Digital Twin Market

Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026

Report Code: SE 5540 Sep, 2020, by marketsandmarkets.com

[177 Pages Report] The global digital twin market size was valued at USD 3.1 billion in 2020 and is projected to reach USD 48.2 billion by 2026. It is expected to grow at a CAGR of 58% during the forecast period. Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market.

Digital Twin Market

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Pre- and Post-COVID-19 Scenario for digital twin market

Digital Twin Market

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The world is facing an economic crisis due to the sudden outbreak of the COVID-19 pandemic. The pandemic has affected the growth of the end-use industries. Major oil producers are running out of storage space for extracted oil, as the demand is on a declining trend. This has resulted in a massive gap between supply and demand. The energy & power, automotive & transportation, and aerospace & defense industries are also among the key end users of digital twin technology. These industries are also witnessing a declining demand due to the pandemic. There is a restriction on foreign trades due to the lockdown of international borders, non-operational distribution channels, and various government laws to take precautionary measures for public health and safety. However, the focus on the digitization of processes across the industries is expected to increase in the post-COVID-19 period. The increase in demand in the energy & power sector is also likely to boost the growth of the segment from 2021 to 2026.

Market Dynamics:

Driver: Increasing demand for digital twins in healthcare and pharmaceutical industries due to out break of COVID-19 pandemic

With the rapid spread of the novel coronavirus, the healthcare and pharmaceutical industries are at the forefront of combating COVID-19. Digital twin plays an important role in monitoring a patient’s health, the impact of tablets, and other parameters. Some of the industry players have grabbed the opportunity to fight against the coronavirus pandemic by providing different solutions. For instance, Exactcure (France), a French start-up developing a software solution to reduce medication errors, has developed a digital twin solution to lower the impact of inaccurately dosed medication. Through this digital twin solution, the efficacy and interactions of medications in the body of a patient based on their personal characteristics, such as age, gender, and kidney status, are monitored. Besides, the industry players are increasingly investing in research and development related to new daily life changes that have occurred due to the COVID-19 pandemic. For instance, the players are trying to develop a digital twin solution to identify people who have symptoms, are infected, or have recovered with antibodies and people who have come in contact with an infected person. By using such solutions, it will be easy for state or local governments to monitor green and red zones. Such solutions can be deployed in smart cities effectively.

Restraint:  Data security due to use of IoT and cloud platforms

The implementation of digital technologies, such as the cloud, big data, IoT, and artificial intelligence, is increasing in various facets of businesses. Digital twin involves the integration of various IoT sensors and all the digital technologies for virtualizing the physical twin. With growing connectivity arises the risk of security, compliance & data protection, and regulations.

Increasing occurrences of viruses and cyber-attacks have raised concerns regarding data security. Important information can be stolen by malicious viruses in computer systems, resulting in a major loss to the companies. Failure of IoT infrastructure providers and cloud platform providers in implementing proper security measures might lead to disruptions in the flow of information. The industries that have implemented digital twins with such platforms are prone to malware attacks that are targeted at industrial systems due to the increasing dependence on Web-based data interchange and off-the-shelf IT solutions.

A large volume of data is more prone to the risk of security. The digital twin gathers information from many aspects of the business into one place. The data includes IPs, sensitive data as well as access to the physical assets, all of which are critical information. The vast influx of data is valuable to companies as well as hackers. Business planning needs to include data security, data integrity, privacy as well as compliance considerations. Therefore, it is essential to ensure that good security practices are already in place while deploying the digital twin, may it be for a product, process, or a complete system/unit.

With the rise in cyber-attacks on the critical infrastructure over the past decade, cybersecurity has become a major concern among users and vendors of industrial automation. Thus, the increasing threat pertaining to the security of the data, which is connected to the cloud, is expected to be a major restraint for the growth of the digital twin market.

Opportunity:  Implementation of digital twins in the manufacturing industry to handle several issues due to the spread of COVID-19

Due to COVID-19, the industry players are facing many challenges related to health and safety, supply chain, supplier resilience, labor shortages, and others. To reopen a business, companies have to follow all the norms implemented by governments to curb the spread of COVID-19. In the current scenario, the industry manufacturers required is real-time visibility across corporate boundaries and down to the supply and demand chain. This can be done with the help of digital twin technology. The digital twin acts as a powerful digital shadow. They gather all the interrelating data sources from an asset’s entire lifecycle as its semantically defined, data-based virtualization.

A digital twin can be used to create twins of components, assemblies, people, or an entire manufacturing plant and can be combined in multiple ways to create a solution with numerous sources of data and information. Digital twins help to extend capabilities, increase flexibility, and mitigate the risk of business failure. For instance, Rolls-Royce has implemented the digital twin-based interoperable ecosystems to deliver the next generation in customer service.

