Digital Twin Market

Digital Twin Market Size, Share, Statistics and Industry 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

The global digital twin market size in terms of revenue was estimated to be worth USD 10.1 billion in 2023 and is poised to reach USD 110.1 billion by 2028, growing at a CAGR of 61.3% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.

The growth of the digital twin market is driven by the growing demand for digital twin in the healthcare industry and the increasing focus on predictive maintenance.

Digital Twin Market

Digital Twin Market

Digital Twin Market Forecast to 2028

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Digital Twin Market Dynamics
:

Driver: Growing focus on predictive maintenance

The utilization of digital twins for predictive maintenance is widespread across various industries. Predictive maintenance based on digital twins involves collecting real-time sensor data that provides information about the condition and performance of a product, process, or system. This data is then analyzed and compared to historical records of failure modes and their criticality. The insights gained from this analysis are used to predict maintenance needs. Apart from predicting failures, this technology offers several advantages that optimize maintenance. Digital twins enable the calculation of maintenance-related key performance indicators and forecast how machines perform under different conditions. By serving as accurate real-time models of a product, process, or system's condition and performance, digital twins facilitate simulations and predictions of behavior under specific factors such as runtime, exposure to extreme operating conditions, and temperature.

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

The global market for digital twin solutions faces a growth restraint due to the substantial investment requirements in their deployment. The establishment and installation of digital twins, along with associated technologies such as smart automation, T-connected control, product lifecycle management (PLM), computer-aided design (CAD) and 3D CAD, manufacturing process management (MPM), manufacturing operations management (MOM), model-based system engineering (MBSE), enterprise resource planning (ERP), and augmented reality (AR)/virtual reality (VR)/extended reality (XR), demand significant capital. In cases where organizations need more infrastructure and supporting technology, the costs of implementing a digital twin become even higher, making it a considerably expensive endeavor. This can encourage manufacturers to adopt the technology.

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

IIoT combines machinery, advanced analytics, and human involvement in specific processes or products, creating a network of interconnected industrial devices through communication technologies. This network enables the development of systems that monitor, collect, exchange, analyze, and deliver valuable insights, enhancing decision-making capabilities. With its ability to cover the entire lifecycle of physical systems, processes, or products, IIoT provides businesses with a powerful analytical tool to thoroughly evaluate key performance indicators and identify areas for enhancements or upgrades. In the long run, the lessons and suggestions derived from digital twins are anticipated to generate significant opportunities for innovation and growth. Furthermore, by integrating digital twins with field performance monitoring, businesses gain constant visibility into actual product usage compared to the anticipated use based on design parameters. This approach offers valuable real-time feedback for improving the design process. It also improves product development efficiency by reducing the time and costs associated with manufacturing and testing prototypes in a physical environment. Virtual simulation models of products, processes, or units facilitate collaboration among experts from diverse fields during product development. For example, software developers, mechanical engineers, and user interface designers can simultaneously collaborate on the exact digital twin. Deploying IoT and digital twins enhances efficiency by predicting production failures and allowing engineering teams to address issues before they impact manufacturing targets.

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

Companies need concrete implementation plans and significant investments for integrating digital twins into product management. Due to the novelty of the technology and the substantial changes it entails, end users are still determining the economic benefits, investment requirements, and future cost savings. Assessing the potential of a digital twin is considered complex and multifaceted, further impeding its widespread adoption. Creating a digital twin for assets or processes involves leveraging various technologies and skill sets alongside a workforce equipped to handle the latest equipment and software systems. The digital transformation necessitates a shift in employee skill requirements across the entire value chain, from development to sales and marketing. As processes increasingly rely on data and efficiency gains are expected, new employees must possess updated skill sets and higher qualifications. This situation can result in a skills gap between newly hired and experienced employees. Furthermore, industries are grappling with the dual challenge of embracing emerging technologies while also contending with a need for a more highly skilled and proficient workforce, creating a dynamic environment for implementation.

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 twin market growth.

Digital Twin Market by Ecosystem

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 size of the digital twin market during the forecast period. Predictive maintenance offers substantial benefits in terms of cost savings, operational efficiency, and equipment uptime. By leveraging real-time sensor data and historical performance records, digital twins enable the analysis of equipment health and working conditions, facilitating the prediction of potential failures or malfunctions. This proactive approach optimizes organizations to schedule maintenance activities, reducing unplanned downtime and minimizing repair costs. Furthermore, advancements in artificial intelligence (AI) and machine learning (ML) algorithms enhance the accuracy and effectiveness of predictive maintenance with digital twins. These technologies enable the detection of patterns and anomalies in data, identifying early warning signs of equipment degradation or failure. As AI and ML capabilities continue to improve, the predictive maintenance capabilities of digital twins are expected to become even more precise and reliable.

