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Report
Global Digital Twin Market
Market Research Report I 2024-09-19 I 176 Pages I BCC Research
Description
Report Scope:
The report provides an overview of the digital twin global market value and analyzes its trends. Using 2023 as the base year, the report provides estimated market data for the forecast period from 2024 through 2029. Revenue forecasts for this period are segmented by solution type, application, industry, enterprise size, and geographical region. It also highlights major trends and challenges that affect the market, concluding with an analysis of the vendor landscape and including detailed profiles of major players in the global digital twin market.
The report also includes emerging technologies that are expected to shape the digital twin market in the coming years. It also includes ESG analysis of the market with the companies' ratings based on their performance. The competitive landscape provides detailed analysis of strategic decisions made by the leading companies in the digital twin market.
Report Includes:
- 51 data tables and 61 additional tables
- An analysis of the global digital twin market
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025 and 2028, and projected CAGRs through 2029
- Estimate of the current market size and revenue prospects, along with market share analysis by solution type, application, enterprise size, end-use industry and region
- Facts and figures pertaining to the market dynamics, technological advances, regulations and the macroeconomic factors driving future demand and innovation
- Porter's Five Forces, global supply chain, and use case analyses
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, the ESG practices of leading companies and their ESG scores
- A look at key granted patents and published patents
- Analysis of the vendor landscape, including company shares, strategic alliances, M&A activity and venture fundings outlook
- Company profiles of market leaders, including Autodesk Inc., ANSYS Inc., Schneider Electric, Hexagon AG, and Dassault Systemes
Executive Summary
Summary:
The industry paradigm is drastically changing as technology stands at the transition of Industry 4.0, a revolutionary wave driven by the unrelenting advance of connectivity, artificial intelligence (AI), mobility and machine learning (ML). Businesses are looking for methods to reduce errors and to maximize the development and dissemination of technology, finding themselves at the nexus of innovation and financial responsibility. Digital twin technology isn't limited to any one scale; it may be applied to everything from single parts to enormous urban environments. There are many applications for digital twins; they can be used to monitor a jet engine's efficiency or to plan the smooth running of an entire
smart city.
Market Dynamics and Growth Factors
The global digital twin market was estimated to be worth $11.5 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 45.7% and is forecast to reach $119.3 billion by the end of 2029. Major drivers of the digital twin market include the adoption of 3D printing technologies combined with digital twin in manufacturing industries; increasing amounts of real-time data generated from the internet of things (IoT) and other smart devices; and the growing adoption of IoT, wireless connectivity and 5G technologies. High cost of deployment acts as a restraint to this market, whereas advances in cloud-based technology applications present future opportunities.
Table of Contents
Chapter 1 Executive Summary
Market Outlook
Scope of the Report
Market Summary
Technological Advances and Applications
Market Dynamics and Growth Factors
Future Trends and Developments
Segmental Analysis
Regional Insights and Emerging Markets
Conclusion
Chapter 2 Market Overview
Digital Twins Overview
