Digital Twin Market Size, Share, and Trends

Digital Twin Market Size, Share & Industry Trends Growth Analysis Report by Application (Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Industry (Automotive & Transportation, Healthcare, Energy & Utilities), Enterprise and Geography - Global Growth Driver and Industry Forecast to 2028

Report Code: SE 5540 Jul, 2023, by marketsandmarkets.com

Updated on : Oct 22, 2024

Digital Twin Market Size & Share

The global digital twin market Size is expected to reach USD 110.1 billion by 2028 from USD 10.1 Billion in 2023, growing at a CAGR of 61.3% during the forecast period from 2023 and 2028.  

Many companies have started implementing Digital Twin in their ecosystem. Recently, BMW and Renault have implemented digital twins in their manufacturing ecosystem, which helps create efficient manufacturing processes.The digital twin is not confined to a specific industry but is used to monitor and manufacture jets to manage smart cities. So, the scope and application of digital twins are vast.

As the technology improves and matures, it may find more applications in different industries i.e. beyond the manufacturing ecosystem. Improving the supply chain, reducing operational costs, increasing demand from the healthcare industry, and adopting predictive maintenance are some factors helping grow the digital twins market. Complexity in terms of data collection and issues related to cyber threats are factors that are hampering the growth of the digital twin industry.

Digital Twin Market

Digital Twins Market Forecast to 2028

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Digital Twin Market Trends

Driver: Growing focus on predictive maintenance

Digital twins for predictive maintenance are employed widely across several industries. Predictive maintenance using digital twins means gathering live sensor data to understand how well a product, process, or system works. This information is then patterned against past records of how severely things have gone wrong. Users can learn from this to know when maintenance will be needed. Besides predicting what might break, this technology has a few other ways to ensure maintenance works better.

Moreover, digital twins allow the calculation of maintenance-related key performance indicators and forecast how machines perform under different conditions. Digital twins act like real-time models that show precisely how a product, process, or system is doing. They help us simulate and predict how things will work under different conditions, like how long they've been running, harsh conditions they've faced, or temperature changes.

Restraint: High investments associated with the implementation of digital twin technology

The global market for digital twin solutions is constrained in its growth by the significant investment needed. Setting up digital twins and related technologies like smart automation, connected control, computer-aided design (CAD), product lifecycle management (PLM), 3D CAD, manufacturing process management (MPM), model-based system engineering (MBSE), manufacturing operations management (MOM), enterprise resource planning (ERP), and augmented reality (AR), virtual reality (VR), and extended reality (XR) requires substantial investment. When organizations need additional infrastructure and supporting technology, the expenses for implementing a digital twin can increase significantly, making it costly. However, these higher costs can also motivate manufacturers to embrace the technology.

Opportunity: Rising trend of 3D modeling and scanning across industries

IIoT combines machines, human input, and advanced analytics in industrial processes, connecting devices through communication technology. This setup lets systems monitor, collect, exchange, and analyze data, offering insights that enhance decision-making. IIoT spans the entire lifecycle of systems or products, serving as a powerful tool for businesses to analyze performance indicators and identify areas for improvement or upgrades.

In the long run, the lessons and suggestions derived from digital twins are anticipated to generate significant opportunities for innovation and growth. Also, when digital twins are combined with monitoring how products perform in the field, businesses can always see how products are used compared to how they were designed. This approach gives immediate feedback to improve designs. It speeds up product development and lowers costs by reducing the time and money spent on making and testing real prototypes.

Virtual models of products or processes also help experts from different fields collaborate better during development. For instance, mechanical engineers, software developers, and designers can work together on the same digital twin. Using digital twins and IoT, teams can predict production issues and solve them before they affect manufacturing, making operations more efficient.

Challenge: Lack of skilled workforce and awareness regarding cost benefits offered by digital twins

Companies require implementation plans and significant investments to integrate digital twins into product management. Due to the innovation of the technology and the considerable changes it involves, end users are still determining the economic benefits, investment requirements, and future cost savings.

Understanding how much a digital twin can do is tricky, making it hard to use everywhere. Making a digital twin for things like equipment or processes needs a mix of technologies and skills and people who know how to use the newest equipment and software.

The digital revolution quickly changes the skills required in every part of business, from development to sales and marketing. Companies need new hires with advanced qualifications to handle data-driven processes and improve efficiency. This creates a gap between experienced employees and new hires. Industries face a dual challenge: adopting new technologies while finding skilled workers to use them. This dynamic environment presents both opportunities and challenges for businesses adapting to the digital age.

Industrial Digital Twin Market Shaping the Future of Manufacturing

The industrial digital twins market is rapidly expanding as manufacturers increasingly adopt digital replicas of physical assets to enhance operational efficiency, predictive maintenance, and real-time monitoring. By creating virtual models that simulate real-world systems, companies can optimize performance, reduce downtime, and make data-driven decisions to improve product quality and reduce costs.

The integration of IoT, AI, and machine learning technologies is further fueling the growth of the digital twin market, enabling more accurate simulations and deeper insights into system behavior. As industries like automotive, aerospace, and energy seek smarter solutions to stay competitive, the industrial digital twins market is set to revolutionize the manufacturing landscape, offering vast opportunities for innovation and growth in the coming years.

Digital Twin Market Ecosystem

This section describes the digital twin ecosystem and the deployment of digital twin solutions in different end-user industries, along with the impact of associated technologies on the digital twins market.

