Digital Twin Market

Digital Twin Market by Technology, Type (Product, Process, and System), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas), and Geography - Global Forecast to 2025

Report Code: SE 5540 Nov, 2019, by marketsandmarkets.com
Updated date -

The digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8%. Factors driving the demand for digital twin include the growing adoption of emerging technologies such as IoT and cloud for the implementation of digital twins and promising prospect of digital twins in industries such as healthcare, aerospace & defense, and automotive & transportation.

Digital Twin Market

“Digital Twin Market in Automotive & Transportation to account for largest size of market from 2019 to 2025”

Digital twin market in automotive & transportation is expected to be the key end-user industry for this market. This industry is growing rapidly due to the increasing usage of digital twins for designing, simulation, maintenance, repair, and overhaul, production, and after service. Moreover, the automotive & transportation industry is the early adopter of technologies, and there is a rising demand for connected devices in this sector owing to the advancements such as connected cars & autonomous cars, which, in turn, boosts the growth of the digital twin market

“System digital twin to boost demand for digital twin market during forecast period”

Digital twin market for system digital twin is expected to hold the largest share of the market during the forecast period.  This growth is attributed to the increasing demand for system digital twin type from several industries as a system digital twin is a collection of assets/products and processes that together perform as a system- or network-wide function, such as an oil & gas refinery/plant, a production line in a factory, an assembly line, a traffic network, a wind farm, a hospital, and a country. A system twin provides visibility into a set of interdependent equipment.

"Digital Twin Market in North America to hold largest share of market from 2019 to 2025”

Digital twin market in North America held the largest share of the overall market in 2018, and APAC is likely to exhibit the highest CAGR during the forecast period. Major factors driving the growth of the market in North America is due to the strong economic infrastructure and significant presence of digital twin vendors in the region. Moreover, increasing R&D activities in the field of IoT and IIoT, and growing demand for efficient and cost-effective technologies for product manufacturing are the factors driving the market in this region.

Digital Twin Market

Market Dynamics

Driver: Declining time and cost of product development and unplanned downtime with adoption of digital twin

Elimination of unplanned downtime and reduction of maintenance cost are the major factors considered by companies of various industries to improve productivity and efficiency. According to the Vanson Bourne study conducted in 2017, about 82% of companies have experienced at least one unplanned downtime outage in a span of 3 years. Moreover, as per the independent research (conducted in 2017) of Aberdeen University, unplanned downtime costs about USD 250,000/h to the companies. Such downtimes in companies affect production process, productivity, efficiency, and customer service.

Reduction in downtime can be achieved with the implementation of a digital twin. The deployment of a digital twin helps companies gather data and use it for driving specific business outcomes. The data fetched is analyzed with respect to various parameters, and both preventive and predictive measures are proactively taken up to avoid any harm to a product, process, and system, which would, in turn, help reduce downtime and consequently increase the overall efficiency.

A digital twin is a digital replica of an asset, component, product, process, or a complete system/unit. Digital twins provide visibility with regard to the functioning of a remotely located component, process, or system. It is used along the entire value chain of an asset/product manufacturing process.

The impact of downtime in automotive can lead to huge financial loses. For instance, in CNH Industrial (a company involved in designing and manufacturing a wide range of agricultural, industrial, and commercial vehicles and powertrains), a minute of downtime can cost more than USD 160,000. Thus, the deployment of digital twin by identifying the most critical areas helped CNH Industrial reduce downtime.

Furthermore, in aerospace, unscheduled maintenance events for aircraft cause stress and inconvenience to passengers. According to the Future of Work report published by GE (US), such events are estimated to cost USD 8 billion to the global airline industry. The adoption of digital twin helps predict the downtime, which can mitigate airline costs and the inconvenience caused by travel delays in the aerospace industry.

By implementing digital twins, engineers can optimize product performance by modifying the physical prototype, in which changes are made as per the requirement during the design phase. Therefore, creating a digital prototype with a digital twin to run simulations help in analyzing the process and taking corrective measures at any instance in lesser time and minimal costs. Thus, the deployment of digital twins has the potential to save production cost and time.

