North America
- 11.2.1 US
- 11.2.2 Canada
- 11.2.3 Mexico
- 11.3 Europe
- 11.3.1 Germany
- 11.3.2 UK
- 11.3.3 Italy
- 11.3.4 France
- 11.3.5 Spain
- 11.3.6 Rest of Europe
- 11.4 Asia Pacific
- 11.4.1 Japan
- 11.4.2 China
- 11.4.3 India
- 11.4.4 Australia
- 11.4.5 New Zealand
- 11.4.6 South Korea
- 11.4.7 Rest of Asia Pacific
- 11.5 South America
- 11.5.1 Argentina
- 11.5.2 Brazil
- 11.5.3 Chile
- 11.5.4 Rest of South America
- 11.6 Middle East & Africa
- 11.6.1 Saudi Arabia
- 11.6.2 UAE
- 11.6.3 Qatar
- 11.6.4 South Africa
- 11.6.5 Rest of Middle East & Africa
12 Key Developments
- 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 12.2 Acquisitions & Mergers
- 12.3 New Product Launch
- 12.4 Expansions
- 12.5 Other Key Strategies
13 Company Profiling
- 13.1 ANSYS
- 13.2 General Electric
- 13.3 IBM
- 13.4 Microsoft Corporation
- 13.5 Oracle
- 13.6 PTC
- 13.7 Robert Bosch
- 13.8 SAP
- 13.9 Siemens AG
- 13.10 SWIM.AI
List of Tables
- Table 1 Global Digital Twin Market Outlook, By Region (2019-2028) ($MN)
- Table 2 Global Digital Twin Market Outlook, By Type (2019-2028) ($MN)
- Table 3 Global Digital Twin Market Outlook, By Product Digital Twin (2019-2028) ($MN)
- Table 4 Global Digital Twin Market Outlook, By Process Digital Twin (2019-2028) ($MN)
- Table 5 Global Digital Twin Market Outlook, By System Digital Twin (2019-2028) ($MN)
- Table 6 Global Digital Twin Market Outlook, By Part Twin (2019-2028) ($MN)
- Table 7 Global Digital Twin Market Outlook, By Technology (2019-2028) ($MN)
- Table 8 Global Digital Twin Market Outlook, By 5G (2019-2028) ($MN)
- Table 9 Global Digital Twin Market Outlook, By Artificial Intelligence & Machine Learning (2019-2028) ($MN)
- Table 10 Global Digital Twin Market Outlook, By Augmented Reality, Virtual Reality, and Mixed Reality (2019-2028) ($MN)
- Table 11 Global Digital Twin Market Outlook, By Big Data Analytics (2019-2028) ($MN)
- Table 12 Global Digital Twin Market Outlook, By Blockchain (2019-2028) ($MN)
- Table 13 Global Digital Twin Market Outlook, By Internet of Thing (IoT) & Industrial Internet of Things (IIoT) (2019-2028) ($MN)
- Table 14 Global Digital Twin Market Outlook, By Solution (2019-2028) ($MN)
- Table 15 Global Digital Twin Market Outlook, By Software (2019-2028) ($MN)
- Table 16 Global Digital Twin Market Outlook, By Design Software (2019-2028) ($MN)
- Table 17 Global Digital Twin Market Outlook, By Analytics (2019-2028) ($MN)
- Table 18 Global Digital Twin Market Outlook, By Services (2019-2028) ($MN)
- Table 19 Global Digital Twin Market Outlook, By On-Premises (2019-2028) ($MN)
- Table 20 Global Digital Twin Market Outlook, By Cloud (2019-2028) ($MN)
- Table 21 Global Digital Twin Market Outlook, By Enterprise (2019-2028) ($MN)
- Table 22 Global Digital Twin Market Outlook, By Large Enterprises (2019-2028) ($MN)
- Table 23 Global Digital Twin Market Outlook, By Small & Medium Enterprises (2019-2028) ($MN)
- Table 24 Global Digital Twin Market Outlook, By Application (2019-2028) ($MN)
- Table 25 Global Digital Twin Market Outlook, By Predictive Maintenance & Performance Monitoring (2019-2028) ($MN)
- Table 26 Global Digital Twin Market Outlook, By Business Optimization (2019-2028) ($MN)
- Table 27 Global Digital Twin Market Outlook, By Inventory Management (2019-2028) ($MN)
- Table 28 Global Digital Twin Market Outlook, By Product Design & Development (2019-2028) ($MN)
- Table 29 Global Digital Twin Market Outlook, By Machine & Equipment Health Monitoring (2019-2028) ($MN)
- Table 30 Global Digital Twin Market Outlook, By Process Support & Service (2019-2028) ($MN)
- Table 31 Global Digital Twin Market Outlook, By End User (2019-2028) ($MN)
- Table 32 Global Digital Twin Market Outlook, By Aerospace & Defense (2019-2028) ($MN)
- Table 33 Global Digital Twin Market Outlook, By Automotive & Transportation (2019-2028) ($MN)
- Table 34 Global Digital Twin Market Outlook, By Residential & Commercial (2019-2028) ($MN)
- Table 35 Global Digital Twin Market Outlook, By Healthcare & Life Sciences (2019-2028) ($MN)
- Table 36 Global Digital Twin Market Outlook, By Energy & Utilities (2019-2028) ($MN)
- Table 37 Global Digital Twin Market Outlook, By Oil & Gas (2019-2028) ($MN)
- Table 38 Global Digital Twin Market Outlook, By Agriculture (2019-2028) ($MN)
- Table 39 Global Digital Twin Market Outlook, By Telecommunication (2019-2028) ($MN)
- Table 40 Global Digital Twin Market Outlook, By Retail & Consumer Goods (2019-2028) ($MN)
- Table 41 Global Digital Twin Market Outlook, By Construction (2019-2028) ($MN)
- Table 42 Global Digital Twin Market Outlook, By Manufacturing (2019-2028) ($MN)
- Table 43 Global Digital Twin Market Outlook, By Energy & Utility (2019-2028) ($MN)
- Table 44 Global Digital Twin Market Outlook, By Government (2019-2028) ($MN)
- Table 45 Global Digital Twin Market Outlook, By Natural Resources (2019-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.