Digital Twin Market by Ecosystem

Digital Twin Market Segmentation

Digital Twin Market by Segmentation

Predictive Maintenance Segment to hold the largest share of the digital twin market during 2023–2028

The predictive maintenance application is expected to account for the largest share of the digital twinsmarket during the forecast period. Predictive maintenance offers substantial benefits in terms of cost savings, operational efficiency, and equipment uptime. Companies worldwide use digital twins for predictive maintenance; for instance, recently, rolls-royce, an automotive manufacturer, utilized digital twins to enhance engine efficiency, resulting in savings of 22 million tons of carbon emissions.

Additionally, digital twins help Rolls-Royce improve maintenance, reducing customer interruptions. Moreover, factory manufacturing users use real-time sensor data and past performance to check equipment health and predict problems. This proactive method helps them plan maintenance, cutting down on unexpected downtime and repair costs. Further, Advances in AI make predictive maintenance with digital twins more effective and accurate.

Automotive & transport industry to dominate the market during the forecast period

The automotive & transportation industry is expected to account for the largest share of the digital twin market during 2023-2028. The automotive & transport industry operates with a highly interconnected and complex supply chain involving several components, suppliers, and manufacturing processes. Digital twins offer a real-time and comprehensive view of the entire supply chain, enabling better analysis, monitoring, and optimization of operations. This capability increases efficiency, improves overall supply chain management, and reduces downtime.

Several Auto players have already adopted digital twin technology. BMW Group recently planned to use digital twin technology in its new iFactory production lines. These will aid in producing the upcoming 'Neue Klasse' electric vehicle series, planned for release in 2025, incorporating advanced digital assembly techniques. BMW plans to implement Digital Twins worldwide across its 31 production and assembly sites to boost efficiency and streamline production processes.

Moreover, digital twins offer significant benefits throughout the product lifecycle in the automotive and transportation sectors. From design and prototyping to maintenance, manufacturing, and end-of-life, digital twins provide valuable insights into maintenance requirements, product performance, and potential improvements. This approach allows manufacturers to optimize processes, enhance product quality, and deliver better customer experiences.

Digital Twin Market Regional Analysis

The Digital Twin market in North America is expected to maintain the highest share during 2023–2028

North America is expected to hold the largest share of the digital twins market throughout the forecast period. Technological developments in aerospace, manufacturing, and automotive sectors in countries such as the U.S., Mexico, and Canada augment production line effectiveness. North America is a major hub for technological innovations and an early adopter of new technologies.

The presence of major regional players also boosts the demand and awareness regarding the digital twin technology. The move to automated production and ongoing investments in research and development to spur innovation in industrial processes are key drivers of North America's prosperity.

In addition, the US government recently proposed a USD 285 million funding plan for studying "digital twin" chips in 2024. The funding aims to enhance semiconductor technology research further while increasing digital twin chips' performance and efficacy. They assist companies in realizing the full potential of digital twin technology and offer them a solid basis for their desire for it. The region's strong focus on the industrial and manufacturing sectors accounts for its leadership in the digital twins market.

Digital Twin Market by Region

Digital Twin Market Statistics by Region

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Top Digital Twin Companies - Key Market Players

The digital twin players have implemented various types of organic and inorganic growth strategies, such as product launches, product developments, partnerships, and collaborations, to strengthen their offerings in the market. The major players are:

  • General Electric (US),
  • Microsoft (US),
  • Siemens (Germany),
  • Amazon Web Services (US),
  • ANSYS (US),
  • Dassault Systèmes (France),
  • PTC (US), and
  • Robert Bosch (Germany).

The study includes an in-depth competitive analysis of these key players in the digital twins market with their company profiles, recent developments, and key market strategies.

Digital Twin Market Report Scope

Report Metric

Details

Estimated Market Size

USD 10.1 Billion in 2023

Projected Market Size

USD 110.1 billion by 2028

Growth Rate

CAGR of 61.3%

Market size available for years

2019—2028

Base year

2022

Forecast period

2023—2028

Units

Value (USD Million/Billion)

Segments Covered

Enterprise, Application, Industry, and Region

Geographic regions covered

North America, Europe, Asia Pacific, and Rest of the World

Companies covered

Key players in the digital twin market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), Robert Bosch (Germany)-a total of 25 companies.

Digital Twin Market Highlights

This report categorizes the Digital twins market based on enterprise, application, industry, and region.

Segment

Subsegment

By Enterprise:

  • Large Enterprises
  • Small & Medium Enterprises

By Application:

  • Product Design & Development
  • Predictive Maintenance
  • Business Optimization
  • Performance Monitoring
  • Inventory Management
  • Other Applications

By Industry:

  • Automotive & Transportation
  • Energy & Utilities
  • Infrastructure
  • Healthcare
  • Aerospace
  • Oil & Gas
  • Telecommunications
  • Agriculture
  • Retail
  • Other Industries

By Region:

