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Digital Twin Market Report

RA05951

Digital Twin Market, by Type (System Digital Twin, Product Digital Twin, and Process Digital Twin), End Use Industry (Aerospace and Defense, Automotive and Transportation, Home and Commercial, Healthcare, Energy and Utilities, Oil and Gas, Agriculture, Telecommunication, Others), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

RA05951

Pages: 255

Dec 2020

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Digital Twin Market

As per a new study by Research Dive, the global digital twin market share will reach $52,081.0 million by the end of 2027, at a CAGR of 41.3%, rising from $3,500.0 million in 2019. Asia-Pacific region market is estimated to rise at a noteworthy rate in the estimated period and reach a revenue of $13,020.0 million by 2027.

COVID-19 Effect on Global Digital Twin Market:

The novel COVID-19 pandemic is expected to impact the global digital twin market in a desirable way. During the pandemic, significant manufacturers have been implementing different tactics including product launches and product enhancements by investing into R&D to raise their market share in the overall marketplace. For instance, in November 2020, General Electric released new versions of Proficy Analytics Solutions, Proficy SCense 8.0 and Proficy Sensor Health. These software are the applications of digital twin technology. Through this strategy, the company aimed to deliver innovative solutions for efficient operations, enhance product quality, improve safety and minimize downtime. This aspect is expected to upsurge the demand for digital twin and is estimated to fuel the market growth in the emergency time.

Digital twin Market Analysis:

Rising adoption of digital twin technology in several industry verticals is the major driving factor for the growth of the digital twin market

Digital twin refers to the digital representation of non-living and living physical objects including things, people, processes and others. It is used to analyze operations as well as insights of critical processes. Due to these benefits, there is increase in demand for digital twin from end use industries, which is a major driving factor for the market growth in the forecast time. As per published data in 2020, about 75% of enterprises will become completely virtually transformed by 2027 across the globe. Digital twin is already technology is being implemented in many verticals including automotive, construction and manufacturing. Also, companies in these respective industry verticals are constantly utilizing digital twin systems and technologies to estimate the performance of physical assets and identifying where the modifications as well as improvements need to be made to reach favorable outcomes. This factor is influencing many enterprises to adopt digital twin technology and is estimated to accelerate the growth of the market in the forecast time.

To know more about digital twin market drivers, get in touch with our analysts here.

Lack of skilled workforce is the major restraint for the growth of the digital twin market

Huge initial investments are required for installation along with high maintenance expenditure required due to lack of skilled workforce, and this factor is limiting the growth of the market in the forecast years.

Growing implementation of the digital twin technology by several industries is estimated to create opportunities in the digital twin market

There has been growing adoption of digital twin technology in several verticals such as automotive, manufacturing, energy & utilities and others, which is anticipated to generate ample growth opportunities for the market growth in the upcoming years. For example, in the coronavirus crisis period, increasing adoption of digital twin technology by scientists and healthcare professionals to produce innovative platforms that can enhance care delivery through effective patient monitoring is predicted to upsurge the market growth in the coming years.

To know more about digital twin market opportunities, get in touch with our analysts here.

Digital twin Market, by Type:

System digital twin sub-segment showcased a significant market size in 2019

Digital twin Market, by Type

Source: Research Dive Analysis

System digital twin type sub-segment accounted for the majority global market share in 2019, which was over $1,920.8 million and is predicted to continue command over the global market size during the forecast period too. This dominance is mainly owing to extensive usage of system digital twin type by several industries such as automotive, manufacturing, oil & gas, energy & utilities and other verticals to identifying new revenue producing opportunities through reducing costs and enhancing customer services.

Digital twin Market, by End Use Industry:

Automotive and transportation sub-segment generated the largest market share in 2019

Digital twin Market, by End Use Industry

Source: Research Dive Analysis

Automotive and transportation industry held the highest digital twin market size; it was about $746.5 million in 2019 and is predicted to continue its dominance to produce a revenue of $12,112.5 million by 2027. This command over the overall market is majorly owing to wide utilization of digital twin technologies in the automotive and transportation sector for generating the digital models of connected vehicles. Moreover, mass production, globalization, and lean adoption are the major factors that are influencing the automotive industry players to adopt innovative technologies such as AI, digital twin, IIoT and others to meet customer demands. These aspects are predicted to fuel the growth of the market in the forecast time.

