Global Digital Twin Market is valued at US$ 3.07 Billion in the year 2020 and is expected to reach US$ 49.1 Billion by the year 2027, growing at a CAGR of approximately 45.5%. The digital twin is a replica of a product, process, or service which can be a living or non-living entity. The pairing of physical and virtual worlds facilitates the analysis of data and monitoring of systems to predict the problems before they take place. It helps to reduce the downtime in industrial processes.
Digital twin technology allows to development opportunities and planning for future events by using virtual model simulations. The digital twin idea was developed by NASA to help in the operations and maintenance services of spacecraft that travel outside the range of physical monitoring. A company needs to gather information and use data analytics to get insights on specific business outcomes when they are thinking of deploying a digital twin technology.
The digital twin technology provides more visibility for monitoring the functioning of remotely placed equipment. The data extracted from digital twin can be used to see how the business is performing. Digital twins are mostly used in industrial IOT for monitoring machine & equipment’s structural health and conditional monitoring. For implementing digital twins, a business needs to have smart components that use different sensors to gather data in real time, which in turn can be used for analysing business processes and for predicting upcoming situations and other contextual things.
Key Players covered in the Digital Twin market:
Geographies covered:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Approach Adopted
1.3.4.1 Top-Down Approach
1.3.4.2 Bottom-Up Approach
1.3.5 Assumptions
1.4 Market Segmentation Scope
Chapter 2 Executive Summary
2.1 Market Summary
2.1.1 Global Digital Twins Market, 2016-2023, (US$ Mn)
2.1 Market Snapshot: Global Digital Twins Market
2.2 Market Dynamics
2.3 Global Digital Twins Market, by Segment, 2018
2.3.1 Global Digital Twins Market, by Twin Type, 2018, (US$ Mn)
2.3.2 Global Digital Twins Market, by Application, 2018, (US$ Mn)
2.3.3 Global Digital Twins Market, by End-user Industry, 2018 (US$ Mn)
2.3.4 Global Digital Twins Market, by Region, 2018 (US$ Mn)
2.4 Premium Insights
2.4.1 Digital Twins Market In Developed Vs. Developing Economies, 2018 vs 2023
2.4.2 Global Digital Twins Market: Regional Life Cycle Analysis
Chapter 3 Market Dynamics
3.1 Market Overview
3.2 Market Drivers
3.2.1 Rising adoption of IOT and cloud platforms
3.2.2 Potential reduction of cost in product development
3.3 Market Restraints
3.3.1 Risk associated with data security
3.4 Market Opportunities
3.4.1 Increasing craze for 3D printing and 3D simulations
3.5 Industry Value Chain Analysis
3.5.1 Analyst’s Views
3.6 Industry SWOT Analysis
Chapter 4 Global Digital Twins Market, by Twin Type
4.1 Market Overview, by Twin Type
4.1.1 Global Digital Twins Market, by Twin Type, 2016-2023 (US$ Mn)
4.1.2 Incremental Opportunity, by Twin Type, From 2018-2023
4.2 Part Twin
4.2.1 Global Digital Twins Market, by Part Twin, 2016-2023, (US$ Mn)
4.3 Product Twin
4.3.1 Global Digital Twins Market, by Product Twin, 2016-2023, (US$ Mn)
4.4 Process Twin
4.4.1 Global Digital Twins Market, by Process Twin, 2016-2023, (US$ Mn)
4.5 System Twin
4.5.1 Global Digital Twins Market, by System Twin, 2016-2023, (US$ Mn)
Chapter 5 Global Digital Twins Market, by Application
5.1 Market Overview, by Application
5.1.1 Global Digital Twins Market, by Application, 2016-2023 (US$ Mn)
5.1.2 Incremental Opportunity, by Application, From 2018-2023
5.2 Product Design and Development
5.2.1 Global Digital Twins Market, by Product Design and Development, 2016-2023, (US$ Mn)
5.3 Machine and Equipment Health Monitoring