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

Recent Developments in Digiral Twin Industry

  • 19th Oct 2023, The Sovereign Manufacturing Automation for Composites CRC (SoMAC), in collaboration with the University of NSW and Omni Tanker, is advancing composites manufacturing through the creation of a 'digital twin' of Omni Tanker's production plant. This digital twin operates alongside the physical plant, enabling virtual testing of various production methods for efficiency improvements before implementation in the real world. The digital twin facilitates process optimization, layout planning, and targeted automation investments, preparing Omni Tanker for future growth and serving as a springboard for Industry 4.0 advanced manufacturing in Sydney.
  • 17th Oct 2023, Leucine, a startup, secured $7 million in series A funding to expand its AI-generated digital twin platform aimed at assisting drug manufacturers in streamlining regulatory compliance by replacing paper-based records and legacy systems. Leucine's platform acts as a digital twin of a drugmaker's production floor, employing AI to digitize manufacturing workflows and enhance compliance, speed, and cost-effectiveness.
  • 13th Oct 2023, NTT DATA's Innovation Center is dedicated to leveraging Digital Twins in the industrial metaverse to create new business opportunities through client collaborations, such as developing virtual data center replicas and enhancing product configurators for automotive and manufacturing clients. This technology optimizes performance, efficiency, and safety, particularly in remote control and maintenance scenarios, ultimately leading to flexible and resource-efficient production environments.
  • 10th Oct 2023, LocLab, a part of Hexagon, has introduced LocLab Cloud, utilizing HxDR, a secure cloud-based platform for 3D digital twins. This open platform allows partners to upload, access, and share their digital 3D content, enhancing data integration from various systems. Users can efficiently manage assets, optimize processes, conduct simulations, and gain insights, all within an intuitive 3D environment accessible from various devices. Powered by HxDR, LocLab Cloud offers an end-to-end solution for data-enriched digital twins, facilitating predictive maintenance, sustainability analysis, and improved decision-making, with real-time updates from on-site sensors.
  • 8th Oct 2023, January AI is introducing its digital twin technology, which utilizes continuous glucose monitoring (CGM) data and AI, to food companies seeking to transform product development. This technology helps consumers make informed dietary choices by predicting their metabolic responses to different foods. Food companies like Nestlé are exploring this innovation to create specialized, nutritious products for specific populations. By using digital twins, January AI enables the food industry to optimize the glycemic response, taste, and texture of foods at scale, potentially revolutionizing product development and promoting healthier options.
  • 3rd Oct 2023, ConocoPhillips, a Houston-based hydrocarbon exploration and production company, is embracing digital twin technology to enhance safety and efficiency in its operations. With its Global Digital Twin Program, ConocoPhillips is working towards portfolio-wide adoption, achieving up to four times ROI and expanding its use cases to boost creativity and further digital transformation.
  • 26th Sept 2023, Nemetschek Group, with its array of software brands, is facilitating the AEC industry's digital transformation by offering solutions for creating seamless digital twins. Digital twins bridge gaps in massive AEC projects, enabling real-time data access, better decision-making, and improved project planning, ultimately reducing costs and minimizing errors. The use of OPEN BIM and Building Lifecycle Intelligence fosters collaboration and ensures real-time data accessibility, transforming the construction industry. Several real-world projects, including a children's hospital in Norway and the Köhlbrand Bridge in Germany, highlight the benefits of connected Nemetschek solutions and digital twins for predicting issues, improving efficiency, and enhancing safety.

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TABLE OF CONTENTS
 
1 INTRODUCTION 
2 RESEARCH METHODOLOGY 
3 EXECUTIVE SUMMARY 
 
4 PREMIUM INSIGHTS (Page No. - 46)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN DIGITAL TWIN MARKET 
    4.2 DIGITAL TWIN MARKET, BY APPLICATION 
    4.3 MARKET IN NORTH AMERICA, BY INDUSTRY AND COUNTRY 
    4.4 MARKET, BY INDUSTRY 
    4.5 MARKET, BY COUNTRY 
 
5 MARKET OVERVIEW (Page No. - 50)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           5.2.1 DRIVERS
                    5.2.1.1 Growing use of digital twin technology to reduce costs and improve supply chain operations
                    5.2.1.2 Surging demand for digital twin technology from healthcare industry
                    5.2.1.3 Increasing adoption of predictive maintenance model across industries
           5.2.2 RESTRAINTS
                    5.2.2.1 High capital requirement to implement digital twin technology
                    5.2.2.2 Susceptibility of digital twin technology to cyberattacks
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Surging demand for advanced real-time data analytics
                    5.2.3.2 Increasing adoption of Industry 4.0 principles
                    5.2.3.3 Development of human-centered digital twins
           5.2.4 CHALLENGES
                    5.2.4.1 Complexities associated with data collection and mathematical models
                    5.2.4.2 Shortage of skilled workforce
    5.3 VALUE CHAIN ANALYSIS 
    5.4 ECOSYSTEM MAPPING 
    5.5 PRICING ANALYSIS 
           5.5.1 DIGITAL TWIN PRICING, BY APPLICATION
    5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
    5.7 TECHNOLOGY ANALYSIS 
           5.7.1 IOT AND IIOT
           5.7.2 AI AND ML
           5.7.3 AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY
           5.7.4 5G
           5.7.5 CLOUD COMPUTING AND EDGE COMPUTING
           5.7.6 BLOCKCHAIN
    5.8 PORTER’S FIVE FORCES ANALYSIS 
           5.8.1 THREAT OF NEW ENTRANTS
           5.8.2 THREAT OF SUBSTITUTES
           5.8.3 BARGAINING POWER OF BUYERS
           5.8.4 BARGAINING POWER OF SUPPLIERS
           5.8.5 INTENSITY OF COMPETITIVE RIVALRY
    5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS
           5.9.2 BUYING CRITERIA
    5.10 CASE STUDY ANALYSIS 
           5.10.1 TEMPLE UNIVERSITY, US, USES DIGITAL TWIN TECHNOLOGY TO ENHANCE OPERATIONS ACROSS CAMPUS
           5.10.2 FAURECIA ADOPTS 3DEXPERIENCE DIGITAL TWIN PLATFORM TO OPTIMIZE AGV INBOUND LOGISTICS
           5.10.3 DOOSAN OPTIMIZES ENERGY OUTPUT IN WIND FARMS BY IMPLEMENTING AZURE DIGITAL TWINS
           5.10.4 IBM INCORPORATES DIGITAL TWINS TO IMPROVE SPARE PART INVENTORY
           5.10.5 USE HEALTHCARE PROFESSIONALS USE DIGITAL TWINS TO DEVELOP PERSONALIZED AND BETTER CARE PLANS
    5.11 TRADE ANALYSIS 
    5.12 PATENT ANALYSIS 
    5.13 KEY CONFERENCES AND EVENTS, 2023–2024 
    5.14 TARIFFS AND REGULATORY LANDSCAPE 
           5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.14.2 STANDARDS AND REGULATIONS RELATED TO DIGITAL TWIN TECHNOLOGY
 