Digital Twin Market, Regional Insights:

Asia-Pacific region will have massive growth opportunities for the market participants in the coming years

Asia-Pacific region market is projected to experience a significant growth during the forecast period and produce a revenue of $13,020.0 million by 2027. There is a growing demand for digital twin in several industries such as automotive, manufacturing and other verticals to minimize the labor cost. For instance, in 2019, NTT data, is a Japanese multinational system integration company, has proposed the “Digital Twin Computing Initiative”, which is a platform to unite high precision digital information reflecting the real world to synthesize diverse virtual worlds. Through this initiative, the company aims to create novel services based on customer requirements to increase their products demand in the global market. This aspect is estimated to fuel the growth of the market across the Asia-Pacific region in the coming years.

To explore more about digital twin market, get in touch with our analysts here.

Key Players in the Global Digital Twin Market:

Product launches and R&D investments are some common strategies followed by the key players

Key Players in the Global Digital Twin Market

Source: Research Dive Analysis

The global digital twin market players are ANSYS, Inc., IBM, Microsoft, DassaultSystèmes, General Electric, Siemens, PTC, SAP, Oracle and Robert Bosch GmbH.

Porter’s Five Forces Analysis for Digital twin Market:

  • Bargaining Power of Suppliers: This market consists of a huge number of small & medium and large-scale dealers. Key players are producing advanced digital twins, and the resulting transferring cost of these software systems from one supplier to others is projected to be high.

The bargaining power of suppliers is High.

  • Bargaining Power of Buyers: Digital twin market has a huge number of purchasers and product dependency is high. However, high expenditure required for digital twin implementation is a limiting factor for market growth. These factors are resulting Moderate negotiating power of purchasers. 
  • Threat of New Entrants: Growing demand for digital twin due to modernization & digitalization of various industry verticals and lack of skilled workforce are delivering moderate risk for new participants in the market.

The risk of new participants is Moderate.

  • Threat of Substitutes: This market has less number of replacements, and huge investments are required for digital twin are resulting evolution of alternatives, and thereby there is moderate threat of replacements.

The threat of replacements is Moderate.

  • Intensity of Rivalry: Digital twin has large number of significant players. These significant players are underlining on product launches along with new technology introductions to increase their market growth. This factor is providing high rivalry between the players.

The intensity of rivalry in the market is High.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2019

  Forecast timeline for Market Projection

  2020-2027

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • System Digital Twin
  • Product Digital Twin
  • Process Digital Twin

  Segmentation by End Use Industry

 

  • Aerospace and Defense
  • Automotive and Transportation
  • Home and Commercial
  • Healthcare
  • Energy and Utilities
  • Oil and Gas
  • Agriculture
  • Telecommunication
  • Others

  Key Countries covered

U.S., Canada, Germany, UK, Italy, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, Argentina, GCC and Saudi Arabia

  Key Companies Profiled

  • ANSYS, Inc.
  • IBM
  • Microsoft
  • DassaultSystèmes
  • General Electric
  • Siemens
  • PTC
  • SAP
  • Oracle
  • Robert Bosch GmbH

Frequently Asked Questions
 

A. The global digital twin market size was over $3,500.0 million in 2019 and is further anticipated to reach $52,081.0 million by 2027.

A. IBM, Microsoft, SAP, General Electric, Robert Bosch GmbH and Siemens are some of the key players in the global digital twin market.

A. Asia-Pacific region possesses great investment opportunities for the investors to witness the most promising growth in the coming years.

A. North America digital twin market accounted for $1,297.8 million in 2019.

A. Product development and new technologies are the key strategies opted by the operating companies in this market.

A. IBM, Microsoft, General Electric and Siemens are investing more on R&D activities for developing new products and technologies.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. Type trends
2.3. End Use Industry trends

3. Market overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Pricing overview

3.8.1. By Type
3.8.2. By End Use Industry
3.8.3. By region

3.9. Market value chain analysis

3.9.1. Stress point analysis
3.9.2. Raw material analysis
3.9.3. Manufacturing process
3.9.4. Distribution channel analysis
3.9.5. Operating vendors