Challenge: Lack of awareness regarding cost benefit of the adoption of digital twins

Companies do not have any specific plan for the implementation of digital twins for product management and have not made any significant investments yet. As the technology is new for many companies and requires significant changes, the companies are unclear about the economic benefits, investments involved, and the cost benefits in the near future. The determination of the potential of a digital twin is considered to be very complex and diverse, which further complicates the adoption of this technology.

System digital twin  to account for a larger share of the digital twin market by 2026

The market for system digital twin accounted for the largest market share in the 2019. This growth can be attributed to the increasing use of digital twin for systems in various applications. For example, in the aerospace & defense sector, the LOCOMACHS has implemented a digital twin for the entire assembly line for an aircraft wing for performance monitoring. In addition, in the automotive & transportation industry, Tesla Motors is using a digital twin solution for every car it manufactures for better performance 33 and business improvement.

Automotive & Transportation accounted for the largest market share in 2019

Automotive & transportation industry accounted for the largest market share in the digital twin market in 2019. This growth can be attributed to the increasing usage of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. Automotive & transportation is one of the 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 due to the pandemic.

Predictive maintenance to account for the largest market share during the forecast period

The market for predictive maintenance application accounted for the largest share in 2019. The growth of the predictive maintenance application segment can be attributed to an increase in the use of digital twins for predictive maintenance in the post-COVID-19 period across various industries.

North America to hold the largest share in digital twin market during the forecast period

The North America holds the largest share in the digital twin market. In recent years, the development of various software and deployment of automation solutions in the manufacturing industries has improved production lines and downstream operations. These developments have positively impacted the growth of the market in North America 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 demand for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth.

Digital Twin Market by Region

Digital Twin Market in APAC to witness higher CAGR during the forecast period

The market in APAC has been divided into India, China, Japan, and Rest of APAC. The market in APAC is expected to grow at the highest rate during the forecast period. China has a high potential for creating digital transformation in the manufacturing industries. The dense population, growing per capita income with large-scale industrialization and urbanization, and increasing adoption of IoT are the factors driving the growth of the digital twin market in the region. China’s rapid response to the pandemic allowed citizens to return to work (and normalcy) relatively faster as compared to other countries. One survey showed that almost half of the Chinese consumers expect the economy to rebound quickly and their routines to return to normal within the next 2 to 3 months. In APAC, other countries such as Japan, India, and South Korea are also affected severely, which has resulted in a significant downfall in the growth of the digital twin market in APAC. The market is expected to attain normalcy within a period of 1.5 to 2.5 years.

Key Market Players

General Electric (US), >IBM (US), >PTC (US), >Microsoft Corporation (US), >Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US)., are among the major players in the digital twin market.

Scope of the Report

Report Metric

Details

Market Size Availability for Years

2016–2026

Base Year

2019

Forecast Period

2020–2026

Forecast Units

Value (USD)

Segments Covered

By technology, usage type, application, and industry  

Geographies Covered

North America, Europe, APAC, and RoW

Companies Covered

GE, Microsoft, ANSYS, PTC, Simens, and others
A total of 20 players are covered.

This research report categorizes the digital twin market, by technology, usage type, application, industry, and region

Digital Twin Market Based on Technology:

  • IoT & IIoT
  • Blockchain
  • Artificial Intelligence & Machine Learning
  • Augmented Reality, Virtual Reality, and Mixed Reality
  • Big Data Analytics
  • 5G

Digital Twin Market Based on Type:

  • Product Digital Twin
  • Process Digital Twin
  • System Digital Twin

Digital Twin Market Based on Industry:

  • Aerospace & Defense
  • Automotive & Transportation
  • Home & Commercial
  • Healthcare
  • Energy & Utilities
  • Oil & Gas
  • Agricluture
  • Telecommunication
  • Retail
  • Others

Digital Twin Market Based on Geography:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (Middle East, Africa, and South America)