Restraint: Risks associated with data security due to the use of IoT and cloud platforms

There is increasing use of digital technologies, such as the cloud, Big Data, IoT, IIoT, and artificial intelligence, in various facets of business. Digital twin involves the integration of various IoT sensors and digital technologies for virtualizing a physical twin. Growing connectivity trend leads to a greater challenge on the level of security, compliance, and data protection, as well as regulations.

Increasing occurrences of viruses and cyberattacks lead to security concerns. Important information can be under threat by malicious viruses, causing a major loss to industries. The failure of IoT infrastructure providers and cloud platform providers to implement proper security measures may lead to the disruption of an entire flow of information. Industries adopting digital twins with such platforms are prone to malware that is targeted at industrial systems due to increasing dependence on web-based data interchange and off-the-shelf IT solutions.

Increasing data leads to security risks; thus, a digital twin helps in gathering information from many aspects of a business into one place. A digital twin is likely to contain data related to companies’ IP, sensitive data, and access to the physical assets that are critical to any organization. The vast influx of data is valuable to the company as well as to potential digital predators. Business planning needs to include data security, data integrity, and privacy, as well as compliance considerations. Therefore, it is essential to ensure that stringent security practices are adopted while deploying a digital twin for a product, process, or system.

With the rise in cyberattacks on critical infrastructure over the past decade, cybersecurity has become a major concern among the users and vendors of industrial automation. Therefore, increasing threat pertaining to the security of the data, which is connected to the cloud, is a major restraint for the growth of the digital twin market. To overcome the hindrance of cyberattacks or data security, solution and service providers can add an extra level of security by implementing authentication tools that are periodically checked for authorized credentials and keys. This increases the level of security, and data breach can be avoided to a large extent.

Opportunity: Promising growth of digital twin technology in industries such as healthcare, aerospace, and automotive

Technological innovations are contributing to the growth of various industries. Digital twins have advantages in terms of technology, data and analytics, and innovation, which help these industries to grow. Currently, many companies have been transforming data collection and analytics, organization, and IT infrastructure to increase their performance agility. Principle and framework of a digital twin contribute to creating digital projects for organizations. A digital twin can drive other digital initiatives taken by organizations.

For instance, in 2015, the National Center for Advanced Manufacturing of NASA implemented a digital twin to create, test, and build its equipment in a virtual environment. This helped the institute provide the gathered information for inspecting the physical built of an equipment.

Moreover, in 2018, CNH Industries (a company involved in designing and manufacturing of wide range of agricultural, industrial, and commercial vehicles & powertrains) and Fair Dynamics built a digital twin of the manufacturing line, Iveco van chassis welding of CNH Industries, which focused on 3 major purposes—scheduled maintenance, condition-based maintenance, and predictive maintenance.

Many IoT vendors are collaborating with digital technology providers for efficient development of products and solutions across sectors such as automotive, healthcare, and aerospace. For instance, in 2016, Computer Science Corporation (CSC) (US) partnered with Microsoft Corporation (US) to build machine learning solutions at an industrial scale. The company used the Microsoft Cortana Intelligence Suite to run the digital twin that continuously simulates new methods of developing hybrid cars.

Additionally, Dassault Systemes (France) developed “Build to Operate,” a product for manufacturing operations management solution, specifically for aerospace & defense. The solution can monitor, control, and validate all aspects of manufacturing operations, ranging from replicable processes and production sequences to the flow of deliverables throughout their supply chain. Airbus SAS (France), a helicopter manufacturer, deployed this system for its current and future helicopter manufacturing projects.

Challenge: Lack of awareness regarding cost benefits of digital twin adoption

Several companies are unaware of the advantages of adopting digital twins in their production processes. As it is a new technology, the companies are unclear about the economic benefits, investments involved, and cost benefits. Determining the potential of a digital twin is considered to be complex and diverse, which further complicates the adoption of this technology.