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

The automotive & transportation industry is expected to account for the largest digital twin market share during the forecast period. It is expected to grow at a significant CAGR from 2023 to 2028. The automotivr & transport industry operates with a highly complex and interconnected supply chain involving numerous components, suppliers, and manufacturing processes. Digital twins offer a comprehensive and real-time view of the entire supply chain, enabling better monitoring, analysis, and optimization of operations. This capability enhances efficiency, reduces downtime, and improves overall supply chain management. Furthermore, digital twins provide significant benefits throughout the product lifecycle in the automotive and transportation sector. From design and prototyping to manufacturing, maintenance, and end-of-life, digital twins offer valuable insights into product performance, maintenance requirements, and potential improvements. This holistic approach allows manufacturers to enhance product quality, optimize processes, and deliver better customer experiences.

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 twin industry throughout the forecast period. The region has demonstrated a proactive approach to digital transformation across industries, driving the adoption of advanced technologies such as digital twins. This forward-thinking mindset gives North America a competitive edge in the market. Furthermore, North America boasts a technologically mature ecosystem with robust digital infrastructure, advanced data analytics capabilities, and a skilled workforce. These factors provide a solid foundation for successfully implementing and utilizing digital twin solutions, enabling businesses to derive maximum value from the technology. In addition, the region's strong focus on the manufacturing and industrial sectors further contributes to its dominance in the digital twin market. Manufacturers in North America recognize the significant benefits that digital twins bring in terms of process optimization, operational efficiency, and cost reduction. This heightened awareness and demand for digital twin solutions drive market growth and reinforce North America’s position as a market leader.

Digital Twin Market by Region

Digital Twin Market Statistics by Region

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Key Market Players

The digital twin companies 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 twin market with their company profiles,

Recent Developments, and key market strategies.

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Scope of the Report

Report Metric

Details

Estimated Market Size

USD 10.1 Billion

Projected Market Size

USD 110.1 Billion

Growth Rate

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 twin 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

  • 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.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 28)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 MARKET SCOPE 
           1.3.1 MARKETS COVERED
                    FIGURE 1 DIGITAL TWIN MARKET SEGMENTATION
           1.3.2 INCLUSIONS AND EXCLUSIONS
           1.3.3 GEOGRAPHICAL SCOPE
           1.3.4 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 LIMITATIONS 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
           1.7.1 IMPACT OF RECESSION
 
2 RESEARCH METHODOLOGY (Page No. - 33)
    2.1 RESEARCH DATA 
           FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
                    FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH
           2.1.2 SECONDARY DATA
                    2.1.2.1 List of secondary sources
                    2.1.2.2 Key data from secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Primary interviews with experts
                    2.1.3.2 Key data from primary sources
                    2.1.3.3 Key industry insights
                    2.1.3.4 Breakdown of primaries
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach to capture market size using bottom-up analysis (demand side)
                               FIGURE 4 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to capture market size using top-down analysis (supply side)
                               FIGURE 5 TOP-DOWN APPROACH
                               FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE) REVENUE GENERATED BY COMPANIES IN DIGITAL TWIN MARKET
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 7 DATA TRIANGULATION METHODOLOGY
    2.4 RESEARCH ASSUMPTIONS 
    2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON DIGITAL TWIN MARKET 
    2.6 RESEARCH LIMITATIONS 
    2.7 RISK ASSESSMENT 
 