Recent Developments

  • In july 2020, Siemens launched the Simatic Real-time Locating Systems (RTLS) plus SieTrace software that offers real-time location information, which customers can use to control their manufacturing processes during the COVID-19 crisis and design their operating procedures accordingly. In the event of an employee contracting COVID-19, the solution will enable companies to quickly and efficiently control how employees interact with one another, with the production line and with the plant setup.
  • In june 2020, Bosch Building Technologies, a division of Bosch Group, developed an energy and cost-saving solution for its internal operations. The Energy Platform uses Microsoft Azure Digital Twin to monitor and analyze energy consumption in real time, helping manage business processes and provide actionable insights to operators.
  • In june 2020, Siemens has launched the Teamcenter X software, a new product lifecycle management (PLM) solution that will enable companies to quickly implement, scale, and integrate industry-leading PLM technology across functional disciplines. Moreover, access to Teamcenter X on the cloud will enable the creation of a complete digital twin, with multi-domain design and bill of materials integration.
  • In june 2020, Siemens acquired UltraSoC (UK), a provider of instrumentation and analytics solutions with exceptional capabilities in cybersecurity, to integrate UltraSoC’s technology into its Xcelerator product portfolio. The combination of Siemens and UltraSoC technology is expected to benefit the entire semiconductor product lifecycle, including structural, electrical, and functional capabilities of SoCs. It also supports Siemens's comprehensive digital twin with UltraSoC providing monitoring of the real device.
  • In june 2020, IBM and Siemens (Germany), a global technology provider with core activities in the fields of electrification, automation, and digitalization, have partnered to develop a new solution that will optimize the service lifecycle management (SLM) of assets by dynamically connecting real-world maintenance activities and asset performance back to design decisions and field modifications. This new solution combines elements of the Xcelerator portfolio from Siemens and IBM Maximo to improve product performance, maintenance, and operations.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 22)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                 FIGURE 1 DIGITAL TWIN MARKET: SEGMENTATION
           1.3.2 YEARS CONSIDERED
           1.3.3 GEOGRAPHIC SCOPE
    1.4 CURRENCY
    1.5 MARKET STAKEHOLDERS
    1.6 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 27)
    2.1 RESEARCH DATA
        FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
                    2.1.1.1 Key industry insights
           2.1.2 SECONDARY DATA
                    2.1.2.1 Key data from secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Breakdown of primaries
                    2.1.3.2 Key data from primary sources
    2.2 MARKET SIZE ESTIMATION
        FIGURE 3 DEMAND-SIDE ANALYSIS: DIGITAL TWIN MARKET
           2.2.1 BOTTOM-UP APPROACH
        FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
        FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
        FIGURE 6 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
        TABLE 1 ASSUMPTIONS FOR THE RESEARCH STUDY

3 EXECUTIVE SUMMARY (Page No. - 36)
    3.1 DIGITAL TWIN MARKET: REALISTIC SCENARIO
        FIGURE 7 MARKET: OPTIMISTIC, REALISTIC, PESSIMISTIC, AND PRE-COVID-19 SCENARIO ANALYSIS (2016–2026)
    3.2 MARKET: OPTIMISTIC SCENARIO
    3.3 MARKET: PESSIMISTIC SCENARIO
        FIGURE 8 MARKET SIZE (2016–2026)
        FIGURE 9 SYSTEM DIGITAL TWIN SEGMENT TO HOLD LARGEST SHARE OF MARKET BY 2026
        FIGURE 10 MARKET, BY INDUSTRY (2020 VS. 2026): AUTOMOTIVE & TRANSPORTATION INDUSTRY TO HOLD LARGEST MARKET SHARE BETWEEN 2020 AND 2026
        FIGURE 11 MARKET, BY APPLICATION (2020 VS. 2026): PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST MARKET SHARE BETWEEN 2020 AND 2026
        FIGURE 12 NORTH AMERICA HELD LARGEST SHARE OF MARKET IN 2019

4 PREMIUM INSIGHTS (Page No. - 42)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN DIGITAL TWIN MARKET
        FIGURE 13 INCREASING NEED FOR PREDICTIVE MAINTENANCE AND BUSINESS OPTIMIZATION ARE DRIVING MARKET GROWTH
    4.2 MARKET, BY TYPE
        FIGURE 14 SYSTEM MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    4.3 MARKET, BY COUNTRY AND INDUSTRY
        FIGURE 15 AUTOMOTIVE & TRANSPORTATION SEGMENT AND US TO HOLD LARGEST SHARES OF MARKET BY 2026
    4.4 DIGITAL TWIN MARKET, BY COUNTRY (2020)
        FIGURE 16 US TO HOLD LARGEST SHARE OF MARKET IN 2020

