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Report
Digital Twin Market by Enterprise, Application (Predictive Maintenance, Business optimization), Industry (Aerospace, Automotive & Transportation, Healthcare, Infrastructure, Energy & Utilities) and Geography - Global Forecast to 2027
Market Report I 2022-07-01 I 280 Pages I MarketsandMarkets
The digital twin market is expected to grow from USD 6.9 billion in 2022 to USD 73.5 billion by 2027, at a CAGR of 60.6% during the forecast period. rising emphasis on digital twins in manufacturing industries to reduce cost and improve supply chain operationsis driving the market for digital twin. Owing toincreasing demand for digital twin from healthcare industry, the market for digital twin is expected accelerate further. Furthermore, high investments associated with implementation of digital twin technology; and susceptibility of digital twin to cyberattacks are major restraints to the market.
"The digital twin market for healthcare industryis expected to grow at highest CAGR during the forecast period"
The digital twin market for healthcare industry is expected to grow at highest CAGR during the forecast period. In healthcare, digital twins are used to create a patient's digital twin that captures continuous data from the individual concerning various vitals, medical conditions, drug and therapy responses, and the surrounding ecosystem. Each patient's historical and real-time data aids the ML algorithm in predicting future health issues. The model alerts the patient for prescriptions, dietary habit modifications, and medical consultation based on the patient's lifestyle, daily food habits, and blood sugar data. Digital twin uses AI-powered models to generate more tailored and better treatment plans based on a significant amount of rich data from multiple internet of medical things (IoMT) devices. Using insights from each patient's unique digital twin, the proper therapy may be determined, the success of a given procedure can be predicted, and chronic diseases can be managed.
"Predictive maintenance segmentis expected to dominate the digital twin market throughout the forecast period"
The predictive maintenance application is expected to account for the largest size of the digital twin market throughout the forecast period. Digital twin can help in prediction of failures on the basis of real-time data collection and enable just-in-time repair of components,if possible. This method not only replaces components on the verge of failure but also increases component lifetime by decreasing unscheduled maintenance and labor expenses. Businesses can save money and gain a competitive advantage by taking this approach.In the aerospace business, digital twins facilitate predictive analysis and fault diagnosis of jet engines. Digital twins are used in the aerospace sector to reduce unplanned downtime for engines and other systems. Similarly, with digital twin, building maintenance businesses are able to accurately forecast when and for how long certain components of a ventilation system will be in operation, if they behave as predicted, and whether or not it will be essential to replace a filter, for example. This allows for optimal technician scheduling as well as automatic ordering of essential replacement components a few weeks ahead of time.
"Digital twin market in North America region to register highest CAGR between 2022 and 2027"
The digital twin market in North America is expected to grow at the highest CAGR during the forecast period. Further, North America is also expected to account for the largest share of digital twin market throughout the forecast period. North America accounted for ~38% of the digital twin market in 2021. The region is a major provider as well user ofdigital twin technology and is expected to provide ample growth opportunities for the digital twin providers in the market. It is one of the fastest-growing regions in terms of development and technological adoption. Increased R&D in the field of the IoT and IIoT and surging demand for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth. Further, the adoption of automation and enabling technologies in the above-mentioned industries is rising owing to the need to gain real-time dataand visibility into production activities. Key factors driving growth in this region are rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain, and R&Dinvestments by manufacturers to drive innovation in their manufacturing processes.
Breakdown of primaries
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the digital twinmarketspace. The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1- 45%, Tier 2- 25%, and Tier 3 - 30%
- By Designation: C-level Executives- 50%, Directors- 30%, and Others - 20%
- By Region:North America-45%,Europe- 35%, Asia Pacific - 10%,and Rest of the World- 10%
Key players in the digital twin market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systemes (France), PTC (US), Robert Bosch (Germany), Oracle (US), DNV (Norway), Autodesk (US), SAP (Germany), Emerson (US), ABB (Switzerland), Honeywell (US), IBM (US), Johnson Controls (Ireland), Schneider Electric (France), Software AG (Germany), NavVis (Germany), Bentley Systems (US), Altair (US), SWIM AI (US), River Logic (US), and ANDRITZ (Austria). SMEs/startups covered in the study are Sight Machine (US), Sensat(UK), Cosmo Tech (France), Artemis Technologies (Ireland), FEops(Belgium), Pratiti Technologies (India), QiO Technologies (UK), VEERUM (Canada), Datumix(US), synavision(Germany), Petra Sata Science (Australia), MEIK LABS (US), DigitalTwin Technology(Germany), TWAICE Technologies (Germany), Allvision Io (US), and HASH (UK).
