The Digital Twin Market is expected to grow at a CAGR of 38.1% from 2019 to reach $30.1 billion by 2025 where Asia Pacific Digital twin market is expected to grow at the highest CAGR. Digital twin refers to virtual replication of any physical asset, process, and systems that can be utilized for ensuring predictive maintenance and reduce outage over stipulated time. A digital twin thus, is developed with multiple IoT sensors that collect the real-time data generated in the product development phase, and learns, analyzes and updates itself according to working conditions. Owing to its advantages, the growth of the digital twin market is majorly driven by growing use of digital twin for predictive maintenance and increasing adoption of IoT and cloud-based solutions. However, risk associated with data security and lack of skilled employees for implementing digital twins effectively prove to be restraining factors of the market.
Growing Use of Digital Twin for Predictive Maintenance
Predictive maintenance has become the need of the hour in different industries, as breakdowns and outages/downtime can result in heavy losses for any organization. Such unexpected interruption can be avoided by taking appropriate measures and effective planning of maintenance. Inculcation of digital twin can change this breakdown scenario and can save maintenance and production costs in stipulated time. At the time of product development, sensors are attached to the product which generate data that predict faulty conditions through simulations; thus, enabling the professionals to analyze maintenance workflow including testing with all sorts of possible fault conditions. Thus more and more, organizations are adopting digital twin solutions in order to shift to digital-driven asset management. In addition, digital twin reviews historical data or compares with similar production systems and projects failure in components, if any, and the anticipated wear on parts.
Increasing Adoption of IoT and Cloud-Based Storage Solutions
Over the years, the use of IoT for business transformations has increased rapidly. This trend is growing further with increasing number of businesses across different industry verticals aiming for digitization of their processes and operations. With this, the convergence of virtual and physical world is imminent, and digital twin plays a vital role in this process.
Today, business enterprises are increasingly witnessing benefits of the connected business operations and the time efficiency provided by adopting these technologies. The more the technologies are integrated, subsequently the twin becomes complete; thus, creating a digital thread that standardizes complete process and gives optimum results. Thus, the demand for digital twin technology across business organizations is increasing steadily in order to improve existing business processes and experiment numerous approaches in a simulated environment that would not affect the actual product. It is estimated that over the coming years, nearly 40% of the IoT platform vendors would integrate simulation platforms and capabilities to create digital twins.
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A digital twin is relatively easy to reuse, retrain, and adapt to the existing environment. Thus, enabling AI with the digital twin can make repeated use of technology and enhance productivity. AI has the potential to interpret and examine the data captured by the IoT sensors of digital twin, identify any anomaly, and continue to learn and identify errors. Consequently, digital twin in accordance with AI can be used to improve functionality and provide valuable insights to the developers.
Manufacturing companies make extensive use of automation and robotics systems on production lines and are increasingly adopting IoT technologies, such as digital twin to optimize production performance. Manufacturers understand that even small improvements to throughput, quality, or equipment reliability can be worth millions of dollars. This is driving manufacturers to take significant steps in optimizing their operations by involving technology like digital twin which can also prove to be cost-effective.
Asia Pacific: The Fastest Growing Digital Twin Market
Asia-Pacific is one of the fastest-growing markets for software technologies. It covers varied industries that are expected to flourish over the coming years. This region also continues to experience rapid growth across all areas of technology. With technological improvements of different industries and business operations, digital twin technologies are increasingly being implemented across businesses in this region. The growth in this market is mainly driven by an urge for adopting digital solutions in product development processes to reduce downtime and rising potential of users to invest in digital solutions to survive in competitive markets.
Key Players
Key players operating in global digital twin market are General Electric (U.S), IBM (U.S), PTC (U.S), Microsoft Corporation (U.S), Oracle Corporation (U.S), ANSYS (U.S), Siemens AG (U.S.), SAP SE (Germany), Oracle Corporation (U.S), Robert Bosch (Germany), SWIM.AI (U.S), Rescale, Inc. (U.S), Dassault Systemes (France), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric (France) among others.
We are in the phase of updating this report by analysing the impact of COVID-19 on this market.