5 MARKET OVERVIEW (Page No. - 44)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
        FIGURE 17 DIGITAL TWIN MARKET: COVID-19-RELATED MARKET DYNAMICS
           5.2.1 DRIVERS
                 FIGURE 18 DIGITAL TWIN MARKET DRIVERS AND THEIR IMPACT
                    5.2.1.1 Increasing demand for digital twins in healthcare and pharmaceutical industries due to outbreak of COVID-19 pandemic
                    5.2.1.2 Changing face of maintenance in various industries
                    5.2.1.3 Adoption of digital twin technology to cope with COVID-19 crisis
           5.2.2 RESTRAINTS
                 FIGURE 19 MARKET RESTRAINTS AND THEIR IMPACT
                    5.2.2.1 Data security due to use of IoT and cloud platforms
           5.2.3 OPPORTUNITIES
                 FIGURE 20 MARKET OPPORTUNITIES AND THEIR IMPACT
                    5.2.3.1 Implementation of digital twins in the manufacturing industry to handle several issues due to the spread of COVID-19
                    5.2.3.2 Increasing adoption of Industry 4.0/Smart manufacturing and IIoT
           5.2.4 CHALLENGES
                 FIGURE 21 MARKET CHALLENGES AND THEIR IMPACT
                    5.2.4.1 Lack of awareness regarding cost benefit of the adoption of digital twins
                    5.2.4.2 Lack of skilled workforce
    5.3 VALUE CHAIN ANALYSIS
        FIGURE 22 VALUE CHAIN ANALYSIS: MAJOR VALUE IS ADDED DURING SOLUTION/SERVICE/SOFTWARE PROVIDING PHASE
    5.4 ASP ANALYSIS
    5.5 DEPLOYMENT ANALYSIS
           5.5.1 ON-PREMISES
           5.5.2 CLOUD
    5.6 CASE STUDIES
           5.6.1 AEROSPACE & DEFENSE
                    5.6.1.1 NASA has implemented digital twins for its space station and spacecraft
                    5.6.1.2 Lockheed Martin’s Digiverse—A complete digital twin of “Everything”
                    5.6.1.3 Rolls-Royce—Intelligent Engine program
           5.6.2 AUTOMOTIVE & TRANSPORTATION
                    5.6.2.1 MAN Truck uses PTC’s ThingWorx platform for building digital twins
                    5.6.2.2 Allego uses Microsoft’s Azure digital twin platform for e-charging solutions
           5.6.3 HOME & COMMERCIAL
                    5.6.3.1 Dassault Systems along with the Government of Singapore is building a digital twin of the complete country—Virtual Singapore
                    5.6.3.2 CBRE uses Microsoft’s Azure digital twin platform for CBRE 360 employee
           5.6.4 HEALTHCARE
                    5.6.4.1 John Hopkins Hospital uses GE’s digital twin platform for building a digital twin of patient pathways
                    5.6.4.2 Siemens Healthineers developed a digital twin of the heart
           5.6.5 ENERGY & UTILITIES
                    5.6.5.1 GE built a digital twin of the wind turbine
                    5.6.5.2 GE’s digital twin of a complete power plant
           5.6.6 OIL & GAS
                    5.6.6.1 ANSYS, PTC, Flowserve, National Instruments, and HPE built and demonstrated digital twin of a pump
                    5.6.6.2 Shell together with Swiss Engineering modeling and simulation technology company built digital twin of a test rig—digital rig
           5.6.7 AGRICULTURAL
                    5.6.7.1 Digital twin used in livestock farming
           5.6.8 OTHERS
                    5.6.8.1 Siemens PLM software and Bridg together built a digital twin for the semiconductor manufacturing process
                    5.6.8.2 ABB built a digital twin of an electromagnetic flowmeter to be used in water & wastewater transport & treatment

6 DIGITAL TWIN MARKET, BY TECHNOLOGY (Page No. - 56)
    6.1 INTRODUCTION
        FIGURE 23 DIGITAL TWIN MARKET, BY TECHNOLOGY
    6.2 IOT & IIOT
    6.3 BLOCKCHAIN
    6.4 ARTIFICIAL INTELLIGENCE & MACHINE LEARNING
    6.5 AUGMENTED REALITY, VIRTUAL REALITY, & MIXED REALITY
    6.6 BIG DATA ANALYTICS
    6.7 5G

7 DIGITAL TWIN MARKET, BY USAGE TYPE (Page No. - 61)
    7.1 INTRODUCTION
        FIGURE 24 MARKET, BY USAGE TYPE
        FIGURE 25 MARKET, BY USAGE TYPE (2016–2026)
        TABLE 2 MARKET, BY USAGE TYPE, 2016–2019 (USD BILLION)
        TABLE 3 MARKET, BY USAGE TYPE, 2020–2026 (USD BILLION)
    7.2 PRODUCT DIGITAL TWIN
           7.2.1 PRODUCT DIGITAL TWIN SEGMENT TO WITNESS SIGNIFICANT GROWTH DURING FORECAST PERIOD
                 TABLE 4 MARKET FOR PRODUCT USAGE TYPE, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 5 MARKET FOR PRODUCT USAGE TYPE, BY INDUSTRY, 2020–2026 (USD MILLION)
    7.3 PROCESS DIGITAL TWIN
           7.3.1 PROCESS DIGITAL TWIN PLAYS A MAJOR ROLE IN MARKET
                 TABLE 6 MARKET FOR PROCESS USAGE TYPE, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 7 MARKET FOR PROCESS USAGE TYPE, BY INDUSTRY, 2020–2026 (USD MILLION)
    7.4 SYSTEM DIGITAL TWIN
           7.4.1 SYSTEM DIGITAL TWIN SEGMENT TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD
                 TABLE 8 MARKET FOR SYSTEM USAGE TYPE, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 9 MARKET FOR SYSTEM USAGE TYPE, BY INDUSTRY, 2020–2026 (USD MILLION)