Research Coverage:
The report describes the detailed information regarding the major factors such as drivers, restraints, challenges, and opportunities influencing the growth of the digital twin market. It also includes technology trends, trade data, and patent analysis. This research report categorizes the digital market based on enterprise, application, industry, and region. A detailed analysis of the key industry players was carried out to provide insights into their business overviews; products/solutions offered; key strategies adopted that include new product launches, deals (mergers, acquisitions, partnerships, cooperation, alliances, collaborations, agreements, contracts, and investments), and others (expansions),and COVID-19 impact ondigital twin market.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the digital twinmarket comprehensively and provides the closest market size projectionfor allsubsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitorsbetter and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
4. The analysis of the top 25 companies, based onmarket share/rank as well asthe product footprint will help stakeholdersvisualize the market positioning of these key players.
5. Patent analysis, trade data,pricing analysis, and technological trends that will shape the market in the coming years has also been covered in this report.
1 INTRODUCTION 28
1.1 STUDY OBJECTIVES 28
1.2 DEFINITION 28
1.2.1 INCLUSIONS AND EXCLUSIONS 29
1.3 STUDY SCOPE 30
1.3.1 MARKETS COVERED 30
FIGURE 1 DIGITAL TWIN MARKET: SEGMENTATION 30
1.3.2 REGIONAL SCOPE 30
1.3.3 YEARS CONSIDERED 31
1.4 CURRENCY 31
1.5 LIMITATIONS 31
1.6 STAKEHOLDERS 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN 34
2.1.1 SECONDARY DATA AND PRIMARY RESEARCH 34
FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH 35
2.1.2 SECONDARY DATA 36
2.1.2.1 Major secondary sources 36
2.1.2.2 Key data from secondary sources 36
2.1.3 PRIMARY DATA 37
2.1.3.1 Primary interviews with experts 37
2.1.3.2 Primary sources 38
2.1.3.3 Key industry insights 39
2.1.3.4 Breakdown of primary interviews 39
2.2 MARKET SIZE ESTIMATION 40
2.2.1 BOTTOM-UP APPROACH 40
2.2.1.1 Approach to arrive at market size using bottom-up analysis (demand side) 40
FIGURE 4 BOTTOM-UP APPROACH 41
2.2.2 TOP-DOWN APPROACH 41
2.2.2.1 Approach to arrive at market size using bottom-up analysis (supply side) 41
FIGURE 5 TOP-DOWN APPROACH 41
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE) REVENUE GENERATED BY COMPANIES IN DIGITAL TWIN MARKET 42
2.3 DATA TRIANGULATION 42
FIGURE 7 DIGITAL TWIN MARKET: DATA TRIANGULATION 43
2.4 ASSUMPTIONS 44
2.5 LIMITATIONS 44
2.6 RISK ASSESSMENT 45
3 EXECUTIVE SUMMARY 46
FIGURE 8 PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST SHARE OF DIGITAL TWIN MARKET, BY APPLICATION, DURING FORECAST PERIOD 47
FIGURE 9 SMALL & MEDIUM ENTERPRISES SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 47
FIGURE 10 HEALTHCARE INDUSTRY TO REGISTER HIGHEST CAGR IN DIGITAL TWIN MARKET FROM 2022 TO 2027 48
FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF DIGITAL TWIN MARKET IN 2021 49
4 PREMIUM INSIGHTS 50
4.1 DIGITAL TWIN MARKET OVERVIEW 50
FIGURE 12 RISING EMPHASIS ON DIGITAL TWIN IN MANUFACTURING TO FUEL MARKET GROWTH 50
4.2 DIGITAL TWIN MARKET, BY APPLICATION 50
FIGURE 13 PREDICTIVE MAINTENANCE APPLICATION TO HOLD LARGEST SHARE OF DIGITAL TWIN MARKET DURING FORECAST PERIOD 50
4.3 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY AND COUNTRY 51
FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO ACCOUNT FOR LARGEST SHARE OF NORTH AMERICA DIGITAL TWIN MARKET IN 2022 51
4.4 DIGITAL TWIN MARKET, BY INDUSTRY 52