Current Stage of Digital Twin Technology
Porter's Five Forces Analysis of Digital Twin Industry
Bargaining Power of Buyers
Bargaining Power of Suppliers
Threat from Substitutes
Potential of New Entrants
Competition in the Industry
Future of Digital Twin Industry
Digital Twin Solution Use Cases
Case Studies
Patent Analysis
Key Findings
Upcoming Conference List of Digital Twin Technology
Chapter 3 Market Dynamics
Market Dynamics Snapshot
Market Drivers
Manufacturing Shift Toward Industry 4.0
Real-Time Data Generated from Sensors and Other Smart Devices
Growing Adoption of Internet of Things Devices
Market Opportunities
Three-Dimensional Printing Technologies Combined with Digital Twin Applications
Digital Twin Technology Adoption in Healthcare
Market Challenges and Restraints
High Cost of Deployment
Inadequate Information Technology Infrastructure and Connectivity Issues
Growing Number of Global Cyberattacks
Chapter 4 Emerging Technologies and Developments
Digital Twin as a Service
Development in Augmented Reality and Virtual Reality Technology
Integration of Generative Artificial Intelligence and Digital Twin Solutions
Digital Twin as a Platform Expanding Metaverse Applications
Chapter 5 Market Segmentation Analysis
Segmentation Breakdown
Digital Twin Market, by Solution Type
System Digital Twins
Product Digital Twins
Process Digital Twins
Component Digital Twins
Digital Twin Market, by Application
Predictive Maintenance
Performance Monitoring
Supply Chain and Inventory Management
Product Design and Development
Other Applications
Digital Twin Market, by Enterprise Size
Large Enterprises
Small and Medium Enterprises
Digital Twin Market, by Industry
Automotive and Transportation
Aerospace and Defense
Smart Cities
Energy and Utilities
Healthcare
Food and Beverages
Agriculture
Construction
Chemical
Other Industries
Geographic Breakdown
Digital Twin Market, by Region
Americas
Europe
Asia-Pacific
Middle East and Africa
Chapter 6 Competitive Intelligence
Top Players in the Digital Twin Industry
Strategic Analysis
Major Key Developments
Chapter 7 Sustainability in Digital Twin Industry: An ESG Perspective
Overview
Current Status of ESG in the Digital Twin Market
ESG Practices by Digital Twin Companies
Concluding Remarks from BCC Research
Chapter 8 Appendix
Methodology
References
Abbreviations
Company Profiles
ABB
ALTAIR ENGINEERING INC.
ANSYS INC.
AUTODESK INC.
BENTLEY SYSTEMS INC.
BOSCH REXROTH AG
DASSAULT SYSTEMES
GE VERNOVA
HEXAGON AB
IBM CORP.
MICROSOFT
ORACLE
ROCKWELL AUTOMATION
SCHNEIDER ELECTRIC
SIEMENS
List of Tables
Summary Table : Global Market for Digital Twins, by Industry, Through 2029
Table 1 : Porter's Five Forces Analysis: Overview
Table 2 : Startups in the Digital Twin Industry, 2020-2023
Table 3 : Digital Twin Solution Use Cases Across Industries
Table 4 : Digital Twin Implementation Case Studies
Table 5 : Patents Filed by Top Companies for Digital Twins, 2023
Table 6 : Key Patents Filed for Digital Twins, 2024
Table 7 : Digital Twin Technology Conference List, 2024-2025
Table 8 : Cyberattack Types
Table 9 : Major Cyberattacks, 2023
Table 10 : Impact of Generative Artificial Intelligence on Digital Twin
Table 11 : Companies Offering Metaverse Platforms Based on Digital Twin
Table 12 : Global Market for Digital Twins, by Solution Type, Through 2029
Table 13 : Global Market for Digital Twins, by Application, Through 2029
Table 14 : Global Market for Digital Twins in Predictive Maintenance, by Industry, Through 2029
Table 15 : Global Market for Digital Twins in Performance Monitoring, by Industry, Through 2029
Table 16 : Global Market for Digital Twins in Supply Chain and Inventory Management, by Industry, Through 2029
Table 17 : Global Market for Digital Twins in Product Design and Development, by Industry, Through 2029
Table 18 : Global Market for Digital Twins in Other Applications, by Industry, Through 2029