5.3.1 Global Digital Twins Market, by Machine and Equipment Health Monitoring, 2016-2023, (US$ Mn)
5.4 Predictive Maintenance
5.4.1 Global Digital Twins Market, by Predictive Maintenance, 2016-2023, (US$ Mn)
Chapter 6 Global Digital Twins Market, by End-user Industry
6.1 Market Overview, by End-user Industry
6.1.1 Global Digital Twins Market, by End-user Industry, 2016-2023 (US$ Mn)
6.1.2 Incremental Opportunity, by End-user Industry, From 2018-2023
6.2 Automotive and Transportation
6.2.1 Global Digital Twins Market, by Automotive and Transportation, 2016-2023, (US$ Mn)
6.3 Aerospace
6.3.1 Global Digital Twins Market, by Aerospace, 2016-2023, (US$ Mn)
6.4 Healthcare
6.4.1 Global Digital Twins Market, by Healthcare, 2016-2023, (US$ Mn)
6.5 Electrical and electronics manufacturing
6.5.1 Global Digital Twins Market, by Electrical and electronics manufacturing, 2016-2023, (US$ Mn)
6.6 Retail and Consumer Goods
6.6.1 Global Digital Twins Market, by Retail and Consumer Goods, 2016-2023, (US$ Mn)
6.7 Others
6.7.1 Global Digital Twins Market, by Others, 2016-2023, (US$ Mn)
Chapter 7 Global Digital Twins Market, by Region
7.1 Market Overview, by Region
7.1.1 Global Digital Twins Market, by Region, 2016-2023, (US$ Mn)
7.2 Attractive Investment Opportunity, by Region, 2018
7.3 North America Digital Twins Market
7.3.1 North America Digital Twins Market, by Twin Type, 2016-2023 (US$ Mn)
7.3.2 North America Digital Twins Market, by Application, 2016-2023 (US$ Mn)
7.3.3 North America Digital Twins Market, by End-user Industryr, 2016-2023 (US$ Mn)
7.3.4 United States Country Profile
7.3.4.1 United States Digital Twins Market, 2016-2023 (US$ Mn)
7.3.5 Canada Country Profile
7.3.5.1 Canada Digital Twins Market, 2016-2023 (US$ Mn)
7.3.6 Mexico Country Profile
7.3.6.1 Mexico Digital Twins Market, 2016-2023 (US$ Mn)
7.4 Europe Digital Twins Market
7.4.1 Europe Digital Twins Market, by Twin Type, 2016-2023 (US$ Mn)
7.4.2 Europe Digital Twins Market, by Application, 2016-2023 (US$ Mn)
7.4.3 Europe Digital Twins Market, by End-user Industryr, 2016-2023 (US$ Mn)
7.4.4 United Kingdom Country Profile
7.4.4.1 United Kingdom Digital Twins Market, 2016-2023 (US$ Mn)
7.4.5 Germany Country Profile
7.4.5.1 Germany Digital Twins Market, 2016-2023 (US$ Mn)
7.4.6 France Country Profile
7.4.6.1 France Digital Twins Market, 2016-2023 (US$ Mn)
7.4.7 Italy Country Profile
7.4.7.1 Italy Digital Twins Market, 2016-2023 (US$ Mn)
7.4.8 Spain Country Profile
7.4.8.1 Spain Digital Twins Market, 2016-2023 (US$ Mn)
7.4.9 Rest of Europe
7.4.9.1 Rest of Europe Digital Twins Market, 2016-2023 (US$ Mn)
7.5 Asia Pacific Digital Twins Market
7.5.1 Asia Pacific Digital Twins Market, by Twin Type, 2016-2023 (US$ Mn)
7.5.2 Asia Pacific Digital Twins Market, by Application, 2016-2023 (US$ Mn)
7.5.3 Asia Pacific Digital Twins Market, by End-user Industryr, 2016-2023 (US$ Mn)
7.5.4 China Country Profile
7.5.4.1 China Digital Twins Market, 2016-2023 (US$ Mn)
7.5.5 Japan Country Profile
7.5.5.1 Japan Digital Twins Market, 2016-2023 (US$ Mn)
7.5.6 India Country Profile
7.5.6.1 India Digital Twins Market, 2016-2023 (US$ Mn)
7.5.7 Indonesia Country Profile
7.5.7.1 Indonesia Digital Twins Market, 2016-2023 (US$ Mn)
7.5.8 Thailand Country Profile
7.5.8.1 Thailand Digital Twins Market, 2016-2023 (US$ Mn)
7.5.9 Rest of Asia Pacific
7.5.9.1 Rest of Asia Pacific Digital Twins Market, 2016-2023 (US$ Mn)
7.6 Latin America Digital Twins Market
7.6.1 Latin America Digital Twins Market, by Twin Type, 2016-2023 (US$ Mn)
7.6.2 Latin America Digital Twins Market, by Application, 2016-2023 (US$ Mn)
7.6.3 Latin America Digital Twins Market, by End-user Industryr, 2016-2023 (US$ Mn)
7.6.4 Brazil Country Profile
7.6.4.1 Brazil Digital Twins Market, 2016-2023 (US$ Mn)