FIGURE 15 HEALTHCARE INDUSTRY TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 52
4.5 DIGITAL TWIN MARKET, BY COUNTRY 52
FIGURE 16 US TO DOMINATE GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD 52
5 MARKET OVERVIEW 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 53
FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 54
5.2.1 DRIVERS 55
FIGURE 18 IMPACT OF DRIVERS ON DIGITAL TWIN MARKET 55
5.2.1.1 Rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain operations 55
5.2.1.2 Increasing demand for digital twin from healthcare industry 56
5.2.1.3 Growing focus of industries on predictive maintenance 57
5.2.2 RESTRAINTS 58
FIGURE 19 IMPACT OF RESTRAINTS ON DIGITAL TWIN MARKET 58
5.2.2.1 High investments associated with implementation of digital twin technology 58
5.2.2.2 Susceptibility of digital twin to cyberattacks 59
5.2.3 OPPORTUNITIES 60
FIGURE 20 IMPACT OF OPPORTUNITIES ON DIGITAL TWIN MARKET 60
5.2.3.1 Rising emphasis on advanced real-time data analytics 60
5.2.3.2 Increasing adoption of Industry 4.0 principles 61
5.2.3.3 Development of human-centered digital twins 62
5.2.4 CHALLENGES 62
FIGURE 21 IMPACT OF CHALLENGES ON DIGITAL TWIN MARKET 62
5.2.4.1 Complexities associated with data collection and mathematical models 63
5.2.4.2 Shortage of skilled workforce and limited awareness regarding cost-saving benefits offered by digital twins 63
5.3 VALUE CHAIN ANALYSIS 64
FIGURE 22 VALUE CHAIN ANALYSIS: DIGITAL TWIN MARKET 64
5.3.1 PLANNING AND REVISING FUNDS 64
5.3.2 RESEARCH AND DEVELOPMENT 65
5.3.3 SOFTWARE DESIGN, FRAMEWORK, AND DEVELOPMENT 65
5.3.4 PRODUCTS/SOLUTIONS PROVIDERS 65
5.3.5 END-USER INDUSTRIES AND AFTER-SALES SERVICE PROVIDERS 65
5.4 ECOSYSTEM 66
FIGURE 23 DIGITAL TWIN ECOSYSTEM 66
TABLE 1 LIST OF COMPANIES AND THEIR ROLE IN DIGITAL TWIN ECOSYSTEM 67
5.5 PRICING ANALYSIS 68
5.5.1 AVERAGE SELLING PRICE, BY APPLICATION (KEY PLAYERS) 68
FIGURE 24 AVERAGE SELLING PRICES OF PRODUCTS/SOLUTIONS, BY TOP THREE REGION (KEY PLAYERS) 69
TABLE 2 AVERAGE SELLING PRICES OF PRODUCTS/SOLUTIONS, BY TOP THREE REGION (KEY PLAYERS) 69
5.5.2 AVERAGE SELLING PRICE TREND 70
FIGURE 25 DIGITAL TWIN MARKET: DIGITAL TWIN SOLUTION BUDGET TREND 71
5.6 TRENDS IMPACTING CUSTOMERS' BUSINESSES 71
FIGURE 26 REVENUE SHIFT IN DIGITAL TWIN MARKET 72
5.7 TECHNOLOGY TRENDS 72
FIGURE 27 DIGITAL TWIN AND RELATED TECHNOLOGIES 73
5.7.1 IOT AND IIOT 73
5.7.2 ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML) 74
5.7.3 EXTENDED REALITY: AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY 75
5.7.4 5G 75
5.7.5 CLOUD COMPUTING AND EDGE COMPUTING 76
5.7.6 BLOCKCHAIN 76
5.8 DIGITAL TWIN MARKET: PORTER'S FIVE FORCES ANALYSIS 78
FIGURE 28 PORTER'S FIVE FORCES ANALYSIS 78
TABLE 3 DIGITAL TWIN MARKET: PORTER'S FIVE FORCES ANALYSIS 78
5.8.1 THREAT OF NEW ENTRANTS 79
5.8.2 THREAT OF SUBSTITUTES 79
5.8.3 BARGAINING POWER OF BUYERS 79
5.8.4 BARGAINING POWER OF SUPPLIERS 80
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 80
5.9 KEY STAKEHOLDERS & BUYING CRITERIA 81
5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 81
FIGURE 29 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES 81
TABLE 4 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES (%) 81
5.9.2 BUYING CRITERIA 82
FIGURE 30 KEY BUYING CRITERIA FOR TOP THREE END-USER INDUSTRIES 82
TABLE 5 KEY BUYING CRITERIA FOR TOP THREE END-USER INDUSTRIES 82
5.10 CASE STUDIES 83
5.10.1 USE CASE: AEROSPACE 83
TABLE 6 INTEGRATING DIGITAL TWIN WITH AI-BASED PREDICTIVE MAINTENANCE INTO AIRCRAFT FLEETS 83
5.10.2 USE CASE: AUTOMOTIVE 84
TABLE 7 OPTIMIZATION OF AUTOMATED GUIDED VEHICLE LOGISTICS WITH DIGITAL TWIN PLATFORM 84