Digital Twin Market

Report Scope

Report Metric

Details

Report Name

Digital Twin Market

Base Year Considered

2018

Forecast Period

2019–2025 

Forecast Units

USD Billion, USD Million

Segments Covered

Techology, Type, Industry, Region

Regions Covered

APAC, North America, Europe, and RoW

Companies Covered

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), and among others.
A total of 20 major players have been covered.

Digital Twin Market Segmentation:

This research report categorizes the overall digital twin market on the basis of technology, type, industry, and geography.

Digital Twin Market By Technology:

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

Digital Twin Market By Type:

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

Digital Twin Market By Industry:

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

Digital Twin Market By Geography:

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

Key Market Players

Key players in the market include 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).

General Electric has its headquarters in the US. The business model of GE focuses on the development of the Industrial Internet of Things (IIoT) ecosystem. The company started developing industrial software solutions based on Big Data under its Intelligent Platforms division. The company is one of the founding members of the Industrial Internet Consortium. The company started its new business segment, GE Digital, in December 2018 to offer Predix, a digital software solution, for various industries. With the help of this solution, GE offers its solutions in the digital twins market space. The company strengthened its competitive position through investments in technology, globalization, partnerships, and agreements. The company has been investing in disruptive innovation, which is likely to improve its industrial productivity in the future. For instance, GE and Noble Corporation plc signed a partnership agreement, and through their partnership, they launched the digital drilling vessel, Digital RigSM. This solution helps achieve 20% operational expenditure reduction across the targeted equipment and improve drilling efficiency.

Recent Developments

  • In February 2019, ANSYS launched ANSYS Twin Builder, which empowers organizations to optimize product operations and accelerate product development.
  • In March 2019, Siemens signed an acquisition agreement with a Saab Medav Technologies GmbH (Germany) for noise, vibration, and harshness (NVH) end-of-line quality testing business of Saab. This acquisition improved the quality testing for Siemens product digital twin.
  • In June 2018, ANSYS and SAP (Germany) partnered to build unique solutions for predictive maintenance of industrial assets, enabled by ANSYS Twin Builder.

Critical Questions the Report Answers:

  • What are the key drivers, restraints, opportunities, and challenges pertaining to the digital twin market?
  • Which industries are the leading adopters of digital twin solutions?
  • Who are the leading digital twin solution providers in the market?
  • Who are the leading software providers in the market?
  • What are the recent developments in the digital twin ecosystem related to mergers and acquisitions, and partnerships?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered
    1.4 Currency
    1.5 Market Stakeholders

2 Research Methodology
    2.1 Research Data
           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
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
    4.1 Attractive Growth Opportunities in Digital Twin Market
    4.2 Market, By Type
    4.3 Market, By Country and Industry
    4.4 Market, By Country (2019)

5 Market Overview
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Declining Time and Cost of Product Development and Unplanned Downtime With Adoption of Digital Twin
                    5.2.1.2 Increasing Adoption of Emerging Technologies Such as IoT  and Cloud
                    5.2.1.3 Growing use of Digital Twin for Predictive Maintenance
           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 Growth of Digital Twin Technology in Industries Such as Healthcare, Aerospace, and Automotive
                    5.2.3.2 Increasing Adoption of Industry 4.0 and Iiot
           5.2.4 Challenges
                    5.2.4.1 Lack of Awareness Regarding Cost Benefits of Digital Twin Adoption
                    5.2.4.2 Lack of Skilled Workforce and Technical Knowledge
    5.3 Value Chain Analysis
    5.4 Case Studies
           5.4.1 Aerospace & Defense
                    5.4.1.1 Nasa Uses Digital Twin for Its Space Station and Spacecraft
                    5.4.1.2 Lockheed Martin’s Digiverse – the Complete Digital Twin of “Everything”
           5.4.2 Automotive & Transportation
                    5.4.2.1 Man Truck Uses PTC’s Thingworx Platform for Building Digital Twin
                    5.4.2.2 Allego Uses Microsoft’s Azure Digital Twin Platform for E-Charging Solutions
           5.4.3 Home & Commercial
                    5.4.3.1 Dassault Systems Along With the Government of Singapore is Building a Digital Twin of the Complete Country – Virtual Singapore
                    5.4.3.2 CBRE Uses Microsoft’s Azure Digital Twin Platform for CBRE 360 Employee
           5.4.4 Healthcare
                    5.4.4.1 John Hopkins Hospital Uses Ge’s Digital Twin Platform for Building Digital Twin of Patient Pathways
                    5.4.4.2 Siemens Healthineers Develops Digital Twin of a Heart
           5.4.5 Energy & Utilities
                    5.4.5.1 GE Builds a Digital Twin of Wind Turbine
                    5.4.5.2 GE’s Digital Twin of a Power Plant
           5.4.6 Oil & Gas
                    5.4.6.1 Ansys, PTC, Flowserve, National Instruments, and HPE Built and Demonstrated Digital Twin of a Pump
                    5.4.6.2 Shel Together With Swiss Engineering Builds Digital Twin of a Test Rig—Digital Rig
           5.4.7 Others
                    5.4.7.1 Siemens PLM Software and Bridg Together Build Digital Twin for Semiconductor Manufacturing Process
                    5.4.7.2 ABB Built Digital Twin of Electromagnetic Flowmeter to be Used in Water & Wastewater Transport and Treatment