3 EXECUTIVE SUMMARY (Page No. - 47)
    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
 
4 PREMIUM INSIGHTS (Page No. - 52)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN DIGITAL TWIN MARKET 
           FIGURE 12 RISING ADOPTION OF DIGITAL TWIN SOLUTIONS BY MANUFACTURING FIRMS TO FUEL MARKET GROWTH
    4.2 DIGITAL TWIN MARKET, BY APPLICATION 
           FIGURE 13 PREDICTIVE MAINTENANCE SEGMENT TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD
    4.3 DIGITAL TWIN MARKET IN NORTH AMERICA, BY INDUSTRY AND COUNTRY 
           FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO SECURE LARGEST MARKET SHARE OF NORTH AMERICAN MARKET IN 2028
    4.4 DIGITAL TWIN MARKET, BY INDUSTRY 
           FIGURE 15 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO CAPTURE LARGEST MARKET SHARE IN 2023
    4.5 DIGITAL TWIN MARKET, BY COUNTRY 
           FIGURE 16 CHINA TO REGISTER HIGHEST CAGR IN GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 56)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           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
                               FIGURE 18 DIGITAL TWIN MARKET: IMPACT OF DRIVERS
           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
                               FIGURE 19 DIGITAL TWIN MARKET: IMPACT OF RESTRAINTS
           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
                               FIGURE 20 DIGITAL TWIN MARKET: IMPACT OF OPPORTUNITIES
           5.2.4 CHALLENGES
                    5.2.4.1 Complexities associated with data collection and mathematical models
                    5.2.4.2 Shortage of skilled workforce
                               FIGURE 21 DIGITAL TWIN MARKET: IMPACT OF CHALLENGES
    5.3 VALUE CHAIN ANALYSIS 
           FIGURE 22 DIGITAL TWIN MARKET: VALUE CHAIN ANALYSIS
    5.4 ECOSYSTEM MAPPING 
           FIGURE 23 ECOSYSTEM ANALYSIS
           TABLE 1 ROLE OF KEY PLAYERS IN DIGITAL TWIN ECOSYSTEM
    5.5 PRICING ANALYSIS 
           5.5.1 DIGITAL TWIN PRICING, BY APPLICATION
                    FIGURE 24 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS OFFERED BY KEY COMPANIES, BY GEOGRAPHY
                    TABLE 2 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS, BY REGION
    5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 25 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN DIGITAL TWIN MARKET
    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 
           FIGURE 26 DIGITAL TWIN MARKET: 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
                    FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE INDUSTRIES
                    TABLE 3 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY INDUSTRY
           5.9.2 BUYING CRITERIA
                    FIGURE 28 KEY BUYING CRITERIA OF TOP THREE INDUSTRIES
                    TABLE 4 KEY BUYING CRITERIA, BY END USER
    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 
           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)
    5.12 PATENT ANALYSIS 
           FIGURE 31 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2013–2022
           TABLE 5 TOP 20 PATENT OWNERS IN LAST 10 YEARS, 2013–2022
           FIGURE 32 NUMBER OF PATENTS GRANTED FROM 2013 TO 2022
           TABLE 6 DIGITAL TWIN MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2021–2022
    5.13 KEY CONFERENCES AND EVENTS, 2023–2024 
           TABLE 7 DIGITAL TWIN MARKET: LIST OF CONFERENCES AND EVENTS
    5.14 TARIFFS AND REGULATORY LANDSCAPE 
           5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    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
           5.14.2 STANDARDS AND REGULATIONS RELATED TO DIGITAL TWIN TECHNOLOGY
                    TABLE 12 DIGITAL TWIN: STANDARDS AND REGULATIONS
 
6 DIGITAL TWIN ADOPTION IN DIFFERENT PROCESSES, COMPONENTS, PRODUCTS, AND SYSTEMS (Page No. - 97)
    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. - 100)
    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. - 102)
    8.1 INTRODUCTION 
           FIGURE 33 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
           TABLE 13 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION)
           TABLE 14 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION)
    8.2 LARGE ENTERPRISES 
           8.2.1 RAPID DEPLOYMENT OF BLOCKCHAIN TECHNOLOGY IN HEALTHCARE SECTOR TO DRIVE MARKET
                    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)
    8.3 SMALL & MEDIUM ENTERPRISES (SMES) 
           8.3.1 SUBSCRIPTION-BASED DIGITAL TWIN SERVICES TO BOOST SEGMENTAL GROWTH
                    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)
 
9 DIGITAL TWIN MARKET, BY APPLICATION (Page No. - 109)
    9.1 INTRODUCTION 
           FIGURE 34 DIGITAL TWIN MARKET, BY APPLICATION
           FIGURE 35 PREDICTIVE MAINTENANCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
           TABLE 19 DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
           TABLE 20 DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
    9.2 PRODUCT DESIGN & DEVELOPMENT 
           9.2.1 RISING FOCUS OF PRODUCT DESIGNERS TO VISUALIZE AND ANALYZE PRODUCTS VIRTUALLY TO BOOST SEGMENTAL GROWTH
                    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)
    9.3 PERFORMANCE MONITORING 
           9.3.1 GREATER EMPHASIS OF INDUSTRY PLAYERS ON MITIGATING COSTLY EQUIPMENT FAILURES TO DRIVE SEGMENTAL GROWTH
                    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)
    9.4 PREDICTIVE MAINTENANCE 
           9.4.1 GROWING FOCUS OF MANUFACTURING FIRMS ON COST SAVING TO CONTRIBUTE TO SEGMENTAL GROWTH
                    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)
    9.5 INVENTORY MANAGEMENT 
           9.5.1 INCREASING ADOPTION OF DIGITAL TWIN TO AVOID STOCKOUTS TO SUPPORT SEGMENTAL GROWTH
                    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)
    9.6 BUSINESS OPTIMIZATION 
           9.6.1 STRONG FOCUS ON COST-EFFECTIVE AND FASTER PRODUCTIVE DEVELOPMENT TO DRIVE SEGMENTAL GROWTH
                    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)
    9.7 OTHER APPLICATIONS 
           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)
 