5.10.3 USE CASE: ENERGY & UTILITIES 85
TABLE 8 DOOSAN OPTIMIZED ENERGY OUTPUT IN WIND FARMS WITH AZURE DIGITAL TWINS 85
5.10.4 USE CASE: HEALTHCARE 86
TABLE 9 DIGITAL TWIN OF HUMAN BODY AND BODY ORGANS IMPROVES DRUG TREATMENT 86
5.10.5 USE CASE: INFRASTRUCTURE 87
TABLE 10 TEMPLE UNIVERSITY USED SMART BUILDING DIGITAL TWIN FOR OPTIMIZING OPERATIONS ACROSS UNIVERSITY 87
5.11 TRADE ANALYSIS 87
5.11.1 IMPORT SCENARIO 88
5.11.1.1 Import scenario for digital twin ecosystem 88
FIGURE 31 IMPORT DATA FOR HS CODE 851769 FOR TOP COUNTRIES, 2017-2021 (USD MILLION) 88
5.11.2 EXPORT SCENARIO 89
5.11.2.1 Export scenario for digital twin market 89
FIGURE 32 EXPORT DATA FOR HS CODE 851769 FOR TOP COUNTRIES, 2017-2021 (USD MILLION) 89
5.12 PATENT ANALYSIS 90
TABLE 11 TOP 15 PATENT OWNERS IN LAST 10 YEARS (2012-2021) 90
TABLE 12 PATENTS FILED FOR DIGITAL TWIN, 2021 91
FIGURE 33 DIGITAL TWIN PATENTS FROM 2012 TO 2021 94
FIGURE 34 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2012-2021 95
5.13 KEY CONFERENCES & EVENTS TO BE HELD DURING 2022-2023 96
TABLE 13 DIGITAL TWIN MARKET: DETAILED LIST OF CONFERENCES & EVENTS 96
5.14 TARIFFS AND REGULATIONS 97
5.14.1 TARIFFS 97
TABLE 14 US: MFN TARIFFS FOR PRODUCTS WITH HS CODE 851769 (INCLUDING IOT & IIOT), BY KEY COUNTRY 97
TABLE 15 CHINA: FOR PRODUCTS WITH HS CODE 851769 (INCLUDING IOT & IIOT), BY KEY COUNTRY 98
5.14.1.1 Positive impact of tariffs on digital twin ecosystem 98
5.14.1.2 Negative impact of tariffs on digital twin ecosystem 98
5.14.2 REGULATIONS AND STANDARDS 99
5.14.2.1 Regulatory bodies, government agencies & other organizations 99
5.14.2.2 Major standards and regulations 99
FIGURE 35 VARIOUS STANDARDS & REGULATIONS FOR DIGITAL TWIN 99
TABLE 16 DIGITAL TWIN: STANDARDS AND REGULATIONS 99
6 DIGITAL TWIN MARKET, BY USAGE TYPE 102
6.1 INTRODUCTION 102
FIGURE 36 DIGITAL TWIN MARKET, BY USAGE TYPE 102
6.2 COMPONENT DIGITAL TWIN 103
6.3 PRODUCT DIGITAL TWIN 103
6.4 PROCESS DIGITAL TWIN 103
6.5 SYSTEM DIGITAL TWIN 104
7 DIGITAL TWIN MARKET, BY ENTERPRISE 105
7.1 INTRODUCTION 106
FIGURE 37 DIGITAL TWIN MARKET, BY ENTERPRISE 106
FIGURE 38 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 107
TABLE 17 DIGITAL TWIN MARKET, BY ENTERPRISE, 2018-2021 (USD MILLION) 107
TABLE 18 DIGITAL TWIN MARKET, BY ENTERPRISE, 2022-2027 (USD MILLION) 107
7.2 LARGE ENTERPRISES 108
7.2.1 LARGE ENTERPRISES USE DIGITAL TWIN FOR TRACKING ASSETS THROUGHOUT SUPPLY CHAIN 108
TABLE 19 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 109
TABLE 20 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 109
7.3 SMALL & MEDIUM-SIZED ENTERPRISES 110
7.3.1 SMES ADOPT DIGITAL TWIN TO GAIN COMPETITIVE ADVANTAGE OVER ESTABLISHED PLAYERS 110
TABLE 21 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 110
TABLE 22 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 111
8 DIGITAL TWIN MARKET, BY APPLICATION 112
8.1 INTRODUCTION 113
FIGURE 39 DIGITAL TWIN MARKET, BY APPLICATION 113
FIGURE 40 PREDICTIVE MAINTENANCE SEGMENT TO ACCOUNT FOR LARGEST SIZE OF DIGITAL TWIN MARKET DURING FORECAST PERIOD 114
TABLE 23 DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 114
TABLE 24 DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 115
8.2 PRODUCT DESIGN & DEVELOPMENT 115
8.2.1 DIGITAL TWIN HELPS IN PRODUCT DESIGN & DEVELOPMENT BY MONITORING KEY PERFORMANCE INDICATORS IN REAL TIME 115
TABLE 25 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 116
TABLE 26 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 116
8.3 PERFORMANCE MONITORING 117
8.3.1 PERFORMANCE MONITORING OPTIMIZES OPERATIONAL DOWNTIME, TRIGGERS PRE-EMPTIVE MAINTENANCE, AND MITIGATES COSTLY FAILURES 117