8 DIGITAL TWIN MARKET, BY APPLICATION (Page No. - 68)
    8.1 INTRODUCTION
        FIGURE 26 MARKET, BY APPLICATION
        FIGURE 27 MARKET, BY APPLICATION (2016–2026)
        TABLE 10 MARKET, BY APPLICATION, 2016–2019 (USD BILLION)
        TABLE 11 MARKET, BY APPLICATION, 2020–2026 (USD BILLION)
    8.2 PRODUCT DESIGN & DEVELOPMENT
           8.2.1 PRODUCT DESIGN & DEVELOPMENT SEGMENT TO REGISTER STEADY GROWTH IN MARKET
                 TABLE 12 MARKET FOR PRODUCT DESIGN & DEVELOPMENT, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 13 MARKET FOR PRODUCT DESIGN & DEVELOPMENT, BY INDUSTRY, 2020–2026 (USD MILLION)
    8.3 PERFORMANCE MONITORING
           8.3.1 PERFORMANCE MANAGEMENT PLAYS A VITAL ROLE IN THE MARKET
                 TABLE 14 MARKET, FOR PERFORMANCE MONITORING, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 15 MARKET FOR PERFORMANCE MONITORING, BY INDUSTRY, 2020–2026 (USD MILLION)
    8.4 PREDICTIVE MAINTENANCE
           8.4.1 PREDICTIVE MAINTENANCE SEGMENT TO WITNESS HEALTHY GROWTH IN THE MARKET
                 TABLE 16 MARKET FOR PREDICTIVE MAINTENANCE, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 17 MARKET FOR PREDICTIVE MAINTENANCE, BY INDUSTRY, 2020–2026 (USD MILLION)
    8.5 INVENTORY MANAGEMENT
           8.5.1 INVENTORY MANAGEMENT WILL PLAY A MAJOR ROLE IN TRANSPORTATION & LOGISTICS INDUSTRY FOR DIGITAL TWIN SOLUTIONS
                 TABLE 18 MARKET FOR INVENTORY MANAGEMENT, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 19 MARKET FOR INVENTORY MANAGEMENT, BY INDUSTRY, 2020–2026 (USD MILLION)
    8.6 BUSINESS OPTIMIZATION
           8.6.1 BUSINESS OPTIMIZATION SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
                 TABLE 20 MARKET FOR BUSINESS OPTIMIZATION, BY INDUSTRY, 2016–2019 (USD MILLION)
                 TABLE 21 MARKET FOR BUSINESS OPTIMIZATION, BY INDUSTRY, 2020–2026 (USD MILLION)
    8.7 OTHERS
        TABLE 22 MARKET FOR OTHERS, BY INDUSTRY 2016–2019 (USD MILLION)
        TABLE 23 MARKET FOR OTHERS, BY INDUSTRY 2020–2026 (USD MILLION)