6 DIGITAL TWIN ADOPTION IN DIFFERENT PROCESSES, COMPONENTS, PRODUCTS, AND SYSTEMS (Page No. - 91)
    6.1 INTRODUCTION 
    6.2 COMPONENT DIGITAL TWIN 
    6.3 PRODUCT DIGITAL TWIN 
    6.4 PROCESS DIGITAL TWIN 
    6.5 SYSTEM DIGITAL TWIN 
 
7 DIGITAL TWIN MODELS (Page No. - 94)
    7.1 INTRODUCTION 
    7.2 PLATFORM AS A SERVICE (PAAS) 
    7.3 SOFTWARE AS A SERVICE (SAAS) 
 
8 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE (Page No. - 96)
    8.1 INTRODUCTION 
    8.2 LARGE ENTERPRISES 
           8.2.1 RAPID DEPLOYMENT OF BLOCKCHAIN TECHNOLOGY IN HEALTHCARE SECTOR TO DRIVE MARKET
    8.3 SMALL & MEDIUM ENTERPRISES (SMES) 
           8.3.1 SUBSCRIPTION-BASED DIGITAL TWIN SERVICES TO BOOST SEGMENTAL GROWTH
 
9 DIGITAL TWIN MARKET, BY APPLICATION (Page No. - 103)
    9.1 INTRODUCTION 
    9.2 PRODUCT DESIGN & DEVELOPMENT 
           9.2.1 RISING FOCUS OF PRODUCT DESIGNERS TO VISUALIZE AND ANALYZE PRODUCTS VIRTUALLY TO BOOST SEGMENTAL GROWTH
    9.3 PERFORMANCE MONITORING 
           9.3.1 GREATER EMPHASIS OF INDUSTRY PLAYERS ON MITIGATING COSTLY EQUIPMENT FAILURES TO DRIVE SEGMENTAL GROWTH
    9.4 PREDICTIVE MAINTENANCE 
           9.4.1 GROWING FOCUS OF MANUFACTURING FIRMS ON COST SAVING TO CONTRIBUTE TO SEGMENTAL GROWTH
    9.5 INVENTORY MANAGEMENT 
           9.5.1 INCREASING ADOPTION OF DIGITAL TWIN TO AVOID STOCKOUTS TO SUPPORT SEGMENTAL GROWTH
    9.6 BUSINESS OPTIMIZATION 
           9.6.1 STRONG FOCUS ON COST-EFFECTIVE AND FASTER PRODUCTIVE DEVELOPMENT TO DRIVE SEGMENTAL GROWTH
    9.7 OTHER APPLICATIONS 
 
10 DIGITAL TWIN MARKET, BY INDUSTRY (Page No. - 119)
     10.1 INTRODUCTION 
     10.2 AUTOMOTIVE & TRANSPORTATION 
             10.2.1 NEED TO OPTIMIZE AND ENHANCE TIME-CONSUMING PROCESSES IN VEHICLE MANUFACTURING TO BOOST ADOPTION OF DIGITAL TWINS
     10.3 ENERGY & UTILITIES 
             10.3.1 RISING APPLICATION OF DIGITAL TWIN TECHNOLOGY IN WIND FARMS TO BENEFIT MARKET
     10.4 INFRASTRUCTURE 
             10.4.1 SMART CITY PROJECTS AND SMART TRANSPORTATION INITIATIVES TO DRIVE MARKET
     10.5 HEALTHCARE 
             10.5.1 DIGITAL TRANSFORMATION IN HEALTHCARE INDUSTRY TO DRIVE MARKET
     10.6 AEROSPACE 
             10.6.1 PRESSING NEED FOR REAL-TIME TELEMETRY DATA TO AVOID DANGEROUS SITUATIONS TO ACCELERATE DEMAND FOR DIGITAL TWIN TECHNOLOGY
     10.7 OIL & GAS 
             10.7.1 INCREASING USE OF DIGITAL TWIN OPTIMIZE OIL AND GAS PLANT OPERATIONS TO DRIVE MARKET
     10.8 TELECOMMUNICATIONS 
             10.8.1 RISING IMPLEMENTATION OF DIGITAL TWIN SOLUTIONS TO ENHANCE NETWORK OPTIMIZATION AND 5G DEPLOYMENT TO STRENGTHEN MARKET
     10.9 AGRICULTURE 
             10.9.1 INCREASED FOCUS ON REAL-TIME MONITORING OF CROPS AND DECISION-MAKING TO BOOST DIGITAL TWIN ADOPTION TO CONTRIBUTE TO MARKET GROWTH
     10.10 RETAIL 
             10.10.1 SURGING ADOPTION OF DIGITAL TWIN SOLUTIONS TO IMPROVE CUSTOMER ENGAGEMENT AND SATISFACTION TO PROPEL MARKET
     10.11 OTHER INDUSTRIES 
 