TABLE 27 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, 2018-2021 (USD MILLION) 117
TABLE 28 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 118
8.4 PREDICTIVE MAINTENANCE 118
8.4.1 DIGITAL TWIN PREDICTS FAILURES BASED ON REAL-TIME DATA COLLECTION 118
TABLE 29 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 119
TABLE 30 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 120
8.5 INVENTORY MANAGEMENT 120
8.5.1 DIGITAL TWINS AID END USERS IN INVENTORY OPTIMIZATION ACROSS ENTIRE NETWORK 120
TABLE 31 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 121
TABLE 32 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 122
8.6 BUSINESS OPTIMIZATION 122
8.6.1 BUSINESS OPTIMIZATION APPLICATION TO REGISTER HIGHEST GROWTH IN DIGITAL TWIN MARKET DURING FORECAST PERIOD 122
TABLE 33 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 123
TABLE 34 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 123
8.7 OTHER APPLICATIONS 124
TABLE 35 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY 2018-2021 (USD MILLION) 125
TABLE 36 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY 2022-2027 (USD MILLION) 125
9 DIGITAL TWIN MARKET, BY INDUSTRY 126
9.1 INTRODUCTION 127
FIGURE 41 DIGITAL TWIN MARKET, BY INDUSTRY 127
FIGURE 42 HEALTHCARE SEGMENT EXPECTED TO GROW AT HIGHEST CAGR IN DIGITAL TWIN MARKET DURING FORECAST PERIOD 128
TABLE 37 DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 128
TABLE 38 DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 129
9.2 AEROSPACE 130
9.2.1 AEROSPACE INDUSTRY LEVERAGES DIGITAL TWIN FOR PRODUCT DESIGNING & DEVELOPMENT, AND MAINTENANCE PURPOSES 130
TABLE 39 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 130
TABLE 40 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 131
TABLE 41 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 131
TABLE 42 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 131
9.3 AUTOMOTIVE & TRANSPORTATION 132
9.3.1 AUTOMOTIVE & TRANSPORTATION INDUSTRY USES DIGITAL TWIN FOR PRODUCT DESIGN & DEVELOPMENT 132
TABLE 43 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 133
TABLE 44 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 133
TABLE 45 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 133
TABLE 46 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 134
9.4 INFRASTRUCTURE 134
9.4.1 INITIATION OF SMART CITY PROJECTS TO PROPEL DIGITAL TWIN MARKET GROWTH 134
TABLE 47 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 135
TABLE 48 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 135
TABLE 49 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 136
TABLE 50 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 136
9.5 HEALTHCARE 137
9.5.1 GROWING TREND OF DIGITALIZATION IN HEALTHCARE TO BOOST ADOPTION OF DIGITAL TWIN TECHNOLOGY 137
TABLE 51 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 138
FIGURE 43 PREDICTIVE MAINTENANCE APPLICATION TO ACCOUNT FOR LARGEST SHARE OF DIGITAL TWIN MARKET FOR HEALTHCARE DURING FORECAST PERIOD 138
TABLE 52 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 139
TABLE 53 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 139
TABLE 54 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 139
9.6 ENERGY & UTILITIES 140
9.6.1 DIGITAL TWIN HELPS UTILITIES TO IMPROVE PRODUCTIVITY AND EMERGENCY RESPONSE 140
TABLE 55 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 141
TABLE 56 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 141
TABLE 57 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 141
TABLE 58 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 142
9.7 OIL & GAS 142
9.7.1 OIL & GAS INDUSTRY USES DIGITAL TWIN FOR PREDICTIVE MAINTENANCE 142