9 DIGITAL TWIN MARKET, BY INDUSTRY (Page No. - 79)
    9.1 INTRODUCTION
        FIGURE 28 DIGITAL TWIN MARKET, BY INDUSTRY
        TABLE 24 MARKET, BY INDUSTRY, 2016–2019 (USD BILLION)
        TABLE 25 MARKET, BY INDUSTRY, 2020–2026 (USD BILLION)
        FIGURE 29 AUTOMOTIVE & TRANSPORTATION TO DOMINATE MARKET DURING FORECAST PERIOD
    9.2 AEROSPACE & DEFENCE
           9.2.1 AEROSPACE & DEFENSE SEGMENT TO WITNESS SIGNIFICANT GROWTH IN DIGITAL TWIN MARKET
                 TABLE 26 MARKET FOR AEROSPACE & DEFENCE, BY TYPE, 2016–2026 (USD MILLION)
                 TABLE 27 MARKET FOR AEROSPACE & DEFENCE, BY TYPE, 2020–2026 (USD MILLION)
                 TABLE 28 MARKET FOR AEROSPACE & DEFENCE, BY APPLICATION, 2016–2026 (USD MILLION)
                 TABLE 29 MARKET FOR AEROSPACE & DEFENCE, BY APPLICATION, 2020–2026 (USD MILLION)
                 TABLE 30 MARKET FOR AEROSPACE & DEFENCE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE 31 MARKET FOR AEROSPACE & DEFENCE, BY REGION, 2020–2026 (USD MILLION)
    9.3 AUTOMOTIVE & TRANSPORTATION
           9.3.1 AUTOMOTIVE & TRANSPORTATION TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD
                 TABLE 32 MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY TYPE, 2016–2026 (USD MILLION)
                 TABLE 33 MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY TYPE, 2020–2026 (USD MILLION)
                 TABLE 34 MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY APPLICATION, 2016–2026 (USD MILLION)
                 TABLE 35 MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY APPLICATION, 2020–2026 (USD MILLION)
                 TABLE 36 MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY REGION, 2016–2019 (USD MILLION)
                 TABLE 37 MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY REGION, 2020–2026 (USD MILLION)
    9.4 HOME & COMMERCIAL
           9.4.1 HOME AND COMMERCIAL SEGMENT TO WITNESS STABLE GROWTH IN POST-COVID-19 PERIOD
                  TABLE 38 MARKET FOR HOME & COMMERCIAL, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 39 MARKET FOR HOME & COMMERCIAL, BY TYPE, 2020–2026 (USD MILLION)
                  TABLE 40 MARKET FOR HOME & COMMERCIAL, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 41 MARKET FOR HOME & COMMERCIAL, BY APPLICATION, 2020–2026 (USD MILLION)
                  TABLE 42 MARKET FOR HOME & COMMERCIAL, BY REGION, 2016–2019 (USD MILLION)
                  TABLE 43 MARKET FOR HOME & COMMERCIAL, BY REGION, 2020–2026 (USD MILLION)
    9.5 HEALTHCARE
           9.5.1 HEALTHCARE IS LEAST AFFECTED SEGMENT DURING COVID-19 CRISIS
                  TABLE 44 MARKET FOR HEALTHCARE, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 45 MARKET FOR HEALTHCARE, BY TYPE, 2020–2026 (USD MILLION)
                  TABLE 46 MARKET FOR HEALTHCARE, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 47 MARKET FOR HEALTHCARE, BY APPLICATION, 2020–2026 (USD MILLION)
                  TABLE 48 MARKET FOR HEALTHCARE, BY REGION, 2016–2019 (USD MILLION)
                  TABLE 49 MARKET FOR HEALTHCARE, BY REGION, 2020–2026 (USD MILLION)
    9.6 ENERGY & UTILITIES
           9.6.1 INCREASING DIGITIZATION IN THE ENERGY & UTILITIES SEGMENT
                  TABLE 50 MARKET FOR ENERGY & UTILITIES, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 51 MARKET FOR ENERGY & UTILITIES, BY TYPE, 2020–2026 (USD MILLION)
                  TABLE 52 MARKET FOR ENERGY & UTILITIES, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 53 MARKET FOR ENERGY & UTILITIES, BY APPLICATION, 2020–2026 (USD MILLION)
                  TABLE 54 MARKET FOR ENERGY & UTILITIES, BY REGION, 2016–2019 (USD MILLION)
                  TABLE 55 MARKET FOR ENERGY & UTILITIES, BY REGION, 2020–2026 (USD MILLION)
    9.7 OIL & GAS
           9.7.1 SYSTEM DIGITAL TWIN SEGMENT TO HOLD MAXIMUM SHARE OF THE OIL & GAS MARKET
                  TABLE 56 MARKET FOR OIL & GAS, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 57 MARKET FOR OIL & GAS, BY TYPE, 2020–2026 (USD MILLION)
                  TABLE 58 MARKET FOR OIL & GAS, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 59 MARKET FOR OIL & GAS, BY APPLICATION, 2020–2026 (USD MILLION)
                  TABLE 60 MARKET FOR OIL & GAS, BY REGION, 2016–2019 (USD MILLION)
                  TABLE 61 MARKET FOR OIL & GAS, BY REGION, 2020–2026 (USD MILLION)
    9.8 AGRICULTURE
           9.8.1 AGRICULTURE SEGMENT TO WITNESS SIGNIFICANT GROWTH, ESPECIALLY IN APAC, DURING FORECAST PERIOD
                  TABLE 62 MARKET FOR AGRICULTURE, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 63 MARKET FOR AGRICULTURE, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 64 MARKET FOR AGRICULTURE, BY REGION, 2020–2026 (USD MILLION)
    9.9 TELECOMMUNICATION
           9.9.1 TELECOMMUNICATION SEGMENT TO PLAY AN IMPORTANT ROLE IN GROWTH OF MARKET POST 5G COMMERCIALIZATION
                  TABLE 65 MARKET FOR TELECOMMUNICATION, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 66 MARKET FOR TELECOMMUNICATION, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 67 MARKET FOR TELECOMMUNICATION, BY REGION, 2020–2026 (USD MILLION)
    9.10 RETAIL
           9.10.1 INVENTORY MANAGEMENT SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MARKET FOR RETAIL INDUSTRY
                  TABLE 68 MARKET FOR RETAILS, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 69 MARKET FOR RETAILS, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 70 MARKET FOR RETAILS, BY REGION, 2020–2026 (USD MILLION)
    9.11 OTHERS
           9.11.1 APAC TO BE FASTEST-GROWING REGIONAL MARKET FOR DIGITAL TWIN MARKET FOR OTHER INDUSTRIES
                  TABLE 71 MARKET FOR OTHERS, BY TYPE, 2016–2026 (USD MILLION)
                  TABLE 72 MARKET FOR OTHERS, BY TYPE, 2020–2026 (USD MILLION)
                  TABLE 73 MARKET FOR OTHERS, BY APPLICATION, 2016–2026 (USD MILLION)
                  TABLE 74 MARKET FOR OTHERS, BY APPLICATION, 2020–2026 (USD MILLION)
                  TABLE 75 MARKET FOR OTHERS, BY REGION, 2016–2019 (USD MILLION)
                  TABLE 76 MARKET FOR OTHERS, BY REGION, 2020–2026 (USD MILLION)