11 REGIONAL ANALYSIS (Page No. - 147)
     11.1 INTRODUCTION 
     11.2 NORTH AMERICA 
     11.3 NORTH AMERICA: RECESSION IMPACT 
             11.3.1 US
                        11.3.1.1 Implementation of 3D models and digital technologies across several industries to drive market
             11.3.2 CANADA
                        11.3.2.1 Lowest business tax burden to attract digital twin technology providers
             11.3.3 MEXICO
                        11.3.3.1 Thriving automotive sector to support market growth
     11.4 EUROPE 
             11.4.1 EUROPE: RECESSION IMPACT
             11.4.2 GERMANY
                        11.4.2.1 Increasing adoption of inclination of manufacturing firms toward automation to fuel market growth
             11.4.3 FRANCE
                        11.4.3.1 Significant contribution of automotive and aerospace industries in technology adoption to drive market
             11.4.4 UK
                        11.4.4.1 Steady development of renewable energy infrastructure and adoption of 5G and IoT to boost demand
             11.4.5 REST OF EUROPE
     11.5 ASIA PACIFIC 
             11.5.1 ASIA PACIFIC: RECESSION IMPACT
             11.5.2 CHINA
                        11.5.2.1 Increasing adoption of automation technologies to propel market
             11.5.3 JAPAN
                        11.5.3.1 Rising use of IoT devices to create opportunities for digital twin technology providers
             11.5.4 INDIA
                        11.5.4.1 Make in India and Digital India initiatives undertaken by governments to drive market
             11.5.5 SOUTH KOREA
                        11.5.5.1 Government-led R&D initiatives in IoT technology to boost adoption of digital twins
             11.5.6 REST OF ASIA PACIFIC
     11.6 ROW 
             11.6.1 ROW: RECESSION IMPACT
             11.6.2 SOUTH AMERICA
                        11.6.2.1 Surging adoption of IIoT in mining and other industries to drive market
             11.6.3 MIDDLE EAST
                        11.6.3.1 Saudi Arabia
                                     11.6.3.1.1 Growing focus of oil & gas companies on safe and efficient operations to boost demand for digital twin solutions
                        11.6.3.2 UAE
                                     11.6.3.2.1 Inclination of industry players toward smart manufacturing to drive market
                        11.6.3.3 Rest of Middle East
             11.6.4 AFRICA
                        11.6.4.1 Increasing demand for telecom and power supply devices to fuel market growth
 
12 COMPETITIVE LANDSCAPE (Page No. - 178)
     12.1 OVERVIEW 
     12.2 KEY PLAYER STRATEGIES ADOPTED BY MAJOR PLAYERS 
     12.3 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022 
     12.4 MARKET SHARE ANALYSIS, 2022 
     12.5 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022 
             12.5.1 STARS
             12.5.2 EMERGING LEADERS
             12.5.3 PERVASIVE PLAYERS
             12.5.4 PARTICIPANTS
     12.6 DIGITAL TWIN MARKET: COMPANY FOOTPRINT 
     12.7 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 
             12.7.1 PROGRESSIVE COMPANIES
             12.7.2 RESPONSIVE COMPANIES
             12.7.3 DYNAMIC COMPANIES
             12.7.4 STARTING BLOCKS
     12.8 DETAILED LIST OF KEY STARTUPS/SMES 
     12.9 COMPETITIVE SCENARIOS AND TRENDS 
             12.9.1 PRODUCT LAUNCHES
             12.9.2 DEALS
             12.9.3 OTHERS
 
