HOME Top Market Reports Digital Twin Market by End User (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Electronics & Electricals/Machine Manufacturing, Energy & Utilities, Healthcare, Retail & Consumer Goods), and Geography - Forecast to 2023

Digital Twin Market by End User (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Electronics & Electricals/Machine Manufacturing, Energy & Utilities, Healthcare, Retail & Consumer Goods), and Geography - Forecast to 2023

By: marketsandmarkets.com
Publishing Date: August 2017
Report Code: SE 5540

 

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The digital twin market was valued at USD 1.82 Billion in 2016 and is expected to reach USD 15.66 Billion by 2023, at a CAGR of 37.87% during the forecast period. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2023.

The main objectives of this study are as follows:

  • To define, describe, and forecast the digital twin market based on end user and geography
  • To forecast the market size, in terms of value, for segments with respect to four main regions North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To describe applications of digital twins in various industries
  • To strategically analyze the micromarkets with regard to individual growth trends, prospects, and contribution to the total market
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To analyze the opportunities in the market for stakeholders and detail the competitive landscape of the market leaders
  • To analyze the competitive developments such as partnerships, collaborations, acquisitions, product launches and developments, and R&D activities in the market
  • To strategically profile the key players and comprehensively analyze their market shares and core competencies along with detailing the competitive leadership for the market leaders
  • To map the competitive intelligence based on company profiles, key player strategies, and game-changing developments such as product developments, partnerships, collaborations, and acquisitions

The research methodology used to estimate and forecast the digital twin market includes the use of extensive primary research and secondary research. The secondary sources referred for this study includes directories; databases such as Hoovers, Bloomberg BusinessWeek, Factiva, and OneSource; and associations. The vendor offerings have been taken into consideration to determine the market segmentation. The top-down procedure has been employed to arrive at the overall market size of the global digital twin market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with key officials from the companies operating in the digital twin ecosystem, such as CEOs, VPs, directors, and executives. This data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

Digital Twin Market

To know about the assumptions considered for the study, download the pdf brochure

This report provides valuable insights into the digital twin market such as IoT vendors, proprietary software related to the digital twin, and end-user industry segments. General Electric (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US), ANSYS, Inc. (US), Dassault Systèmes(France), Siemens AG (Germany), and Robert Bosch GmbH (Germany) are the digital twin products and service providers.

Target Audience:

  • Software solution providers
  • IoT vendors
  • Cloud platform providers
  • Research organizations
  • Technology standards organizations, forums, and associations
  • Technology investors
  • Governments and investment communities
  • Analysts and strategic business planners

Scope of report:

In this report, the global market has been segmented on the basis of end user and geography.

Digital twin market, by End User

  • Aerospace and Defense
  • Automotive and Transportation
  • Home and Commercial
  • Electronics and Electrical/Machine Manufacturing
  • Healthcare
  • Energy and Utilities
  • Retail and Consumer Goods
  • Others
    • Materials and Chemicals
    • Agriculture

Digital twin market, by Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC
  • Rest of the World (RoW)
    • Middle East
    • Africa
    • South America

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific needs of companies. The following customization options are available for the report:

Comprehensive coverage of regulations followed in each region (the North America, APAC, and Europe)

Company Information

Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 12)
    1.1 Objectives of Study
    1.2 Definition
    1.3 Scope of Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 16)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Source
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
           2.1.3 Secondary and Primary Research
                    2.1.3.1 Key Industry Insights
                    2.1.3.2 Breakdown of Primaries
    2.2 Market Size Estimation
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Growth Opportunities in Digital Twin Market
    4.2 Digital Twin Market, By End User
    4.3 Digital Twin Market in APAC , By Country and End-User 2016
    4.4 Digital Twin Market: Geographic Snapshot

5 Market Overview (Page No. - 33)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Potential Reduction in the Time and Cost of Product Development and Elimination of the Unplanned Downtimes
                    5.2.1.2 Rising Adoption of IoT and Cloud Platforms
                    5.2.1.3 Predominant Use of IIoT for Design and Manufacturing
                    5.2.1.4 3d Printing and 3d Simulation Software Boosting the Adoption of Digital Twins in Manufacturing and Supply Chain Management
           5.2.2 Restraints
                    5.2.2.1 Risks Associated With Data Security Due to the Use of IoT and Cloud Platforms
           5.2.3 Opportunities
                    5.2.3.1 Promising Prospects for Digital Twin Technology in the Automobile and Aerospace Industries
                    5.2.3.2 New Technological Innovations in the Field of Virtual Reality and Augmented Reality to Enhance Visualization of A Digital Twin
           5.2.4 Challenges
                    5.2.4.1 Lack of Awareness Regarding Cost Benefit of the Adoption of Digital Twins
                    5.2.4.2 Lack of Skilled Workforce and Technical Knowledge