3.9.5.1. Raw material suppliers
3.9.5.2. Product manufacturers
3.9.5.3. Product distributors

3.10. Strategic overview

4. Digital twin Market, by Type

4.1. System Digital Twin

4.1.1. Market size and forecast, by region, 2019-2027
4.1.2. Comparative market share analysis, 2019 & 2027

4.2. Product Digital Twin

4.2.1. Market size and forecast, by region, 2019-2027
4.2.2. Comparative market share analysis, 2019 & 2027

4.3. Process Digital Twin

4.3.1. Market size and forecast, by region, 2019-2027
4.3.2. Comparative market share analysis, 2019 & 2027

5. Digital twin Market, by End Use Industry

5.1. Aerospace and Defense

5.1.1. Market size and forecast, by region, 2019-2027
5.1.2. Comparative market share analysis, 2019 & 2027

5.2. Automotive and Transportation

5.2.1. Market size and forecast, by region, 2019-2027
5.2.2. Comparative market share analysis, 2019 & 2027

5.3. Home and Commercial

5.3.1. Market size and forecast, by region, 2019-2027
5.3.2. Comparative market share analysis, 2019 & 2027

5.4. Healthcare

5.4.1. Market size and forecast, by region, 2019-2027
5.4.2. Comparative market share analysis, 2019 & 2027

5.5. Energy and Utilities

5.5.1. Market size and forecast, by region, 2019-2027
5.5.2. Comparative market share analysis, 2019 & 2027

5.6. Oil and Gas

5.6.1. Market size and forecast, by region, 2019-2027
5.6.2. Comparative market share analysis, 2019 & 2027

5.7. Agriculture

5.7.1. Market size and forecast, by region, 2019-2027
5.7.2. Comparative market share analysis, 2019 & 2027

5.8. Telecommunication

5.8.1. Market size and forecast, by region, 2019-2027
5.8.2. Comparative market share analysis, 2019 & 2027

5.9. Others

5.9.1. Market size and forecast, by region, 2019-2027
5.9.2. Comparative market share analysis, 2019 & 2027

6. Digital twin Market, by Region

6.1. North America

6.1.1. Market size and forecast, by type, 2019-2027
6.1.2. Market size and forecast, by End Use Industry, 2019-2027
6.1.3. Market size and forecast, by country, 2019-2027
6.1.4. Comparative market share analysis, 2019 & 2027
6.1.5. U.S.

6.1.5.1. Market size and forecast, by type, 2019-2027
6.1.5.2. Market size and forecast, by End Use Industry, 2019-2027
6.1.5.3. Comparative market share analysis, 2019 & 2027

6.1.6. Canada

6.1.6.1. Market size and forecast, by type, 2019-2027
6.1.6.2. Market size and forecast, by End Use Industry, 2019-2027
6.1.6.3. Comparative market share analysis, 2019 & 2027

6.1.7. Mexico

6.1.7.1. Market size and forecast, by type, 2019-2027
6.1.7.2. Market size and forecast, by End Use Industry, 2019-2027
6.1.7.3. Comparative market share analysis, 2019 & 2027

6.2. Europe

6.2.1. Market size and forecast, by type, 2019-2027
6.2.2. Market size and forecast, by End Use Industry, 2019-2027
6.2.3. Market size and forecast, by country, 2019-2027
6.2.4. Comparative market share analysis, 2019 & 2027
6.2.5. Germany 

6.2.5.1. Market size and forecast, by type, 2019-2027
6.2.5.2. Market size and forecast, by End Use Industry, 2019-2027
6.2.5.3. Comparative market share analysis, 2019 & 2027

6.2.6. UK

6.2.6.1. Market size and forecast, by type, 2019-2027
6.2.6.2. Market size and forecast, by End Use Industry, 2019-2027
6.2.6.3. Comparative market share analysis, 2019 & 2027

6.2.7. France

6.2.7.1. Market size and forecast, by type, 2019-2027
6.2.7.2. Market size and forecast, by End Use Industry, 2019-2027
6.2.7.3. Comparative market share analysis, 2019 & 2027

6.2.8. Spain

6.2.8.1. Market size and forecast, by type, 2019-2027
6.2.8.2. Market size and forecast, by End Use Industry, 2019-2027
6.2.8.3. Comparative market share analysis, 2019 & 2027