13 COMPANY PROFILES (Page No. - 199)
     13.1 KEY PLAYERS 
             13.1.1 GENERAL ELECTRIC
                        13.1.1.1 Business overview
                        13.1.1.2 Products/Solutions/Services offered
                        13.1.1.3 Recent developments
                                     13.1.1.3.1 Product launches
                                     13.1.1.3.2 Deals
                        13.1.1.4 MnM view
                                     13.1.1.4.1 Key strengths/Right to win
                                     13.1.1.4.2 Strategic choices
                                     13.1.1.4.3 Weaknesses and competitive threats
             13.1.2 MICROSOFT
                        13.1.2.1 Business overview
                        13.1.2.2 Products/Solutions/Services offered
                        13.1.2.3 Recent developments
                                     13.1.2.3.1 Product launches
                                     13.1.2.3.2 Deals
                        13.1.2.4 MnM view
                                     13.1.2.4.1 Key strengths/Right to win
                                     13.1.2.4.2 Strategic choices
                                     13.1.2.4.3 Weaknesses and competitive threats
             13.1.3 SIEMENS
                        13.1.3.1 Business overview
                        13.1.3.2 Products/Solutions/Services offered
                        13.1.3.3 Recent developments
                                     13.1.3.3.1 Product launches
                                     13.1.3.3.2 Deals
                        13.1.3.4 MnM view
                                     13.1.3.4.1 Key strengths/Right to win
                                     13.1.3.4.2 Strategic choices
                                     13.1.3.4.3 Weaknesses and competitive threats
             13.1.4 AMAZON WEB SERVICES, INC. (AWS)
                        13.1.4.1 Business overview
                        13.1.4.2 Products/Solutions/Services offered
                        13.1.4.3 Recent developments
                                     13.1.4.3.1 Product launches
                                     13.1.4.3.2 Deals
                        13.1.4.4 MnM view
                                     13.1.4.4.1 Key strengths/Right to win
                                     13.1.4.4.2 Strategic choices
                                     13.1.4.4.3 Weaknesses and competitive threats
             13.1.5 DASSAULT SYSTÈMES
                        13.1.5.1 Business overview
                        13.1.5.2 Products/Solutions/Services offered
                        13.1.5.3 Recent developments
                                     13.1.5.3.1 Product launches
                                     13.1.5.3.2 Deals
                        13.1.5.4 MnM view
                                     13.1.5.4.1 Key strengths/Right to win
                                     13.1.5.4.2 Strategic choices
                                     13.1.5.4.3 Weaknesses and competitive threats
             13.1.6 ANSYS, INC.
                        13.1.6.1 Business overview
                        13.1.6.2 Products/Solutions/Services offered
                        13.1.6.3 Recent developments
                                     13.1.6.3.1 Product launches
                                     13.1.6.3.2 Deals
                        13.1.6.4 MnM view
                                     13.1.6.4.1 Key strengths/Right to win
                                     13.1.6.4.2 Strategic choices
                                     13.1.6.4.3 Weaknesses and competitive threats
             13.1.7 IBM CORPORATION
                        13.1.7.1 Business overview
                        13.1.7.2 Products/Solutions/Services offered
                        13.1.7.3 Recent developments
                                     13.1.7.3.1 Product launches
                                     13.1.7.3.2 Deals
             13.1.8 PTC
                        13.1.8.1 Business overview
                        13.1.8.2 Products/Solutions/Services offered
                        13.1.8.3 Recent developments
                                     13.1.8.3.1 Product launches
                                     13.1.8.3.2 Deals
             13.1.9 SAP SE
                        13.1.9.1 Business overview
                        13.1.9.2 Products/Solutions/Services offered
                        13.1.9.3 Recent developments
                                     13.1.9.3.1 Deals
             13.1.10 ORACLE
                        13.1.10.1 Business overview
                        13.1.10.2 Products/Solutions/Services offered
                        13.1.10.3 Recent developments
                                     13.1.10.3.1 Product launches
                                     13.1.10.3.2 Deals
                                     13.1.10.3.3 Others
             13.1.11 ROBERT BOSCH GMBH
                        13.1.11.1 Business overview
                        13.1.11.2 Products/Solutions/Services offered
                        13.1.11.3 Recent developments
                                     13.1.11.3.1 Product launches
                                     13.1.11.3.2 Deals
     13.2 OTHER KEY PLAYERS 
             13.2.1 EMERSON ELECTRIC CO.
             13.2.2 ABB
             13.2.3 HONEYWELL INTERNATIONAL INC.
             13.2.4 SCHNEIDER ELECTRIC
             13.2.5 NAVVIS
             13.2.6 DNV AS
             13.2.7 AUTODESK INC.
             13.2.8 ANDRITZ AG
             13.2.9 SOFTWARE AG
             13.2.10 BENTLEY SYSTEMS, INCORPORATED
             13.2.11 RIVER LOGIC, INC.
             13.2.12 ALTAIR ENGINEERING INC.
             13.2.13 JOHNSON CONTROLS
             13.2.14 NSTREAM
 
14 ADJACENT AND RELATED MARKETS (Page No. - 266)
     14.1 INDUSTRIAL ROBOTICS MARKET 
     14.2 STUDY LIMITATIONS 
     14.3 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD 
     14.4 UP TO 16.00 KG 
             14.4.1 HIGH ACCURACY AND FLEXIBILITY OF ROBOTS TO DRIVE DEMAND IN FOOD & BEVERAGES AND AUTOMOTIVE VERTICALS
     14.5 16.01–60.00 KG 
             14.5.1 AUTOMOTIVE INDUSTRY TO OFFER LUCRATIVE OPPORTUNITIES FOR PLAYERS
     14.6 60.01–225.00 KG 
             14.6.1 GROWING ADOPTION OF ROBOTS TO AUTOMATE ASSEMBLING AND PACKAGING OF CONSUMER ELECTRONICS TO DRIVE MARKET
     14.7 MORE THAN 225.00 KG 
             14.7.1 STRONG FOCUS ON IMPROVING PRODUCTIVITY AND WORKPLACE SAFETY TO ACCELERATE MARKET GROWTH
 
15 APPENDIX (Page No. - 274)
     15.1 INSIGHTS FROM INDUSTRY EXPERTS 
     15.2 DISCUSSION GUIDE 
     15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     15.4 AVAILABLE CUSTOMIZATIONS 
     15.5 RELATED REPORTS 
     15.6 AUTHOR DETAILS 
 
LIST OF TABLES (143 TABLES)
 