7.6.5 Argentina Country Profile
7.6.5.1 Argentina Digital Twins Market, 2016-2023 (US$ Mn)
7.6.6 Rest of Latin America
7.6.6.1 Rest of Latin America Digital Twins Market, 2016-2023 (US$ Mn)
7.7 Middle East & Africa Digital Twins Market
7.7.1 Middle East & Africa Digital Twins Market, by Twin Type, 2016-2023 (US$ Mn)
7.7.2 Middle East & Africa Digital Twins Market, by Application, 2016-2023 (US$ Mn)
7.7.3 Middle East & Africa Digital Twins Market, by End-user Industryr, 2016-2023 (US$ Mn)
7.7.4 Southern Africa
7.7.4.1 Southern Africa Digital Twins Market, 2016-2023 (US$ Mn)
7.7.5 Northern Africa
7.7.5.1 Northern Africa Digital Twins Market, 2016-2023 (US$ Mn)
7.7.6 GCC
7.7.6.1 GCC Digital Twins Market, 2016-2023 (US$ Mn)
7.7.7 Rest of Middle East & Africa
7.7.7.1 Rest of Middle East & Africa Digital Twins Market, 2016-2023 (US$ Mn)
Chapter 8 Competitive Intelligence
8.1 Introduction
8.2 Players Evaluated During the Study
8.3 Market Players Present in Market Life Cycle
8.4 Top 5 Players Comparison
8.5 Market Positioning of Key Players, 2018
8.6 Market Players Mapping
8.6.1 By Twin Type
8.6.2 By Application
8.6.3 By End-user Industryr
8.6.4 By Region
8.7 Strategies Adopted by Key Market Players
8.8 Recent Developments in the Market
8.8.1 Mergers & Acquisitions, Partnership, New Product Developments
8.9 Operational Efficiency Comparison by Key Players
Chapter 9 Company Profiles
9.1 IBM Corporation
9.1.1 IBM Corporation Overview
9.1.2 Key Stakeholders/Person in IBM Corporation
9.1.3 IBM Corporation Products Portfolio
9.1.4 IBM Corporation Financial Overview
9.1.5 IBM Corporation News/Recent Developments
9.2 Microsoft Corporation
9.2.1 Microsoft Corporation Overview
9.2.2 Key Stakeholders/Person in Microsoft Corporation
9.2.3 Microsoft Corporation Products Portfolio
9.2.4 Microsoft Corporation Financial Overview
9.2.5 Microsoft Corporation News/Recent Developments
9.3 Oracle Corporation
9.3.1 Oracle Corporation Overview
9.3.2 Key Stakeholders/Person in Oracle Corporation
9.3.3 Oracle Corporation Products Portfolio
9.3.4 Oracle Corporation Financial Overview
9.3.5 Oracle Corporation News/Recent Developments
9.4 General Electric
9.4.1 General Electric Overview
9.4.2 Key Stakeholders/Person in General Electric
9.4.3 General Electric Products Portfolio
9.4.4 General Electric Financial Overview
9.4.5 General Electric News/Recent Developments
9.5 Cisco Systems Inc.
9.5.1 Cisco Systems Inc. Overview
9.5.2 Key Stakeholders/Person in Cisco Systems Inc.
9.5.3 Cisco Systems Inc. Products Portfolio
9.5.4 Cisco Systems Inc. Financial Overview
9.5.5 Cisco Systems Inc. News/Recent Developments
9.6 PTC Inc.
9.6.1 PTC Inc. Overview
9.6.2 Key Stakeholders/Person in PTC Inc.
9.6.3 PTC Inc. Products Portfolio
9.6.4 PTC Inc. Financial Overview
9.6.5 PTC Inc. News/Recent Developments
9.7 Ansys Inc.
9.7.1 Ansys Inc. Overview
9.7.2 Key Stakeholders/Person in Ansys Inc.
9.7.3 Ansys Inc. Products Portfolio
9.7.4 Ansys Inc. Financial Overview
9.7.5 Ansys Inc. News/Recent Developments
9.8 Dassault Systemes
9.8.1 Dassault Systemes Overview
9.8.2 Key Stakeholders/Person in Dassault Systemes
9.8.3 Dassault Systemes Products Portfolio
9.8.4 Dassault Systemes Financial Overview
9.8.5 Dassault Systemes News/Recent Developments
9.9 Siemens AG
9.9.1 Siemens AG Overview
9.9.2 Key Stakeholders/Person in Siemens AG
9.9.3 Siemens AG Products Portfolio
9.9.4 Siemens AG Financial Overview
9.9.5 Siemens AG News/Recent Developments
9.10 Robert Bosch GmbH
9.10.1 Robert Bosch GmbH Overview
9.10.2 Key Stakeholders/Person in Robert Bosch GmbH
9.10.3 Robert Bosch GmbH Products Portfolio
9.10.4 Robert Bosch GmbH Financial Overview
9.10.5 Robert Bosch GmbH News/Recent Developments
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