6 Technologies of Digital Twin
    6.1 Introduction
    6.2 IoT & IIoT 
    6.3 Blockchain
    6.4 Artificial Intelligence and Machine Learning
    6.5 Augmented Reality, Virtual Reality, and Mixed Reality
    6.6 Big Data Analytics
    6.7 5G

7 Digital Twin Market, By Type
    7.1 Introduction
    7.2 Product Digital Twin
           7.2.1 Product Digital Twin to Witness Significant Growth in the Market
    7.3 Process Digital Twin
           7.3.1 Process Digital Twin Plays Significant Role in Market
    7.4 System Digital Twin
           7.4.1 System Digital Twin to Dominate Market During Forecast Period

8 Digital Twin Market, By Industry
    8.1 Introduction
    8.2 Aerospace & Defense
           8.2.1 Aerospace & Defense to Witness Significant Growth in Market
    8.3 Automotive & Transportation
           8.3.1 Automotive & Transportation to Dominate Market During Forecast Period
    8.4 Home and Commercial
           8.4.1 North America to Dominate Market for Home and Commercial Industry During Forecast Period
    8.5 Healthcare
           8.5.1 Healthcare to be Fastest-Growing Industry for this Market
    8.6 Energy & Utilities
           8.6.1 Rising Digitization is Driving Energy & Utilities in Market Growth During Forecast Period
    8.7 Oil & Gas
           8.7.1 System Digital Twin to Digital Twins Market for Oil & Gas Industry
    8.8 Others
           8.8.1 APAC to be Fastest-Growing Region of Market for Other Industries

9 Digital Twin Market, By Geography
    9.1 Introduction
    9.2 North America
           9.2.1 US
                    9.2.1.1 US Holds Largest Share of Market in North America
           9.2.2 Canada
                    9.2.2.1 Emerging Digital Technologies Drive the Market in Canada
           9.2.3 Mexico
                    9.2.3.1 Increasing Adoption of Digitization for Home & Commercial Drives Market in Mexico
    9.3 Europe
           9.3.1 Germany
                    9.3.1.1 Industry 4.0 Initiative Drives the Market in Germany
           9.3.2 UK
                    9.3.2.1 Market in UK to Grow Significantly During Forecast Period
           9.3.3 France
                    9.3.3.1 IoT & Cloud Plays Vital Role in Driving Market in France
           9.3.4 Rest of Europe
    9.4 APAC
           9.4.1 China
                    9.4.1.1 China to Hold Largest Share of Market During Forecast Period
           9.4.2 Japan
                    9.4.2.1 Growing Adoption of IoT Drives Market in Japan
           9.4.3 India
                    9.4.3.1 Government Initiatives Spur Growth of Market in India
           9.4.4 Rest of APAC
    9.5 RoW
           9.5.1 Middle East
                    9.5.1.1 Growth in Oil & Gas Will Drive Market in Middle East
           9.5.2 South America
                    9.5.2.1 Brazil and Argentina Contribute Significantly for Growth of Market in South America
           9.5.3 Africa