TABLE 59 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 143
TABLE 60 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 143
TABLE 61 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 143
TABLE 62 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 144
9.8 AGRICULTURE 144
9.8.1 FOCUS ON REAL-TIME MONITORING OF CROPS AND AGRICULTURAL MACHINES TO BOOST DIGITAL TWIN ADOPTION 144
TABLE 63 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 145
TABLE 64 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 145
TABLE 65 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 145
TABLE 66 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 146
9.9 TELECOMMUNICATIONS 146
9.9.1 5G COMMERCIALIZATION WOULD FUEL DEMAND FOR DIGITAL TWIN IN TELECOMMUNICATIONS 146
TABLE 67 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 147
TABLE 68 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 147
TABLE 69 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 147
TABLE 70 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 148
9.10 RETAIL 148
9.10.1 DIGITAL TWIN ENABLES TRACKING OF PRODUCT ACROSS SUPPLY CHAIN FOR INVENTORY MANAGEMENT 148
TABLE 71 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 149
TABLE 72 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 149
TABLE 73 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 149
TABLE 74 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 150
9.11 OTHER INDUSTRIES 150
TABLE 75 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2018-2021 (USD MILLION) 151
TABLE 76 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2022-2027 (USD MILLION) 152
TABLE 77 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 152
TABLE 78 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 152
10 REGIONAL ANALYSIS 153
10.1 INTRODUCTION 154
FIGURE 44 DIGITAL TWIN MARKET IN CHINA TO REGISTER HIGHEST CAGR FROM 2022 TO 2027 154
FIGURE 45 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 155
TABLE 79 DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 155
TABLE 80 DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 155
10.2 NORTH AMERICA 156
FIGURE 46 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT 157
TABLE 81 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2018-2021 (USD MILLION) 157
TABLE 82 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2022-2027 (USD MILLION) 158
TABLE 83 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 158
TABLE 84 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 159
TABLE 85 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018-2021 (USD MILLION) 159
TABLE 86 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022-2027 (USD MILLION) 159
10.2.1 US 160
10.2.1.1 Increasing demand from automotive and transportation industries drives digital twin market 160
10.2.2 CANADA 161
10.2.2.1 Growing adoption of renewables and advanced technologies to boost demand for digital twin 161
10.2.3 MEXICO 161
10.2.3.1 Government initiatives for developing automotive and energy & utilities industries to support digital twin market 161
10.3 EUROPE 162
FIGURE 47 EUROPE: DIGITAL TWIN MARKET SNAPSHOT 163
TABLE 87 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2018-2021 (USD MILLION) 164
TABLE 88 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2022-2027 (USD MILLION) 164
TABLE 89 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 164
TABLE 90 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 165
TABLE 91 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018-2021 (USD MILLION) 165
TABLE 92 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022-2027 (USD MILLION) 165
10.3.1 GERMANY 166