6.2.9. Italy 

6.2.9.1. Market size and forecast, by type, 2019-2027
6.2.9.2. Market size and forecast, by End Use Industry, 2019-2027
6.2.9.3. Comparative market share analysis, 2019 & 2027

6.2.10. Rest of Europe

6.2.10.1. Market size and forecast, by type, 2019-2027
6.2.10.2. Market size and forecast, by End Use Industry, 2019-2027
6.2.10.3. Comparative market share analysis, 2019 & 2027

6.3. Asia Pacific

6.3.1. Market size and forecast, by type, 2019-2027
6.3.2. Market size and forecast, by End Use Industry, 2019-2027
6.3.3. Market size and forecast, by country, 2019-2027
6.3.4. Comparative market share analysis, 2019 & 2027
6.3.5. China

6.3.5.1. Market size and forecast, by type, 2019-2027
6.3.5.2. Market size and forecast, by End Use Industry, 2019-2027
6.3.5.3. Comparative market share analysis, 2019 & 2027

6.3.6. India 

6.3.6.1. Market size and forecast, by type, 2019-2027
6.3.6.2. Market size and forecast, by End Use Industry, 2019-2027
6.3.6.3. Comparative market share analysis, 2019 & 2027

6.3.7. Japan 

6.3.7.1. Market size and forecast, by type, 2019-2027
6.3.7.2. Market size and forecast, by End Use Industry, 2019-2027
6.3.7.3. Comparative market share analysis, 2019 & 2027

6.3.8. Australia 

6.3.8.1. Market size and forecast, by type, 2019-2027
6.3.8.2. Market size and forecast, by End Use Industry, 2019-2027
6.3.8.3. Comparative market share analysis, 2019 & 2027

6.3.9. Rest of Asia Pacific

6.3.9.1. Market size and forecast, by type, 2019-2027
6.3.9.2. Market size and forecast, by End Use Industry, 2019-2027
6.3.9.3. Comparative market share analysis, 2019 & 2027

6.4. LAMEA

6.4.1. Market size and forecast, by type, 2019-2027
6.4.2. Market size and forecast, by End Use Industry, 2019-2027
6.4.3. Market size and forecast, by country, 2019-2027
6.4.4. Comparative market share analysis, 2019 & 2027
6.4.5. Latin America 

6.4.5.1. Market size and forecast, by type, 2019-2027
6.4.5.2. Market size and forecast, by End Use Industry, 2019-2027
6.4.5.3. Comparative market share analysis, 2019 & 2027

6.4.6. Middle East 

6.4.6.1. Market size and forecast, by type, 2019-2027
6.4.6.2. Market size and forecast, by End Use Industry, 2019-2027
6.4.6.3. Comparative market share analysis, 2019 & 2027

6.4.7. Africa

6.4.7.1. Market size and forecast, by type, 2019-2027
6.4.7.2. Market size and forecast, by End Use Industry, 2019-2027
6.4.7.3. Comparative market share analysis, 2019 & 2027

7. Company profiles

7.1. IBM

7.1.1. Business overview
7.1.2. Financial performance
7.1.3. Product portfolio
7.1.4. Recent strategic moves & developments
7.1.5. SWOT analysis

7.2. Microsoft

7.2.1. Business overview
7.2.2. Financial performance
7.2.3. Product portfolio
7.2.4. Recent strategic moves & developments
7.2.5. SWOT analysis

7.3. Oracle

7.3.1. Business overview
7.3.2. Financial performance
7.3.3. Product portfolio
7.3.4. Recent strategic moves & developments
7.3.5. SWOT analysis

7.4. ANSYS, Inc.

7.4.1. Business overview
7.4.2. Financial performance
7.4.3. Product portfolio
7.4.4. Recent strategic moves & developments
7.4.5. SWOT analysis

7.5. Dassault Systems

7.5.1. Business overview
7.5.2. Financial performance
7.5.3. Product portfolio
7.5.4. Recent strategic moves & developments
7.5.5. SWOT analysis

7.6. Siemens

7.6.1. Business overview
7.6.2. Financial performance
7.6.3. Product portfolio
7.6.4. Recent strategic moves & developments
7.6.5. SWOT analysis