10 Competitive Landscape
     10.1 Overview
     10.2 Competitive Scenario
             10.2.1 Product Developments/Launches
             10.2.2 Partnerships, Mergers and Acquisitions
     10.3 Competitive Leadership Mapping
             10.3.1 Visionary Leaders
             10.3.2 Dynamic Differentiators
             10.3.3 Innovators
             10.3.4 Emerging Companies
     10.4 Strength of Product Portfolio  (For All 25 Players)
     10.5 Business Strategy Excellence (For All 25 Players)

11 Company Profiles
(Business Overview, Solutions Offered, Recent Developments, SWOT Analysis, MnM View)*
     11.1 Introduction
     11.2 Key Players
             11.2.1 General Electric
             11.2.2 IBM
             11.2.3 PTC
             11.2.4 Microsoft Corporation
             11.2.5 Siemens AG
             11.2.6 Ansys
             11.2.7 SAP
             11.2.8 Oracle
             11.2.9 Robert Bosch
             11.2.10 SWIM AI
     11.3 Innovators
             11.3.1 DNV GL
             11.3.2 Sight Machine
             11.3.3 Tibco Software Inc
             11.3.4 Aucotec AG
     11.4 Other Important Key Players
             11.4.1 Wipro Limited
             11.4.2 ABB
             11.4.3 Dassault System
             11.4.4 Honey Well
             11.4.5 Schneider
             11.4.6 Emerson

*Details on Business Overview, Solutions Offered, Recent Developments, SWOT Analysis, MnM View Might Not be Captured in Case of Unlisted Companies.

12 Appendix
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’  Subscription Portal
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details


List of Tables (69 Tables)