Table 19 : Global Market for Digital Twins, by Enterprise Size, Through 2029
Table 20 : Global Market for Digital Twins in Large Enterprises, by Region, Through 2029
Table 21 : Global Market for Digital Twins in Small and Medium Enterprises, by Region, Through 2029
Table 22 : Global Market for Digital Twin, by Industry, Through 2029
Table 23 : Global Market for Digital Twins in Automotive and Transportation, by Region, Through 2029
Table 24 : Real-World Use Cases of Digital Twins Transforming Aerospace and Defense Industry
Table 25 : Global Market for Digital Twins in Aerospace and Defense, by Region, Through 2029
Table 26 : Top Global Smart Cities Utilizing Digital Twin Technology
Table 27 : Global Market for Digital Twins in Smart Cities, by Region, Through 2029
Table 28 : Global Market for Digital Twins in Energy and Utilities, by Region, Through 2029
Table 29 : Global Market for Digital Twins in Healthcare, by Region, Through 2029
Table 30 : Global Market for Digital Twins in Food and Beverages, by Region, Through 2029
Table 31 : Global Market for Digital Twins in Agriculture, by Region, Through 2029
Table 32 : Global Market for Digital Twins in Construction, by Region, Through 2029
Table 33 : Global Market for Digital Twins in Chemical, by Region, Through 2029
Table 34 : Global Market for Digital Twins in Other Industries, by Region, Through 2029
Table 35 : Global Market for Digital Twins, by Region, Through 2029
Table 36 : Americas Market for Digital Twins, by Industry, Through 2029
Table 37 : Americas Market for Digital Twins, by Enterprise Size, Through 2029
Table 38 : Americas Market for Digital Twins, by Country, Through 2029
Table 39 : European Market for Digital Twins, by Industry, Through 2029
Table 40 : European Market for Digital Twins, by Enterprise Size, Through 2029
Table 41 : European Market for Digital Twins, by Country, Through 2029
Table 42 : Asia-Pacific Market for Digital Twins, by Industry, Through 2029
Table 43 : Asia-Pacific Market for Digital Twins, by Enterprise Size, Through 2029
Table 44 : Asia-Pacific Market for Digital Twins, by Country, Through 2029
Table 45 : Middle East and African Market for Digital Twins, by Industry, Through 2029
Table 46 : Middle East and African Market for Digital Twins, by Enterprise Size, Through 2029
Table 47 : Middle East and African Market for Digital Twins, by Sub-Region, Through 2029
Table 48 : Global Digital Twin Companies Market Ranking, 2023
Table 49 : Global Digital Twin Market: Key Developments, Through July 2024
Table 50 : ESG Risk Ratings: by Company, 2023
Table 51 : Abbreviations Used in This Report
Table 52 : ABB: Company Snapshot
Table 53 : ABB: Financial Performance, FY 2022 and 2023
Table 54 : ABB: Product Portfolio
Table 55 : ABB: News/Key Developments, 2023-2024
Table 56 : Altair Engineering Inc.: Company Snapshot
Table 57 : Altair Engineering Inc.: Financial Performance, FY 2022 and 2023
Table 58 : Altair Engineering Inc.: Product Portfolio
Table 59 : Altair Engineering Inc.: News/Key Developments, 2022-2024
Table 60 : Ansys Inc.: Company Snapshot
Table 61 : Ansys Inc.: Financial Performance, FY 2022 and 2023
Table 62 : Ansys Inc.: Product Portfolio
Table 63 : Ansys Inc.: News/Key Developments, 2023 and 2024
Table 64 : Autodesk Inc.: Company Snapshot
Table 65 : Autodesk Inc.: Financial Performance, FY 2022 and 2023
Table 66 : Autodesk Inc.: Product Portfolio
Table 67 : Autodesk Inc.: News/Key Developments, 2022-2023
Table 68 : Bentley Systems Inc.: Company Snapshot
Table 69 : Bentley Systems Inc.: Financial Performance, FY 2022 and 2023
Table 70 : Bentley Systems Inc.: Product Portfolio
Table 71 : Bentley Systems Inc.: News/Key Developments, 2022-2023
Table 72 : Bosch Rexroth AG: Company Snapshot
Table 73 : Bosch Rexroth AG: Financial Performance, FY 2022 and 2023
Table 74 : Bosch Rexroth AG: Product Portfolio