TABLE 1 ROLE OF KEY PLAYERS IN DIGITAL TWIN ECOSYSTEM
TABLE 2 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS, BY REGION
TABLE 3 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY INDUSTRY
TABLE 4 KEY BUYING CRITERIA, BY END USER
TABLE 5 TOP 20 PATENT OWNERS IN LAST 10 YEARS, 2013–2022
TABLE 6 DIGITAL TWIN MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2021–2022
TABLE 7 DIGITAL TWIN MARKET: LIST OF CONFERENCES AND EVENTS
TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 11 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 12 DIGITAL TWIN: STANDARDS AND REGULATIONS
TABLE 13 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION)
TABLE 14 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION)
TABLE 15 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 16 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 17 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 18 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 19 DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 20 DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 21 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 22 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 23 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY 2019–2022 (USD MILLION)
TABLE 24 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 25 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 26 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 27 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 28 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 29 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 30 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 31 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 32 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 33 DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 34 DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 35 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 36 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 37 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 38 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 39 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 40 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 41 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 42 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 43 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 44 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 45 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 46 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 47 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 48 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 49 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 50 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 51 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 52 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 53 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 54 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 55 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 56 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 57 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 58 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 59 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 60 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 61 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 62 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 63 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 64 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 65 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 66 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 67 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 68 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 69 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 70 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 71 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 72 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 73 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 74 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 75 DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 76 DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 77 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 78 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
TABLE 79 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 80 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 81 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION)
TABLE 82 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION)
TABLE 83 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 84 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
TABLE 85 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 86 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 87 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION)
TABLE 88 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION)
TABLE 89 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 90 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
TABLE 91 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 92 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 93 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION)
TABLE 94 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION)
TABLE 95 ROW: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 96 ROW: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
TABLE 97 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
TABLE 98 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
TABLE 99 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION)
TABLE 100 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION)
TABLE 101 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 102 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
TABLE 103 OVERVIEW OF STRATEGIES ADOPTED BY DIGITAL TWIN PROVIDERS
TABLE 104 DIGITAL TWIN MARKET: DEGREE OF COMPETITION
TABLE 105 COMPANY FOOTPRINT
TABLE 106 INDUSTRY FOOTPRINT
TABLE 107 ENTERPRISE FOOTPRINT
TABLE 108 REGION FOOTPRINT
TABLE 109 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUPS
TABLE 110 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
TABLE 111 DIGITAL TWIN MARKET: PRODUCT LAUNCHES, 2020–2023
TABLE 112 DIGITAL TWIN MARKET: DEALS, 2020–2023
TABLE 113 DIGITAL TWIN MARKET: OTHERS, 2020–2023
TABLE 114 GENERAL ELECTRIC: BUSINESS OVERVIEW
TABLE 115 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 116 MICROSOFT: BUSINESS OVERVIEW
TABLE 117 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 118 SIEMENS: BUSINESS OVERVIEW
TABLE 119 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 120 AMAZON WEB SERVICES, INC.: BUSINESS OVERVIEW
TABLE 121 AMAZON WEB SERVICES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 122 DASSAULT SYSTÈMES: BUSINESS OVERVIEW
TABLE 123 DASSAULT SYSTÈMES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 124 ANSYS, INC.: BUSINESS OVERVIEW
TABLE 125 ANSYS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 126 IBM CORPORATION: BUSINESS OVERVIEW
TABLE 127 IBM CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 128 PTC: BUSINESS OVERVIEW
TABLE 129 PTC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 130 SAP SE: BUSINESS OVERVIEW
TABLE 131 SAP SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 132 ORACLE: BUSINESS OVERVIEW
TABLE 133 ORACLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 134 ROBERT BOSCH GMBH: BUSINESS OVERVIEW
TABLE 135 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 136 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (USD MILLION)
TABLE 137 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (USD MILLION)
TABLE 138 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (THOUSAND UNITS)
TABLE 139 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (THOUSAND UNITS)
TABLE 140 TYPES OF INDUSTRIAL ROBOTS WITH UP TO 16. OO KG PAYLOAD CAPACITY
TABLE 141 TYPES OF INDUSTRIAL ROBOTS WITH 16.01–60.00 KG PAYLOAD CAPACITY
TABLE 142 TYPES OF INDUSTRIAL ROBOTS WITH 60.01–225.00 KG PAYLOAD CAPACITY
TABLE 143 TYPES OF INDUSTRIAL ROBOTS WITH MORE THAN 225.00 KG PAYLOAD CAPACITY
 
 
LIST OF FIGURES (59 FIGURES)
 