10.3.1.1 Rising production of EVs to support digital twin market expansion 166
10.3.2 FRANCE 167
10.3.2.1 Growing investments in vehicle manufacturing to boost demand for digital twins 167
10.3.3 UK 167
10.3.3.1 Steady development of renewable energy infrastructure and adoption of 5G and IoT to drive market growth 167
10.3.4 REST OF EUROPE 168
10.4 ASIA PACIFIC 168
FIGURE 48 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT 170
TABLE 93 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2018-2021 (USD MILLION) 171
TABLE 94 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2022-2027 (USD MILLION) 171
TABLE 95 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 171
TABLE 96 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 172
TABLE 97 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018-2021 (USD MILLION) 172
TABLE 98 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022-2027 (USD MILLION) 172
10.4.1 CHINA 173
10.4.1.1 Rapid adoption of Industry 4.0 principles to propel market growth in China 173
10.4.2 JAPAN 173
10.4.2.1 Heightened focus on incorporation of advanced technologies in manufacturing to fuel market growth 173
10.4.3 INDIA 174
10.4.3.1 Rising government initiatives for smart manufacturing to boost digital twin market in India 174
10.4.4 SOUTH KOREA 175
10.4.4.1 Increasing government investments in advanced manufacturing practices to spur market growth 175
10.4.5 REST OF ASIA PACIFIC 175
10.5 REST OF THE WORLD 176
FIGURE 49 REST OF THE WORLD: DIGITAL TWIN MARKET SNAPSHOT 176
TABLE 99 REST OF THE WORLD: DIGITAL TWIN MARKET, BY REGION, 2018-2021 (USD MILLION) 177
TABLE 100 REST OF THE WORLD: DIGITAL TWIN MARKET, BY REGION, 2022-2027 (USD MILLION) 177
TABLE 101 REST OF THE WORLD: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 177
TABLE 102 REST OF THE WORLD: DIGITAL TWIN MARKET, BY INDUSTRY, 2022-2027 (USD MILLION) 178
TABLE 103 REST OF THE WORLD: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018-2021 (USD MILLION) 178
TABLE 104 REST OF THE WORLD: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022-2027 (USD MILLION) 178
10.5.1 SOUTH AMERICA 179
10.5.1.1 Surging adoption of IIoT in mining and other industries to drive digital twin market 179
10.5.2 MIDDLE EAST 179
TABLE 105 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2018-2021 (USD MILLION) 179
TABLE 106 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2022-2027 (USD MILLION) 180
10.5.2.1 Saudi Arabia 180
10.5.2.1.1 Implementation of advanced technologies in oil & gas and other industries to augment market growth 180
10.5.2.2 UAE 181
10.5.2.2.1 Government initiatives to promote smart manufacturing to increase demand for digital twin in UAE 181
10.5.2.3 Rest of the Middle East 181
10.5.3 AFRICA 182
10.5.3.1 Demand from energy & utilities industry to underpin market growth in Africa 182
11 COMPETITIVE LANDSCAPE 183
11.1 OVERVIEW 183
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 183
TABLE 107 OVERVIEW OF STRATEGIES DEPLOYED BY DIGITAL TWIN COMPANIES 183
11.2.1 PRODUCT/SOLUTION PORTFOLIO 184
11.2.2 REGIONAL FOCUS 184
11.2.3 INDUSTRY FOOTPRINT 185
11.2.4 ORGANIC/INORGANIC PLAY 185
11.3 TOP COMPANY REVENUE ANALYSIS 185
FIGURE 50 DIGITAL TWIN MARKET: REVENUE ANALYSIS OF TOP COMPANIES, 2017-2021 185
11.4 MARKET SHARE ANALYSIS, 2021 186
TABLE 108 DEGREE OF COMPETITION, DIGITAL TWIN MARKET (2021) 186
11.5 COMPANY EVALUATION QUADRANT, 2021 188
11.5.1 STAR 188
11.5.2 EMERGING LEADER 189
11.5.3 PERVASIVE 189
11.5.4 PARTICIPANT 189
FIGURE 51 DIGITAL TWIN MARKET: COMPANY EVALUATION QUADRANT, 2021 190
11.6 STARTUP/SME EVALUATION QUADRANT, 2021 191
11.6.1 PROGRESSIVE COMPANIES 191