Table 75 : Bosch Rexroth AG: News/Key Developments, 2022-2023
Table 76 : Dassault Systemes: Company Snapshot
Table 77 : Dassault Systemes: Financial Performance, FY 2022 and 2023
Table 78 : Dassault Systemes: Product Portfolio
Table 79 : Dassault Systemes: News/Key Developments, 2024
Table 80 : GE Vernova: Company Snapshot
Table 81 : GE Vernova: Financial Performance, FY 2022 and 2023
Table 82 : GE Vernova: Product Portfolio
Table 83 : GE Vernova: News/Key Developments, 2022-2024
Table 84 : Hexagon AB: Company Snapshot
Table 85 : Hexagon AB: Financial Performance, FY 2022 and 2023
Table 86 : Hexagon AB: Product Portfolio
Table 87 : Hexagon AB: News/Key Developments, 2023 and 2024
Table 88 : IBM Corp.: Company Snapshot
Table 89 : IBM Corp.: Financial Performance, FY 2022 and 2023
Table 90 : IBM Corp.: Product Portfolio
Table 91 : IBM Corp.: News/Key Developments, 2022-2024
Table 92 : Microsoft: Company Snapshot
Table 93 : Microsoft: Financial Performance, FY 2022 and 2023
Table 94 : Microsoft: Product Portfolio
Table 95 : Microsoft: News/Key Developments, 2022-2024
Table 96 : Oracle: Company Snapshot
Table 97 : Oracle: Financial Performance, FY 2022 and 2023
Table 98 : Oracle: Product Portfolio
Table 99 : Oracle: News/Key Developments, 2022-2024
Table 100 : Rockwell Automation: Company Snapshot
Table 101 : Rockwell Automation: Financial Performance, FY 2022 and 2023
Table 102 : Rockwell Automation: Product Portfolio
Table 103 : Rockwell Automation: News/Key Developments, 2023-2024
Table 104 : Schneider Electric: Company Snapshot
Table 105 : Schneider Electric: Financial Performance, FY 2022 and 2023
Table 106 : Schneider Electric: Product Portfolio
Table 107 : Schneider Electric: News/Key Developments, 2022-2024
Table 108 : Siemens: Company Snapshot
Table 109 : Siemens: Financial Performance, FY 2022 and 2023
Table 110 : Siemens: Product Portfolio
Table 111 : Siemens: News/Key Developments, 2024
List of Figures
Summary Figure : Global Market Shares of Digital Twins, by Industry, 2023
Figure 1 : Digital Twin System Architecture
Figure 2 : Current Stage of Digital Twin Technology
Figure 3 : Porter's Five Forces Impact Analysis for Digital Twin
Figure 4 : Bargaining Power of Buyers: Digital Twin Market
Figure 5 : Bargaining Power of Suppliers: Digital Twin Market
Figure 6 : Threat from Substitutes: Digital Twin Market
Figure 7 : Potential of New Entrants: Digital Twin Market
Figure 8 : Competition in the Industry: Digital Twin Market
Figure 9 : Global Digital Twin Patents Applications, 2020-July 2024
Figure 10 : Digital Twin Market Dynamics
Figure 11 : Data Generated, by Year, 2019-2023
Figure 12 : Estimated Digital Twin Development Cost Parameters
Figure 13 : Global Market Shares of Digital Twins, by Solution Type, 2023
Figure 14 : Global Market Shares of Digital Twins, by Application, 2023
Figure 15 : Global Market Shares of Digital Twin in Predictive Maintenance, by Industry, 2023
Figure 16 : Global Market Shares for Digital Twin in Performance Monitoring, by Industry, 2023
Figure 17 : Global Market Shares of Digital Twin in Supply Chain and Inventory Management, by Industry, 2023
Figure 18 : Global Market Shares for Digital Twin in Product Design and Development, by Industry, 2023
Figure 19 : Global Market Shares of Digital Twin in Other Applications, by Industry, 2023
Figure 20 : Global Market Shares of Digital Twins, by Enterprise Size, 2023
Figure 21 : Global Market Shares of Digital Twins in Large Enterprises, by Region, 2023
Figure 22 : Global Market Shares of Digital Twins in Small and Medium Enterprises, by Region, 2023
Figure 23 : Global Market Shares of Digital Twin, by Industry, 2023
Figure 24 : View of Product Lifecycle Data in the Automotive Industry
Figure 25 : Global Market Shares of Digital Twins in Automotive and Transportation, by Region, 2023
Figure 26 : Global Market Shares of Digital Twins in Aerospace and Defense, by Region, 2023