7.7. PTC

7.7.1. Business overview
7.7.2. Financial performance
7.7.3. Product portfolio
7.7.4. Recent strategic moves & developments
7.7.5. SWOT analysis

7.8. SAP

7.8.1. Business overview
7.8.2. Financial performance
7.8.3. Product portfolio
7.8.4. Recent strategic moves & developments
7.8.5. SWOT analysis

7.9. Robert Bosch GmbH

7.9.1. Business overview
7.9.2. Financial performance
7.9.3. Product portfolio
7.9.4. Recent strategic moves & developments
7.9.5. SWOT analysis

7.10. General Electric

7.10.1. Business overview
7.10.2. Financial performance
7.10.3. Product portfolio
7.10.4. Recent strategic moves & developments
7.10.5. SWOT analysis

 

Digital twin forms a bridge and connects virtual world with the real one by generating exact copies of any physical object or process. The digital replica aids in understanding the layout of cities, automobiles, buildings, and manufacturing processes in a better way. For example, digital twin of an electric motor not only displays form but also examines working of shafts and thermal conductivity. Moreover, digital twin technology impacts the overall developments, production, and operation processes of an industry. Some of the major applications of digital twin technology are in the healthcare sector, automobile industry, aerospace & defense, predictive maintenance, and asset performance. Apart from this, businesses prefer digital twin technology due to its cost-effectiveness, ability to identify flaws, and access performance testing.

Forecast Analysis of the Digital Testing Market

Several end-users such as automotive, aerospace & defense, healthcare, transportation, oil & gas, and many more are opting for digital twin technology. The rise in demand by end-users is predicted to enhance the digital twin market in the upcoming years. For example, aerospace & defense sector utilizes digital twin for overcoming challenges in fleet sustainment and management. In addition, real-time data acquired with the aid of digital twin keeps aircrafts floating in air with minimum maintenance costs and optimizes performance of the airplanes.

Furthermore, oil and gas sector also uses digital twin technology for assuring safe and efficient operations and designing novel techniques. Another factor responsible for the growth of the digital twin market is the widespread adoption of this technology for predicting performance of real time assets and detecting improvements that’ll lead to a much favorable outcome. However, heavy investments in initial phases along with tremendous maintenance expenses are likely to hinder the market growth in recent years.

On the other hand, incorporation of digital twin systems by industries like manufacturing and energy & utilities is estimated to create new opportunities for the market in the forthcoming years. According to a report published by Research Dive, the global digital twin market  is anticipated to rise with a CAGR of 41.3% by 2027. Furthermore, the Asia-Pacific region market is expected to increase in recent years due to growth in demand for digital twin technology by industries.

Latest Developments of the Digital Twins Market

The key participants of the digital twin market are aiming to develop new strategies such as merger and acquisitions, investments in research & development, partnerships & collaborations, and new product launch. These strategies and plans have proved to be useful in gaining an upper hand in the market in these recent times.  

In November 2020, DNV GL, an international accredited registrar and classification society,  in collaboration with TechnipFMC, an oil & gas company,  published for the first time a recommended practice on ‘how to build and quality-assure digital twins.’ This is the first recommended practice of the oil and gas sectors so far.      

In December 2020, Microsoft, which is an American based multinational technology company, has launched Azure Digital Twins service that is utilized for modeling physical environment. This service is now available after two years of being released as a preview. 

In February 2020, Huawei, which is a Chinese multinational technology company, has announced the launch of 5G digital engineering solutions that works on site digital twins. This product makes a digital replica of any physical site and enables digital functions on site.

Covid-19 Impact on Digital Twins Market

The coronavirus pandemic is predicted to affect the global digital twin market in a positive way as several manufacturers are launching products and investing in research and development field. New products that can enhance operations, reduce downtime, assure safety, and manage quality are much needed at the time of the Covid-19 pandemic. For instance, in November 2020, General Electric, which is an American multinational conglomerate, has announced the launch of Proficy Sensor Health and Proficy Scense 8.0 that utilizes digital twins for augmented operations.       

Future Scenario of the Market

The global digital twin market is predicted to upsurge even after the Covid-19 pandemic as several industries are opting for this technology. Moreover, one can also consider integration of digital twin technology with artificial intelligence, machine learning or IoT.  

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