10 DIGITAL TWIN MARKET, BY INDUSTRY (Page No. - 125)
     10.1 INTRODUCTION 
           FIGURE 36 DIGITAL TWIN MARKET, BY INDUSTRY
           FIGURE 37 HEALTHCARE SEGMENT TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 33 DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION)
           TABLE 34 DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION)
     10.2 AUTOMOTIVE & TRANSPORTATION 
             10.2.1 NEED TO OPTIMIZE AND ENHANCE TIME-CONSUMING PROCESSES IN VEHICLE MANUFACTURING TO BOOST ADOPTION OF DIGITAL TWINS
                        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)
     10.3 ENERGY & UTILITIES 
             10.3.1 RISING APPLICATION OF DIGITAL TWIN TECHNOLOGY IN WIND FARMS TO BENEFIT MARKET
                        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)
     10.4 INFRASTRUCTURE 
             10.4.1 SMART CITY PROJECTS AND SMART TRANSPORTATION INITIATIVES TO DRIVE MARKET
                        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)
     10.5 HEALTHCARE 
             10.5.1 DIGITAL TRANSFORMATION IN HEALTHCARE INDUSTRY TO DRIVE MARKET
                        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)
     10.6 AEROSPACE 
             10.6.1 PRESSING NEED FOR REAL-TIME TELEMETRY DATA TO AVOID DANGEROUS SITUATIONS TO ACCELERATE DEMAND FOR DIGITAL TWIN TECHNOLOGY
                        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)
     10.7 OIL & GAS 
             10.7.1 INCREASING USE OF DIGITAL TWIN OPTIMIZE OIL AND GAS PLANT OPERATIONS TO DRIVE MARKET
                        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)
     10.8 TELECOMMUNICATIONS 
             10.8.1 RISING IMPLEMENTATION OF DIGITAL TWIN SOLUTIONS TO ENHANCE NETWORK OPTIMIZATION AND 5G DEPLOYMENT TO STRENGTHEN MARKET
                        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)
     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
                        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)
     10.10 RETAIL 
             10.10.1 SURGING ADOPTION OF DIGITAL TWIN SOLUTIONS TO IMPROVE CUSTOMER ENGAGEMENT AND SATISFACTION TO PROPEL MARKET
                        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)
     10.11 OTHER INDUSTRIES 
             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)
 
11 REGIONAL ANALYSIS (Page No. - 153)
     11.1 INTRODUCTION 
             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
             TABLE 75 DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 76 DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.2 NORTH AMERICA 
     11.3 NORTH AMERICA: RECESSION IMPACT 
                        FIGURE 40 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT
                        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)
             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
                        FIGURE 41 EUROPE: DIGITAL TWIN MARKET SNAPSHOT
                        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)
             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
                        FIGURE 42 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT
                        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)
             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
                        FIGURE 43 ROW: DIGITAL TWIN MARKET SNAPSHOT
                        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)
             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
                        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)
                        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. - 184)
     12.1 OVERVIEW 
     12.2 KEY PLAYER STRATEGIES ADOPTED BY MAJOR PLAYERS 
             TABLE 103 OVERVIEW OF STRATEGIES ADOPTED BY DIGITAL TWIN PROVIDERS
     12.3 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022 
             FIGURE 44 SEGMENTAL REVENUE OF KEY PLAYERS, 2018–2022
     12.4 MARKET SHARE ANALYSIS, 2022 
             TABLE 104 DIGITAL TWIN MARKET: DEGREE OF COMPETITION
             FIGURE 45 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
                        FIGURE 46 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022
     12.6 DIGITAL TWIN MARKET: COMPANY FOOTPRINT 
             TABLE 105 COMPANY FOOTPRINT
             TABLE 106 INDUSTRY FOOTPRINT
             TABLE 107 ENTERPRISE FOOTPRINT
             TABLE 108 REGION 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
                        FIGURE 47 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022
     12.8 DETAILED LIST OF KEY STARTUPS/SMES 
             TABLE 109 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUPS
             TABLE 110 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
     12.9 COMPETITIVE SCENARIOS AND TRENDS 
             12.9.1 PRODUCT LAUNCHES
                        TABLE 111 DIGITAL TWIN MARKET: PRODUCT LAUNCHES, 2020–2023
             12.9.2 DEALS
                        TABLE 112 DIGITAL TWIN MARKET: DEALS, 2020–2023
             12.9.3 OTHERS
                        TABLE 113 DIGITAL TWIN MARKET: OTHERS, 2020–2023
 