10 DIGITAL TWIN MARKET, BY GEOGRAPHY (Page No. - 105)
     10.1 INTRODUCTION
          FIGURE 30 MARKET: GEOGRAPHIC SNAPSHOT
          TABLE 77 MARKET, BY REGION, 2016–2019 (USD BILLION)
          TABLE 78 MARKET, BY REGION, 2020–2026 (USD BILLION)
     10.2 NORTH AMERICA
          FIGURE 31 NORTH AMERICA: SNAPSHOT OF DIGITAL TWIN
          TABLE 79 MARKET IN NORTH AMERICA, BY COUNTRY, 2016–2019 (USD MILLION)
          TABLE 80 MARKET IN NORTH AMERICA, BY COUNTRY, 2020–2026 (USD MILLION)
          TABLE 81 MARKET IN NORTH AMERICA, BY INDUSTRY, 2016–2019 (USD MILLION)
          TABLE 82 MARKET IN NORTH AMERICA, BY INDUSTRY, 2020–2026 (USD MILLION)
             10.2.1 US
                        10.2.1.1 US holds largest share of market in North America
             10.2.2 CANADA
                        10.2.2.1 Emerging digital technologies to drive growth of market in Canada
             10.2.3 MEXICO
                        10.2.3.1 Increasing adoption of digitization in the home & commercial segments in Mexico
     10.3 EUROPE
          FIGURE 32 EUROPE: SNAPSHOT OF DIGITAL TWIN MARKET
          TABLE 83 MARKET IN EUROPE, BY COUNTRY, 2016–2019 (USD MILLION)
          TABLE 84 MARKET IN EUROPE, BY COUNTRY, 2020–2026 (USD MILLION)
          TABLE 85 MARKET IN EUROPE, BY INDUSTRY, 2016–2019 (USD MILLION)
          TABLE 86 MARKET IN EUROPE, BY INDUSTRY, 2020–2026 (USD MILLION)
             10.3.1 GERMANY
                        10.3.1.1 Industry 4.0 initiative to drive market in Germany
             10.3.2 UK
                        10.3.2.1 Digital twin market in the UK to witness healthy growth during forecast period
             10.3.3 FRANCE
                        10.3.3.1 IoT & cloud to play vital role in growth of  market in France
             10.3.4 REST OF EUROPE
     10.4 APAC
          FIGURE 33 APAC: SNAPSHOT OF DIGITAL TWIN MARKET
          TABLE 87 MARKET IN APAC, BY COUNTRY, 2016–2019 (USD MILLION)
          TABLE 88 MARKET IN APAC, BY COUNTRY, 2020–2026 (USD MILLION)
          TABLE 89 MARKET IN APAC, BY INDUSTRY, 2016–2019 (USD MILLION)
          TABLE 90 MARKET IN APAC, BY INDUSTRY, 2020–2026 (USD MILLION)
             10.4.1 CHINA
                        10.4.1.1 China to hold largest share of market during forecast period
             10.4.2 JAPAN
                        10.4.2.1 Growing adoption of IoT to drive market in Japan
             10.4.3 INDIA
                        10.4.3.1 Government initiatives pertaining to digitalization to spur growth of market in India
             10.4.4 SOUTH KOREA
                        10.4.4.1 South Korea to record high growth rate during forecast period
             10.4.5 REST OF APAC
     10.5 ROW
          FIGURE 34 ROW: SNAPSHOT OF DIGITAL TWIN MARKET
          TABLE 91 MARKET IN ROW, BY COUNTRY, 2016–2019 (USD MILLION)
          TABLE 92 MARKET IN ROW, BY COUNTRY, 2020–2026 (USD MILLION)
          TABLE 93 MARKET IN ROW, BY INDUSTRY, 2016–2019 (USD MILLION)
          TABLE 94 MARKET IN ROW, BY INDUSTRY, 2020–2026 (USD MILLION)
             10.5.1 MIDDLE EAST
                        10.5.1.1 Growth of oil & gas industry to drive market in the Middle East
             10.5.2 SOUTH AMERICA
                        10.5.2.1 Brazil and Argentina are major contributors to growth of market in South America
             10.5.3 AFRICA
                        10.5.3.1 African telecommunication industry to see significant growth for market