Table 1 Digital Twin Market, By Type, 2016-2025 (USD Billion)
Table 2 Digital Twin Market, By Industry, 2016-2025 (USD Million)
Table 3 Market for Aerospace & Defense, By Type, 2016-2025 (USD Million)
Table 4 Market for Aerospace & Defense, By Region, 2016-2025 (USD Million)
Table 5 Market for Aerospace & Defense in North America, By Country, 2016-2025 (USD Million)
Table 6 Market for Aerospace & Defense in Europe, By Country, 2016-2025 (USD Million)
Table 7 Market for Aerospace & Defense in APAC, By Country, 2016-2025 (USD Million)
Table 8 Market for Aerospace & Defense in RoW, By Country, 2016-2025 (USD Million)
Table 9 Market for Automotive & Transportation, By Type, 2016-2025 (USD Million)
Table 10 Market for Automotive & Transportation, By Region, 2016-2025 (USD Million)
Table 11 Market for Automotive & Transportation in North America, By Country, 2016-2025 (USD Million)
Table 12 Market for Automotive & Transportation in Europe, By Country, 2016-2025 (USD Million)
Table 13 Market for Automotive & Transportation in APAC, By Country, 2016-2025 (USD Million)
Table 14 Market for Automotive & Transportation in RoW, By Region, 2016-2025 (USD Million)
Table 15 Digital Twin Market for Home and Commercial, By Type, 2016-2025 (USD Million)
Table 16 Market for Home and Commercial, By Region, 2016-2025 (USD Million)
Table 17 Market for Home and Commercial in North America, By Country, 2016-2025 (USD Million)
Table 19 Market for Home and Commercial in APAC, By Country, 2016-2025 (USD Million)
Table 20 Market for Home and Commercial in RoW, By Country, 2016-2025 (USD Million)
Table 21 Market for Healthcare, By Type, 2016-2025 (USD Million)
Table 22 Market for Healthcare, By Region, 2016-2025 (USD Million)
Table 23 Market for Healthcare in North America, By Country, 2016-2025 (USD Million)
Table 24 Market for Healthcare in Europe, By Country, 2016-2025 (USD Million)
Table 25 Market for Healthcare in APAC, By Country, 2016-2025 (USD Million)
Table 26 Market for Healthcare in RoW, By Country, 2016-2025 (USD Million)
Table 27 Digital Twin Market for Energy & Utilities, By Type, 2016-2025 (USD Million)
Table 28 Market for Energy & Utilities, By Region, 2016-2025 (USD Million)
Table 29 Market for Energy & Utilities in North America, By Country, 2016-2025 (USD Million)
Table 30 Market for Energy & Utilities in Europe, By Country, 2016-2025 (USD Million)
Table 31 Market for Energy & Utilities in APAC, By Country, 2016-2025 (USD Million)
Table 32 Market for Energy & Utilities in RoW, By Country, 2016-2025 (USD Million)
Table 33 Market for Oil & Gas, By Type, 2016-2025 (USD Million)
Table 34 Market for Oil & Gas, By Region, 2016-2025 (USD Million)
Table 35 Market for Oil & Gas in North America, By Country, 2016-2025 (USD Million)
Table 36 Market for Oil & Gas in Europe, By Country, 2016-2025 (USD Million)
Table 37 Market for Oil & Gas in APAC, By Country, 2016-2025 (USD Million)
Table 38 Market for Oil & Gas in RoW, By Country, 2016-2025 (USD Million)
Table 39 Market for Others, By Type, 2016-2025 (USD Million)
Table 40 Digital Twin Market for Others, By Region, 2016-2025 (USD Million)
Table 41 Market for Others in North America, By Country, 2016-2025 (USD Million)
Table 42 Market for Others in Europe, By Country, 2016-2025 (USD Million)
Table 43 Market for Others in APAC, By Country, 2016-2025 (USD Million)
Table 44 Market for Others in RoW, By Country, 2016-2025 (USD Million)
Table 45 Digital Twin Market, By Region, 2016-2025 (USD Million)
Table 46 Market in North America, By Country, 2016-2025 (USD Million)
Table 47 Market in North America, By Industry, 2016-2025 (USD Million)
Table 48 Market in US, By Industry, 2016-2025 (USD Million)
Table 49 Market in Canada, By Industry, 2016-2025 (USD Million)
Table 50 Market in Mexico, By Industry, 2016-2025 (USD Million)
Table 51 Market in Europe, By Country, 2016-2025 (USD Million)
Table 52 Market in Europe, By Industry, 2016-2025 (USD Million)
Table 53 Market in UK, By Industry, 2016-2025 (USD Million)
Table 54 Market in Germany, By Industry, 2016-2025 (USD Million)
Table 55 Market in France, By Industry, 2016-2025 (USD Million)
Table 56 Market in Rest of Europe, By Industry, 2016-2025 (USD Million)
Table 57 Market in APAC, By Country, 2016-2025 (USD Million)
Table 58 Market in APAC, By Industry, 2016-2025 (USD Million)
Table 59 Market in China, By Industry, 2016-2025 (USD Million)
Table 60 Market in Japan, By Industry, 2016-2025 (USD Million)
Table 61 Market in India, By Industry, 2016-2025 (USD Million)
Table 62 Market in Rest of APAC, By Industry, 2016-2025 (USD Million)
Table 63 Market in RoW, By Region, 2016-2025 (USD Million)
Table 64 Market in RoW, By Industry, 2016-2025 (USD Million)
Table 65 Market in Middle East, By Industry, 2016-2025 (USD Million)
Table 66 Market in Africa, By Industry, 2016-2025 (USD Million)
Table 67 Digital Twin Market in South America, By Industry, 2016-2025 (USD Million)
Table 68 Key Product Development/Launch
Table 69 Key Merger and Acquisition
 