6 Industry Trends (Page No. - 38)
    6.1 Introduction
    6.2 Evolution
    6.3 Value Chain Analysis
    6.4 Supporting Technologies
           6.4.1 Industrial Internet of Things (IIoT) and Industry 4.0
           6.4.2 Data Analytics
           6.4.3 Artificial Intelligence and Machine Learning
           6.4.4 Augmented Reality, Virtual Reality, and Mixed Reality

7 Applications of Digital Twins (Page No. - 43)
    7.1 Introduction
    7.2 Product Design and Development
    7.3 Machine and Equipment Health Monitoring
           7.3.1 Structural Health
           7.3.2 Conditional Monitoring
    7.4 Predictive Maintenance
    7.5 Dynamic Optimization

8 Digital Twin Market, By End User (Page No. - 45)
    8.1 Introduction
    8.2 Aerospace and Defense
           8.2.1 Aircraft Engine Design and Production
           8.2.2 Space-Based Monitoring
    8.3 Automotive and Transportation
           8.3.1 Vehicle Designing and Simulation
           8.3.2 Ship Control Systems
           8.3.3 Fleet Management
    8.4 Home and Commercial
           8.4.1 Enterprise Infrastructure Management
           8.4.2 Waste Management
           8.4.3 Home Automation
    8.5 Electronics & Electrical/Machine Manufacturing
           8.5.1 Industrial Equipment Design and Simulation
    8.6 Healthcare
           8.6.1 Medical Device Simulation
           8.6.2 Patient Monitoring
    8.7 Energy and Utilities
           8.7.1 Wind Turbines
           8.7.2 Gas Turbines
           8.7.3 Power Infrastructure
    8.8 Retail and Consumer Goods
    8.9 Others
           8.9.1 Chemicals and Materials
           8.9.2 Agriculture

9 Geographic Analysis (Page No. - 60)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 Europe
           9.3.1 Germany
           9.3.2 UK
           9.3.3 France
           9.3.4 Rest of Europe
    9.4 APAC
           9.4.1 China
           9.4.2 Japan
           9.4.3 India
           9.4.4 Rest of APAC
    9.5 RoW
           9.5.1 Middle East and Africa
           9.5.2 South America

10 Competitive Landscape (Page No. - 83)
     10.1 Introduction
     10.2 Market Ranking Analysis
     10.3 Competitive Situations and Trends
     10.4 Competitive Leadership Mapping
             10.4.1 Visionary Leaders
             10.4.2 Dynamic Differentiators
             10.4.3 Innovators
             10.4.4 Emerging Companies
     10.5 Strength of Product Portfolio (25 Companies)
     10.6 Business Strategy Excellence (25 Companies)

25 Companies Analyzed for the Study: Allerin Tech Pvt Ltd., Altair Engineering, Inc., Amazon Web Services, ANSYS, Inc., Aucotec AG, Autodesk Inc., CADFEM GmbH, Computer Science Corporation, CoSMo Company SAS, Dassault Systèmes, DNV GL AS, FEINGUSS BLANK GmbH, General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, Prodea System Inc., PTC, Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Sight Machine Inc., TIBCO Software Inc., Toshiba Corporation, and Virtalis Limited