Figure 27 : Global Market Shares of Digital Twins in Smart Cities, by Region, 2023
Figure 28 : Global Market Shares of Digital Twins in Energy and Utilities, by Region, 2023
Figure 29 : Digital Twins in the Healthcare Industry
Figure 30 : Major Applications of Digital Twins in Healthcare
Figure 31 : Global Market Shares of Digital Twins in Healthcare, by Region, 2023
Figure 32 : Global Market Shares of Digital Twins in Food and Beverages, by Region, 2023
Figure 33 : Global Market Shares of Digital Twins in Agriculture, by Region, 2023
Figure 34 : Global Market Shares of Digital Twins in Construction, by Region, 2023
Figure 35 : Global Market Shares of Digital Twins in Chemical, by Region, 2023
Figure 36 : Global Market Shares of Digital Twins in Other Industries, by Region, 2023
Figure 37 : Global Market Shares of Digital Twins, by Region, 2023
Figure 38 : Americas Market Shares of Digital Twin, by Industry, 2023
Figure 39 : Americas Market Shares of Digital Twins, by Enterprise Size, 2023
Figure 40 : Americas Market Shares of Digital Twins, by Country, 2023
Figure 41 : European Market Shares of Digital Twins, by Industry, 2023
Figure 42 : European Market Shares of Digital Twins, by Enterprise Size, 2023
Figure 43 : European Market Shares of Digital Twins, by Country, 2023
Figure 44 : Asia-Pacific Market Shares of Digital Twins, by Industry, 2023
Figure 45 : Asia-Pacific Market Shares of Digital Twins, by Enterprise Size, 2023
Figure 46 : Asia-Pacific Market Shares of Digital Twins, by Country, 2023
Figure 47 : Middle East and African Market Shares of Digital Twins, by Industry, 2023
Figure 48 : Middle East and African Market Shares of Digital Twins, by Enterprise Size, 2023
Figure 49 : Middle East and African Market Shares of Digital Twin, by Sub-Region, 2023
Figure 50 : Top Strategies Used by Digital Twin Companies 2022-July 2024
Figure 51 : ABB: Revenue Share, by Business Unit, FY 2023
Figure 52 : ABB: Revenue Share, by Region, FY 2023
Figure 53 : Altair Engineering Inc.: Revenue Share, by Business Segment, FY 2023
Figure 54 : Altair Engineering Inc.: Revenue Share, by Region, FY 2023
Figure 55 : Ansys Inc.: Revenue Share, by Business Segment, FY 2023
Figure 56 : Ansys Inc.: Revenue Share, by Country/Region, FY 2023
Figure 57 : Autodesk Inc.: Revenue Share, by Business Segment, FY 2023
Figure 58 : Autodesk Inc.: Revenue Share, by Region, FY 2023
Figure 59 : Bentley Systems Inc.: Revenue Share, by Business Segment, FY 2023
Figure 60 : Bentley Systems Inc.: Revenue Share, by Region, FY 2023
Figure 61 : Bosch Rexroth AG: Revenue Share, by Country/Region, FY 2023
Figure 62 : Dassault Systemes: Revenue Share, by Business Segment, FY 2023
Figure 63 : Dassault Systemes: Revenue Share, by Region, FY 2023
Figure 64 : GE Vernova: Revenue Share, by Business Segment, FY 2023
Figure 65 : GE Vernova: Revenue Share, by Region, FY 2023
Figure 66 : Hexagon AB: Revenue Share, by Business Unit, FY 2023
Figure 67 : Hexagon AB: Revenue Share, by Region, FY 2023
Figure 68 : IBM Corp.: Revenue Share, by Business Unit, FY 2023
Figure 69 : IBM Corp.: Revenue Share, by Region, FY 2023
Figure 70 : Microsoft: Revenue Share, by Business Segment, FY 2023
Figure 71 : Microsoft: Revenue Share, by Country/Region, FY 2023
Figure 72 : Oracle: Revenue Share, by Business Segment, FY 2023
Figure 73 : Oracle: Revenue Share, by Region, FY 2023
Figure 74 : Rockwell Automation: Revenue Share, by Business Segment, FY 2023
Figure 75 : Rockwell Automation: Revenue Share, by Region, FY 2023
Figure 76 : Schneider Electric: Revenue Share, by Business Segment, FY 2023
Figure 77 : Schneider Electric: Revenue Share, by Region, FY 2023
Figure 78 : Siemens: Revenue Share, by Business Unit, FY 2023
Figure 79 : Siemens: Revenue Share, by Country/Region, FY 2023
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