 
List of Figures (44 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 Assumptions for the Research Study
Figure 7 Digital Twins Market Size (2016–2025)
Figure 8 System Digital Twin to Dominate Digital Twins Market By 2025
Figure 9 Market, By Industry (2019 Vs. 2025): Automotive & Transportation to Hold Largest Market Size During Forecast Period
Figure 10 North America Held Largest Share of Digital Twins Market in 2018
Figure 11 Increasing Usage of Emerging Technologies Such as IoT & Cloud is Driving Market Growth
Figure 12 Market for System Digital Twins to Grow at Highest CAGR During Forecast Period
Figure 13 Automotive & Transportation to Hold Largest Share of Market By 2025
Figure 14 US Held Largest Share of Digital Twins Market in 2019
Figure 15 Market Dynamics of Digital Twin Market
Figure 16 Value Chain Analysis: Major Value is Added During Solution/Service/Software Providing Phase
Figure 17 Digital Twin Technologies
Figure 18 Digital Twins Market, By Type
Figure 19 System Digital Twin to Dominate Digital Twins Market By 2025
Figure 20 Digital Twin Market, By Industry
Figure 21 Automotive & Transportation to Dominate Market During Forecast Period
Figure 22 Process Digital Twin to Dominate Market for Aerospace & Defense During Forecast Period
Figure 23 System Digital Twin to Dominate Market for Automotive & Transportation During Forecast Period
Figure 24 System Digital Twin to Dominate Market for Home & Commercial During Forecast Period
Figure 25 System Digital Twin to be Fastest-Growing Type in Market for Healthcare During Forecast Period
Figure 26 System Digital Twin to Hold Largest Share of Market for Energy & Utilities During Forecast Period
Figure 27 System Digital Twin to Dominate Market for Oil & Gas During Forecast Period
Figure 28 System Digital Twin to Dominate Market for Other Industries During Forecast Period
Figure 29 Digital Twin Market: Geography Snapshot
Figure 30 North America to Hold Largest Share of Market During Forecast Period
Figure 31 North America: Snapshot of Digital Twin Market
Figure 32 Europe: Snapshot of Digital Twin Market
Figure 33 APAC: Snapshot of Digital Twin Market
Figure 34 Companies in this Market Adopted Product Developments/Launches as Key Growth Strategy From 2016 to 2018
Figure 35 Digital Twin Market (Global) Competitive Leadership Mapping, 2018
Figure 36 General Electric: Company Snapshot
Figure 37 IBM: Company Snapshot
Figure 38 PTC: Company Snapshot
Figure 39 Microsoft Corporation: Company Snapshot
Figure 40 Siemens AG: Company Snapshot
Figure 41 Ansys: Company Snapshot
Figure 42 SAP: Company Snapshot
Figure 43 Oracle: Company Snapshot
Figure 44 Robert Bosch: Company Snapshot

The study involved 4 major activities in estimating the current market size for digital twin market. Exhaustive secondary search has been done to collect information on the market, peer market, and parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research have been the next steps. The top-down and bottom-up approaches have been employed to estimate the complete market size. After that the market breakdown and triangulation procedures have been used to estimate the market size of subsegments.  

Secondary Research

In the secondary research process, to identify and collect information for this study, various secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet have been referred to. 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

The digital twin market comprises several stakeholders, such as sensor manufacturers, solution providers, software providers, system integrators, end-user industries, industrial associations, and regulatory bodies. The demand side of this market is characterized by the adoption of digital twin technology in industries such as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. 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 has been provided below.

Digital Twin Market

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 industry players have been identified through extensive secondary research.
  • The market size of industries, in terms of value, has been determined through primary and secondary research processes.
  • 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—using the market size estimation processes as explained above—the market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, 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 in the automotive & transportation, aerospace & defense, home & commercial, healthcare, energy & utilities, oil & gas, and other related industries.

Report Objectives

  • To describe and forecast the digital twin market, in terms of value, by type and industry
  • To describe and forecast the digital twin market, in terms of value, by region—North America, Asia Pacific (APAC), Europe, Rest of the World (RoW)
  • To forecast the digital twin market based on technology
  • To provide detailed information regarding major factors influencing 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 micromarkets 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 competencies, 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, expansions, and partnerships in the digital twin market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the companies’ 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
Report Code
SE 5540
Published ON
Nov, 2019
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