11 Company Profile (Page No. - 91)
     11.1 Introduction
     11.2 General Electric
             11.2.1 Business Overview
             11.2.2 Strength of Product Portfolio
             11.2.3 Business Strategy Excellence
             11.2.4 Recent Developments
             11.2.5 Key Relationships
     11.3 IBM Corporation
             11.3.1 Business Overview
             11.3.2 Strength of Product Portfolio
             11.3.3 Business Strategy Excellence
             11.3.4 Recent Developments
             11.3.5 Key Relationships
     11.4 Siemens AG
             11.4.1 Business Overview
             11.4.2 Strength of Product Portfolio
             11.4.3 Business Strategy Excellence
             11.4.4 Recent Developments
             11.4.5 Key Relationships
     11.5 PTC, Inc.
             11.5.1 Business Overview
             11.5.2 Strength of Product Portfolio
             11.5.3 Business Strategy Excellence
             11.5.4 Recent Developments
     11.6 Microsoft Corporation
             11.6.1 Business Overview
             11.6.2 Strength of Product Portfolio
             11.6.3 Business Strategy Excellence
             11.6.4 Recent Developments
     11.7 ANSYS, Inc.
             11.7.1 Business Overview
             11.7.2 Strength of Product Portfolio
             11.7.3 Business Strategy Excellence
             11.7.4 Recent Developments
             11.7.5 Key Relationships
     11.8 SAP SE
             11.8.1 Business Overview
             11.8.2 Strength of Product Portfolio
             11.8.3 Business Strategy Excellence
             11.8.4 Recent Developments
     11.9 Oracle Corporation
             11.9.1 Business Overview
             11.9.2 Strength of Product Portfolio
             11.9.3 Business Strategy Excellence
             11.9.4 Recent Developments
     11.10 Robert Bosch GmbH
             11.10.1 Business Overview
             11.10.2 Strength of Product Portfolio
             11.10.3 Business Strategy Excellence
             11.10.4 Recent Developments
     11.11 Dassault Systèmes
             11.11.1 Business Overview
             11.11.2 Strength of Product Portfolio
             11.11.3 Business Strategy Excellence
             11.11.4 Recent Developments

12 Key Innovators (Page No. - 126)
     12.1 DNV GL AS
             12.1.1 Overview
             12.1.2 Strategies Adopted By Company in Digital Twin Market
     12.2 Sight Machine Inc.
             12.2.1 Overview
             12.2.2 Strategies Adopted By Company in Digital Twin Market
     12.3 TIBCO Software Inc.
             12.3.1 Overview
             12.3.2 Strategies Adopted By Company in Digital Twin Market
     12.4 Aucotec AG
             12.4.1 Overview
             12.4.2 Strategies Adopted By Company in Digital Twin Market

13 Appendix (Page No. - 129)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports


List of Tables (30 Tables)

Table 1 Digital Twin Market, By End User, 2016–2023 (USD Million)
Table 2 Digital Twin Market for Aerospace and Defense, By Region, 2016–2023 (USD Million)
Table 3 Digital Twin Market Automotive and Transportation, By Region, 2016–2023 (USD Million)
Table 4 Digital Twin Market for Home and Commercial, By Region, 2016–2023 (USD Million)
Table 5 Digital Twin Market for Electronics and Electrical/Machine Manufacturing, By Region, 2016–2023 (USD Million)
Table 6 Digital Twin Market for Healthcare, By Region, 2016–2023 (USD Million)
Table 7 Digital Twin Market for Energy and Utilities, By Region, 2016–2023 (USD Million)
Table 8 Digital Twin Market for Retail and Consumer Goods, By Region, 2016–2023 (USD Million)
Table 9 Digital Twins Market for Other, By Region, 2016–2023 (USD Million)
Table 10 Digital Twins Market, By Region, 2016–2023 (USD Billion)
Table 11 North America Digital Twin Market Size, By End User, 2016–2023 (USD Million)
Table 12 Market in North America, By Country, 2014–2023 (USD Million)
Table 13 Market in US, By End User, 2016–2023 (USD Million)
Table 14 Market in Canada, By End User, 2016–2023 (USD Million)
Table 15 Mexico Digital Twin Market Size, By End User 2016–2023 (USD Million)
Table 16 Market in Europe, By End User, 2016–2023 (USD Million)
Table 17 Digital Twins Market in Europe, By Country, 2014–2023 (USD Million)
Table 18 Market in Germany, By End User, 2016–2023 (USD Million)
Table 19 Market in UK, By End User, 2016–2023 (USD Million)
Table 20 Market in France, By End User, 2016–2023 (USD Million)
Table 21 Market in Rest of Europe, By End User, 2016–2023 (USD Million)
Table 22 Market in APAC, By End User, 2016–2023 (USD Million)
Table 23 Market in APAC, By Country, 2014–2023 (USD Million)
Table 24 Market in China, By End User, 2016–2023 (USD Million)
Table 25 Market in Japan, By End User, 2016–2023 (USD Million)
Table 26 Market in India, By End User, 2016–2023 (USD Million)
Table 27 Market in Rest of APAC, By End User, 2016–2023 (USD Million)
Table 28 Market in RoW, By End User, 2016–2023 (USD Million)
Table 29 Market in RoW, By Country, 2016–2023 (USD Million)
Table 30 Ranking of Top 5 Market Players, 2016