FIGURE 1 DIGITAL TWIN MARKET SEGMENTATION
FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN
FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH
FIGURE 4 BOTTOM-UP APPROACH
FIGURE 5 TOP-DOWN APPROACH
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE) REVENUE GENERATED BY COMPANIES IN DIGITAL TWIN MARKET
FIGURE 7 DATA TRIANGULATION METHODOLOGY
FIGURE 8 PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST MARKET SHARE OF DIGITAL TWIN MARKET, BY APPLICATION, IN 2028
FIGURE 9 SMALL & MEDIUM ENTERPRISES TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 10 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST MARKET SHARE IN 2022
FIGURE 12 RISING ADOPTION OF DIGITAL TWIN SOLUTIONS BY MANUFACTURING FIRMS TO FUEL MARKET GROWTH
FIGURE 13 PREDICTIVE MAINTENANCE SEGMENT TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD
FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO SECURE LARGEST MARKET SHARE OF NORTH AMERICAN MARKET IN 2028
FIGURE 15 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO CAPTURE LARGEST MARKET SHARE IN 2023
FIGURE 16 CHINA TO REGISTER HIGHEST CAGR IN GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD
FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
FIGURE 18 DIGITAL TWIN MARKET: IMPACT OF DRIVERS
FIGURE 19 DIGITAL TWIN MARKET: IMPACT OF RESTRAINTS
FIGURE 20 DIGITAL TWIN MARKET: IMPACT OF OPPORTUNITIES
FIGURE 21 DIGITAL TWIN MARKET: IMPACT OF CHALLENGES
FIGURE 22 DIGITAL TWIN MARKET: VALUE CHAIN ANALYSIS
FIGURE 23 ECOSYSTEM ANALYSIS
FIGURE 24 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS OFFERED BY KEY COMPANIES, BY GEOGRAPHY
FIGURE 25 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN DIGITAL TWIN MARKET
FIGURE 26 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE INDUSTRIES
FIGURE 28 KEY BUYING CRITERIA OF TOP THREE INDUSTRIES
FIGURE 29 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 30 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 31 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2013–2022
FIGURE 32 NUMBER OF PATENTS GRANTED FROM 2013 TO 2022
FIGURE 33 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
FIGURE 34 DIGITAL TWIN MARKET, BY APPLICATION
FIGURE 35 PREDICTIVE MAINTENANCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
FIGURE 36 DIGITAL TWIN MARKET, BY INDUSTRY
FIGURE 37 HEALTHCARE SEGMENT TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 38 DIGITAL TWIN MARKET IN CHINA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028
FIGURE 39 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD
FIGURE 40 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT
FIGURE 41 EUROPE: DIGITAL TWIN MARKET SNAPSHOT
FIGURE 42 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT
FIGURE 43 ROW: DIGITAL TWIN MARKET SNAPSHOT
FIGURE 44 SEGMENTAL REVENUE OF KEY PLAYERS, 2018–2022
FIGURE 45 MARKET SHARE ANALYSIS, 2022
FIGURE 46 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022
FIGURE 47 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022
FIGURE 48 GENERAL ELECTRIC: COMPANY SNAPSHOT
FIGURE 49 MICROSOFT: COMPANY SNAPSHOT
FIGURE 50 SIEMENS: COMPANY SNAPSHOT
FIGURE 51 AMAZON WEB SERVICES, INC.: COMPANY SNAPSHOT
FIGURE 52 DASSAULT SYSTÈMES: COMPANY SNAPSHOT
FIGURE 53 ANSYS, INC.: COMPANY SNAPSHOT
FIGURE 54 IBM CORPORATION: COMPANY SNAPSHOT
FIGURE 55 PTC: COMPANY SNAPSHOT
FIGURE 56 SAP SE: COMPANY SNAPSHOT
FIGURE 57 ORACLE: COMPANY SNAPSHOT
FIGURE 58 ROBERT BOSCH GMBH: COMPANY SNAPSHOT
FIGURE 59 INDUSTRIAL ROBOTICS WITH PAYLOAD CAPACITY RANGING OF 16.01 TO 60.00 KG TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD

 

 

The study involves four major activities for estimating the size of the digital twin market. Exhaustive secondary research has been conducted to collect information related to the market. The next step has been validating these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall size of the digital twin market. After that, market breakdown and data triangulation procedures have been used to determine the extent of different segments and subsegments of the market.

Secondary Research

Secondary sources in this research study include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, certified publications, articles from recognized authors; directories; and databases. The secondary data has been collected and analyzed to determine the overall market size estimations, further validated by primary research.

Primary Research

In the primary research process, several sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information about this report. Several primary interviews have been conducted with market experts from both demand and supply sides across four major regions—North America, Europe, Asia Pacific, and the Rest of the World. This primary data has been collected through questionnaires, emails, and telephonic interviews. Approximately 60% of the primary interviews have been conducted with the demand side and 40% with the supply side. This primary data has been collected mainly through telephonic interviews, which accounted for 80% of the total primary interviews. Additionally, questionnaires and emails were used to collect the data.

Digital Twin Market Size, and Share

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

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the digital twin market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • Both the supply chain of the industry and the market size, in terms of value, have been determined through primary and secondary research.
  • 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, the total market has been split into several segments. To complete the overall market engineering process and arrive at exact statistics for all segments, the market breakdown and data triangulation procedures have been employed wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Market Definition

A digital twin is a virtual replica or digital copy of a physical object, process, or system. It serves as a digital counterpart that accurately captures the essential characteristics and behaviors of the real-world entity. Digital twins utilize advanced technologies such as sensors, data analysis, and simulations to collect real-time data from their physical counterparts. This data is then used to create and maintain an up-to-date digital representation that closely resembles the behavior of the actual object or system. The primary purpose of digital twins is to provide valuable insights and drive operational improvements in business. By analyzing the digital twin, organizations can gain a deeper understanding of how the physical entity will perform, identify opportunities for enhancement, and test different strategies or scenarios before implementing them in the real world. Digital twins find applications in a wide range of industries, such as manufacturing, healthcare, transportation, energy, and construction.

Key Stakeholders

  • Government bodies and policymakers
  • Industry organizations, forums, alliances, and associations
  • Market research and consulting firms
  • Raw material suppliers and distributors
  • Research institutes and organizations
  • Analysts and strategic business planners
  • End users of digital twins across various industries such as the aerospace, automotive & transportation, energy & utilities, oil & gas, infrastructure, healthcare, agriculture, retail, telecommunications, and other industries (semiconductors, chemicals, paper & pulp, and food & beverages)

Study Objectives:

  • To define, describe, and forecast the digital twin market size, by industry, application, and enterprise, in terms of value
  • To describe and forecast the size of the digital twin market across four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World, along with their respective country-level market sizes, in terms of value
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the market growth
  • To provide a detailed overview of the process flow of the digital twin market
  • To strategically analyze micromarkets1 for individual growth trends, prospects, and contributions to the overall market size
  • To study the complete value chain of the digital twin market
  • To analyze opportunities for stakeholders by identifying high-growth segments of the digital twin market
  • To strategically profile the key players and comprehensively analyze their market positions in terms of their ranking and core competencies2
  • To analyze competitive developments, such as product launches, deals (mergers, acquisitions, partnerships, cooperation, alliances, collaborations, agreements, contracts, and investments), and others (expansions) in the digital twin market

Available Customizations

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

Product Analysis

  • Product matrix that gives a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of 25 market players
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
SE 5540
Published ON
Jul, 2023
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