11.6.2 RESPONSIVE COMPANIES 191
11.6.3 DYNAMIC COMPANIES 191
11.6.4 STARTING BLOCKS 191
FIGURE 52 DIGITAL TWIN MARKET, STARTUPS/SME EVALUATION QUADRANT, 2021 192
11.7 DIGITAL TWIN MARKET: COMPANY FOOTPRINT (25 COMPANIES) 193
TABLE 109 COMPANY FOOTPRINT 193
TABLE 110 COMPANY INDUSTRY FOOTPRINT (25 COMPANIES) 194
TABLE 111 COMPANY ENTERPRISE FOOTPRINT (25 COMPANIES) 195
TABLE 112 COMPANY REGION FOOTPRINT (25 COMPANIES) 196
11.8 COMPETITIVE BENCHMARKING 197
TABLE 113 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUP/SMES 197
TABLE 114 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 199
11.9 COMPETITIVE SCENARIO AND TRENDS 200
11.9.1 PRODUCT LAUNCHES 200
TABLE 115 PRODUCT LAUNCHES, JANUARY 2022-MAY 2022 200
11.9.2 DEALS 201
TABLE 116 DEALS, JANUARY 2022-MAY 2022 201
11.9.3 OTHERS 203
TABLE 117 EXPANSIONS, APRIL 2022 203
12 COMPANY PROFILES 204
(Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) *
12.1 KEY PLAYERS 204
12.1.1 GENERAL ELECTRIC 204
TABLE 118 GENERAL ELECTRIC: BUSINESS OVERVIEW 205
FIGURE 53 GENERAL ELECTRIC: COMPANY SNAPSHOT 205
12.1.2 MICROSOFT 211
TABLE 119 MICROSOFT: BUSINESS OVERVIEW 211
FIGURE 54 MICROSOFT: COMPANY SNAPSHOT 212
12.1.3 SIEMENS 217
TABLE 120 SIEMENS: BUSINESS OVERVIEW 217
FIGURE 55 SIEMENS: COMPANY SNAPSHOT 218
12.1.4 AMAZON (AWS) 223
TABLE 121 AMAZON: BUSINESS OVERVIEW 223
FIGURE 56 AMAZON: COMPANY SNAPSHOT 224
12.1.5 DASSAULT SYSTEMES 227
TABLE 122 DASSAULT SYSTEMES: BUSINESS OVERVIEW 227
FIGURE 57 DASSAULT SYSTEMES: COMPANY SNAPSHOT 228
12.1.6 ANSYS 232
TABLE 123 ANSYS: BUSINESS OVERVIEW 232
FIGURE 58 ANSYS: COMPANY SNAPSHOT 233
12.1.7 IBM 236
TABLE 124 IBM: BUSINESS OVERVIEW 236
FIGURE 59 IBM: COMPANY SNAPSHOT 237
12.1.8 PTC 241
TABLE 125 PTC: BUSINESS OVERVIEW 241
FIGURE 60 PTC: COMPANY SNAPSHOT 242
12.1.9 SAP 246
TABLE 126 SAP: BUSINESS OVERVIEW 246
FIGURE 61 SAP: COMPANY SNAPSHOT 247
12.1.10 ORACLE 250
TABLE 127 ORACLE: BUSINESS OVERVIEW 250
FIGURE 62 ORACLE: COMPANY SNAPSHOT 251
12.1.11 ROBERT BOSCH 254
TABLE 128 ROBERT BOSCH: BUSINESS OVERVIEW 254
FIGURE 63 ROBERT BOSCH: COMPANY SNAPSHOT 255
12.2 OTHER KEY PLAYERS 258
12.2.1 SWIM AI 258
12.2.2 EMERSON 259
12.2.3 ABB 260
12.2.4 HONEYWELL 261
12.2.5 SCHNEIDER ELECTRIC 262
12.2.6 NAVVIS 263
12.2.7 DNV 264
12.2.8 AUTODESK 265
12.2.9 ANDRITZ 266
12.2.10 SOFTWARE AG 267
12.2.11 BENTLEY SYSTEMS 268
12.2.12 RIVER LOGIC 269
12.2.13 ALTAIR 270
12.2.14 JOHNSON CONTROLS 271
*Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.
13 ADJACENT AND RELATED MARKET 272
13.1 IOT SENSORS MARKET 272
13.2 INTRODUCTION 272
FIGURE 64 SNAPSHOT OF KEY NETWORK TECHNOLOGIES IN IOT SENSORS MARKET 273
FIGURE 65 WIRELESS NETWORK TECHNOLOGY SEGMENT TO LEAD IOT SENSORS MARKET FROM 2021 TO 2026 273
TABLE 129 IOT SENSORS MARKET, BY NETWORK TECHNOLOGY, 2017-2020 (USD MILLION) 274
TABLE 130 IOT SENSORS MARKET, BY NETWORK TECHNOLOGY, 2021-2026 (USD MILLION) 274
13.3 WIRED 275
FIGURE 66 ETHERNET SEGMENT TO HOLD LARGEST SIZE OF IOT SENSORS MARKET FOR WIRED TECHNOLOGY FROM 2021 TO 2026 275
TABLE 131 IOT SENSORS MARKET FOR WIRED TECHNOLOGY, BY TYPE, 2017-2020 (USD MILLION) 275
TABLE 132 IOT SENSORS MARKET FOR WIRED TECHNOLOGY, BY TYPE, 2021-2026 (USD MILLION) 276
13.4 WIRELESS 276
TABLE 133 IOT SENSORS MARKET FOR WIRELESS TECHNOLOGY, BY TYPE, 2017-2020 (USD MILLION) 277
TABLE 134 IOT SENSORS MARKET FOR WIRELESS TECHNOLOGY, BY TYPE, 2021-2026 (USD MILLION) 278
14 APPENDIX 279
14.1 INSIGHTS OF INDUSTRY EXPERTS 279
14.2 DISCUSSION GUIDE 280
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 282
14.4 AVAILABLE CUSTOMIZATIONS 284
14.5 RELATED REPORTS 284
14.6 AUTHOR DETAILS 285
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