List of Figures (40 Figures)

Figure 1 Digital Twin Market Segmentation
Figure 2 Digital Twin Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Digital Twin Market Between 2017 and 2023
Figure 7 Electronics and Electrical/Machine Manufacturing Held Largest Share of Market in 2016
Figure 8 Market in India to Grow at Highest CAGR During the Forecast Period
Figure 9 APAC Held Largest Market Share of Digital Twin in 2016
Figure 10 Increased Adoption of IoT is One of the Drivers for Growth of Market
Figure 11 Market for Others to Grow at Highest CAGR During Forecast Period
Figure 12 China Held Largest Market Share of Market in 2016
Figure 13 Market in India to Grow at Highest CAGR Between 2017 and 2023
Figure 14 Reduction in Time and Cost of Product Development as Major Driver for Growth of Market
Figure 15 Evolution of Digital Twin
Figure 16 Software Providers and Cloud Platform Providers Along With Service Providers Add Major Value to Digital Twin Value Chain
Figure 17 Digital Twin Market, By End User
Figure 18 Market for Others to Grow at Highest CAGR During Forecast Period
Figure 19 APAC Held Largest Market Share of Market for Home and Commercial in 2016
Figure 20 North America Held Largest Size of Market for Energy and Utilities in 2016
Figure 21 Digital Twin Market, By Geography
Figure 22 North America: Market Snapshot
Figure 23 Aerospace and Defense Held Largest Market Share of Market in US in 2016
Figure 24 Europe: Market Snapshot
Figure 25 Electronics and Electrical/Machine Manufacturing Held Largest Size of Digital Twin Market in UK in 2016
Figure 26 China Held Largest Market Size of Digital Twin in APAC in 2016
Figure 27 Electronics and Electrical/Machine Manufacturing Held Largest Market Size of Digital Twin in Rest of APAC
Figure 28 Key Growth Strategies Adopted By Companies in Digital Twin Market Between 2015 and 2017
Figure 29 Partnerships, Collaborations, and Acquisitions as Key Strategies Adopted By Players in Digital Twin Market
Figure 30 Competitive Leadership Mapping , 2017
Figure 31 General Electric: Company Snapshot
Figure 32 IBM Corporation: Company Snapshot
Figure 33 Siemens AG: Company Snapshot
Figure 34 PTC, Inc.: Company Snapshot
Figure 35 Microsoft Corporation: Company Snapshot
Figure 36 ANSYS, Inc.: Company Snapshot
Figure 37 SAP SE: Company Snapshot
Figure 38 Oracle Corporation: Company Snapshot
Figure 39 Robert Bosch GmbH: Company Snapshot
Figure 40 Dassault Systèmes: Company Snapshot

The digital twin market is expected to be valued at USD 15.66 Billion by 2023, at a CAGR of 37.87% during the forecast period. Developments and launches of new products in the market cater to the high growth of this market globally.

The digital twin technology has applications in product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization. The digital twin technology is used to generate the virtual models outside of engineering environments involving the applications such as product design and development, and production.

The digital twin market based on end user has been segmented into aerospace and defense, automotive and transportation, energy and utilities, home and commercial, electronics and electrical/machine manufacturing, healthcare, and retail and consumer goods, and others. The other industries include materials and chemicals and agriculture. The rising need for digitalization in agriculture, and chemicals & materials industries is one of the major factors contributing to the growth of market in this region. Moreover, the presence of few major IoT vendors such as IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US) have started offering products and solutions that help create the digital twins that form a core part of the digital transformation of many industries.

Digital Twin Market

The digital twin market in APAC is expected to grow at the highest CAGR during the forecast period, followed by the market in RoW. The growth of the market in APAC is attributed to the increase in development of various industries that has led to growth in the adoption of digital twin systems for digitalization of various end user industries present in developing countries such as India, Japan, and China.

Increasing occurrences of viruses and cyber-attacks lead to many security concerns. Important information can be stolen by malicious viruses in computer systems, causing a major loss to the industries. Hence the risk associated with the data security is one of the restraining factors for the growth of the digital twin market.

Key players in this market focus on the product developments and launches, strategic partnerships, collaborations and acquisitions to increase their revenue. For instance, in November 2016, GE launched the Predix system software architecture and services designed to make any machine an intelligent asset, and to bring visibility, control, and analytic insights to industrial infrastructure and operations. The platform is compatible with a variety operating systems, devices, and form factors. This new software would also focus on expanding the platform and development of digital twins.

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