13 COMPANY PROFILES (Page No. - 205)
(Business overview, Products/Solutions/Services offered, Recent Developments, MNM view)*  
     13.1 KEY PLAYERS 
             13.1.1 GENERAL ELECTRIC
                        TABLE 114 GENERAL ELECTRIC: BUSINESS OVERVIEW
                        FIGURE 48 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 115 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.2 MICROSOFT
                        TABLE 116 MICROSOFT: BUSINESS OVERVIEW
                        FIGURE 49 MICROSOFT: COMPANY SNAPSHOT
                        TABLE 117 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.3 SIEMENS
                        TABLE 118 SIEMENS: BUSINESS OVERVIEW
                        FIGURE 50 SIEMENS: COMPANY SNAPSHOT
                        TABLE 119 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.4 AMAZON WEB SERVICES, INC. (AWS)
                        TABLE 120 AMAZON WEB SERVICES, INC.: BUSINESS OVERVIEW
                        FIGURE 51 AMAZON WEB SERVICES, INC.: COMPANY SNAPSHOT
                        TABLE 121 AMAZON WEB SERVICES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.5 DASSAULT SYSTÈMES
                        TABLE 122 DASSAULT SYSTÈMES: BUSINESS OVERVIEW
                        FIGURE 52 DASSAULT SYSTÈMES: COMPANY SNAPSHOT
                        TABLE 123 DASSAULT SYSTÈMES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.6 ANSYS, INC.
                        TABLE 124 ANSYS, INC.: BUSINESS OVERVIEW
                        FIGURE 53 ANSYS, INC.: COMPANY SNAPSHOT
                        TABLE 125 ANSYS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.7 IBM CORPORATION
                        TABLE 126 IBM CORPORATION: BUSINESS OVERVIEW
                        FIGURE 54 IBM CORPORATION: COMPANY SNAPSHOT
                        TABLE 127 IBM CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.8 PTC
                        TABLE 128 PTC: BUSINESS OVERVIEW
                        FIGURE 55 PTC: COMPANY SNAPSHOT
                        TABLE 129 PTC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.9 SAP SE
                        TABLE 130 SAP SE: BUSINESS OVERVIEW
                        FIGURE 56 SAP SE: COMPANY SNAPSHOT
                        TABLE 131 SAP SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.10 ORACLE
                        TABLE 132 ORACLE: BUSINESS OVERVIEW
                        FIGURE 57 ORACLE: COMPANY SNAPSHOT
                        TABLE 133 ORACLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.11 ROBERT BOSCH GMBH
                        TABLE 134 ROBERT BOSCH GMBH: BUSINESS OVERVIEW
                        FIGURE 58 ROBERT BOSCH GMBH: COMPANY SNAPSHOT
                        TABLE 135 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED
     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
*Details on Business overview, Products/Solutions/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies.  
 
14 ADJACENT AND RELATED MARKETS (Page No. - 272)
     14.1 INDUSTRIAL ROBOTICS MARKET 
     14.2 STUDY LIMITATIONS 
     14.3 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD 
             FIGURE 59 INDUSTRIAL ROBOTICS WITH PAYLOAD CAPACITY RANGING OF 16.01 TO 60.00 KG TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
             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)
     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
                        TABLE 140 TYPES OF INDUSTRIAL ROBOTS WITH UP TO 16. OO KG PAYLOAD CAPACITY
     14.5 16.01–60.00 KG 
             14.5.1 AUTOMOTIVE INDUSTRY TO OFFER LUCRATIVE OPPORTUNITIES FOR PLAYERS
                        TABLE 141 TYPES OF INDUSTRIAL ROBOTS WITH 16.01–60.00 KG PAYLOAD CAPACITY
     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
                        TABLE 142 TYPES OF INDUSTRIAL ROBOTS WITH 60.01–225.00 KG PAYLOAD CAPACITY
     14.7 MORE THAN 225.00 KG 
             14.7.1 STRONG FOCUS ON IMPROVING PRODUCTIVITY AND WORKPLACE SAFETY TO ACCELERATE MARKET GROWTH
                        TABLE 143 TYPES OF INDUSTRIAL ROBOTS WITH MORE THAN 225.00 KG PAYLOAD CAPACITY
 
15 APPENDIX (Page No. - 280)
     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 

 

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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Published ON
Jul, 2023
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