11 COMPETITIVE LANDSCAPE (Page No. - 124)
     11.1 OVERVIEW
          FIGURE 35 COMPANIES IN DIGITAL TWIN MARKET ADOPTED PRODUCT DEVELOPMENT/LAUNCHES AS KEY GROWTH STRATEGY FROM 2016 TO 2020
     11.2 MARKET PLAYER SHARE ANALYSIS
          TABLE 95 RANKING OF TOP 5 PLAYERS IN INDUSTRIAL VALVE MARKET, 2019
     11.3 COMPETITIVE SCENARIO
             11.3.1 PRODUCT DEVELOPMENT/LAUNCHES
                    TABLE 96 TOP 5 KEY PRODUCT DEVELOPMENT/LAUNCHES
             11.3.2 TOP 5 PARTNERSHIPS, MERGERS, AND ACQUISITIONS
                    TABLE 97 KEY MERGERS AND ACQUISITIONS
     11.4 COMPANY EVALUATION MATRIX
             11.4.1 STAR
             11.4.2 PERVASIVE
             11.4.3 EMERGING LEADERS
             11.4.4 PARTICIPANT
                    FIGURE 36 MARKET (GLOBAL) COMPANY EVALUATION MATRIX, 2019
     11.5 STRENGTH OF PRODUCT PORTFOLIO (FOR ALL 25 PLAYERS)
          FIGURE 37 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN MARKET
     11.6 BUSINESS STRATEGY EXCELLENCE (FOR ALL 25 PLAYERS)
          FIGURE 38 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN DIGITAL TWIN MARKET

12 COMPANY PROFILES (Page No. - 133)
     12.1 INTRODUCTION
     12.2 KEY PLAYERS
(Business Overview, Products/Solutions Offered, Recent Developments, SWOT Analysis, and MnM View)*
             12.2.1 GENERAL ELECTRIC
                    FIGURE 39 GENERAL ELECTRIC: COMPANY SNAPSHOT
             12.2.2 IBM
                    FIGURE 40 IBM: COMPANY SNAPSHOT
             12.2.3 PTC
                    FIGURE 41 PTC: COMPANY SNAPSHOT
             12.2.4 MICROSOFT CORPORATION
                    FIGURE 42 MICROSOFT CORPORATION: COMPANY SNAPSHOT
             12.2.5 SIEMENS AG
                    FIGURE 43 SIEMENS AG: COMPANY SNAPSHOT
             12.2.6 ANSYS
                    FIGURE 44 ANSYS: COMPANY SNAPSHOT
             12.2.7 SAP
                    FIGURE 45 SAP: COMPANY SNAPSHOT
             12.2.8 ORACLE
                    FIGURE 46 ORACLE: COMPANY SNAPSHOT
             12.2.9 ROBERT BOSCH
                    FIGURE 47 ROBERT BOSCH: COMPANY SNAPSHOT
             12.2.10 SWIM AI
* Business Overview, Products/Solutions Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
     12.3 RIGHT TO WIN
     12.4 KEY STARTUPS
             12.4.1 VISUALIZ
             12.4.2 PRATITI TECHNOLOGIES
             12.4.3 QIO TECHNOLOGIES
             12.4.4 PETRA DATA SCIENCE
             12.4.5 DATUMIX
     12.5 OTHER IMPORTANT KEY PLAYERS
             12.5.1 ABB
             12.5.2 DASSAULT SYSTEM
             12.5.3 HONEY WELL
             12.5.4 SCHNEIDER
             12.5.5 EMERSON

13 APPENDIX (Page No. - 171)
     13.1 INSIGHTS OF INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.4 AVAILABLE CUSTOMIZATIONS
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS

The study has involved four major activities in estimating the size of the digital twin market. Exhaustive secondary research has been done to collect information on the market, the peer market, and the parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods have been used to estimate the market for segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva have been referred to identify and collect information for this study. These secondary sources included annual reports, press releases and investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard and silver-standard websites, regulatory bodies, trade directories, and databases.

Primary Research

Extensive primary research has been conducted after understanding and analyzing the digital twin market through secondary research. Several primary interviews have been conducted with key opinion leaders from both the demand-side and supply-side vendors across four major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Various primary sources from both the supply and demand sides of the market have been interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is as follows

Digital Twin Market Size, and Share

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

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the digital twin market. These methods have also been used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size is as follows:

  • Key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • Revenue of various digital twin manufacturers is considered to arrive at global numbers.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size from the estimation process explained earlier, the global market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the digital twin market has been validated using both the top-down and bottom-up approaches.

Report Objectives

  • To describe and forecast the digital twin market, in terms of technology, usage type, application, industry, and geography
  • To describe and forecast the digital twin market, in terms of value, by region—North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW)
  • To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
  • To study complete value chain of digital twin and analyze current and future market trends
  • To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the digital twin ecosystem
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing competitive landscape for market leaders
  • To benchmark players in the market using the proprietary competitive leadership mapping, which analyzes market players on various parameters within broad categories of business and product strategies
  • To analyze strategic approaches such as product launches, acquisitions, collaborations, contracts, agreements, expansion, and partnerships in the digital twin market

Available Customizations:

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

Company Information:

  • Detailed analysis and profiling of additional market players based on various blocks of the value chain.
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