1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.3.1. Currency
1.3.2. Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Approach
2.2. Data Collection and Validation
2.1.1. Primary Research
2.1.2. Secondary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.1.1. Bottom-Up Approach
2.3.1.2. Top-Down Approach
2.3.1.3. Growth forecast
2.3.2. Market Share Analysis
2.4. Assumption for Study
2.5. Limitation for Study
3. Executive Summary
4. Market insights
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.1.1. Growing use of Digital Twin for predictive maintenance
4.2.1.2. Increasing adoption of Iot and cloud-based solutions
4.2.2. Restraints
4.2.2.1. Risk associated with data security due to Iot and cloud-based platforms
4.2.3. Opportunities
4.2.3.1. Advent of industry 4.0
4.2.4. Challenges
4.2.4.1. Lack of skilled employees
4.2.4.2 Lack of awareness regarding cost benefits of Digital Twin
4.2.5. Trends
4.2.5.1. Increase in adoption of supply chain management
5. Digital Twin Market, by Type
5.1. Introduction
5.2. Asset
5.3. Process
5.4. System
6. Digital Twin Market, by Technology
6.1. Introduction
6.2. Internet of Things
6.3. Artificial intelligence & Machine Learning
6.4. Big Data Analytics
6.5. Augmented Reality & Virtual Reality
7. Digital Twin Market, by End Use industry
7.1. Introduction
7.2. Automotive & Transportation
7.3. Aerospace & Defense
7.4. Energy & Utilities
7.5. Healthcare
7.6. Building & Construction
7.7. Consumer Electrical & Electronic Goods
7.8. Manufacturing
7.9. Oil & Gas
8. Global Digital Twin Market, by Geography
8.1. Introduction
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. Germany
8.3.2. U.K.
8.3.3. France
8.3.4. Italy
8.3.5. Spain
8.3.6. Rest of Asia Pacific
8.4. Asia Pacific
8.4.1. Japan
8.4.2. China
8.4.3. India
8.4.4. South Korea
8.4.5. Rest of Asia Pacific
8.5. Latin America
8.6. Middle East & Africa
9. Competitive Landscape
9.1. New Product Launches
9.2. Mergers and Acquisitions
9.3. Partnerships, Agreements, & Collaborations
9.4. Expansion
9.5. Competitive Benchmarking
10. Company Profiles
10.1. General Electric
10.1.1. Business Overview
10.1.2. Financial Overview
10.1.3. Product Portfolio
10.1.4. Strategic Developments
10.2. IBM Corporation
10.2.1. Business Overview
10.2.2. Financial Overview
10.2.3. Product Portfolio
10.2.4. Strategic Developments
10.3. PTC, Inc.
10.3.1. Business Overview
10.3.2. Financial Overview
10.3.3. Product Portfolio
10.3.4. Strategic Developments
10.4. Microsoft Corporations
10.4.1. Business Overview
10.4.2. Financial Overview
10.4.3. Product Portfolio
10.4.4. Strategic Developments
10.5. Siemens AG
10.5.1. Business Overview
10.5.2. Financial Overview
10.5.3. Product Portfolio
10.5.4. Strategic Developments
10.6. Ansys
10.6.1. Business Overview
10.6.2. Financial Overview
10.6.3. Product Portfolio
10.6.4. Strategic Developments
10.7. SAP SE
10.7.1. Business Overview
10.7.2. Financial Overview
10.7.3. Product Portfolio
10.7.4. Strategic Developments
10.8. Oracle Corporation
10.8.1. Business Overview
10.8.2. Financial Overview
10.8.3. Product Portfolio
10.8.4. Strategic Developments
10.9. Robert Bosch
10.9.1. Business Overview
10.9.2. Financial Overview
10.9.3. Product Portfolio
10.9.4. Strategic Developments
10.10. Swim. AI
10.10.1. Business Overview
10.10.2. Product Portfolio
10.10.3. Strategic Developments
10.11. Rescale, inc
10.11.1. Business Overview
10.11.2. Product Portfolio
10.11.3. Strategic Developments
10.12. Dassault Systemes
10.12.1. Business Overview
10.12.2. Financial Overview
10.12.3. Product Portfolio
10.12.4. Strategic Developments
10.13. ABB Ltd.
10.13.1. Business Overview
10.13.2. Financial Overview
10.13.3. Product Portfolio
10.13.4. Strategic Developments
10.14. Honeywell International Corporations
10.14.1. Business Overview
10.14.2. Financial Overview
10.14.3. Product Portfolio
10.14.4. Strategic Development
10.15 Schneider Electric
10.15.1. Business Overview
10.15.2. Financial Overview
10.15.3. Product Portfolio
10.15.4. Strategic Developments
11. Appendix
11.1. Questionnaire
11.2. Available Customization
List of Tables
Table 1 Global Digital Twin Market Drivers: Impact Analysis (2019-2025)
Table 2 Global Digital Twin Market Restraints: Impact Analysis (2019-2025)
Table 3 Global Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 4 Global Digital Twin Type Market Size, by Country/Region, 2017-2025 ($ Million)
Table 5 Global Digital Twin Asset Market Size, by Country/Region, 2017-2025 ($ Million)
Table 6 Global Digital Twin Process Market Size, by Country/Region, 2017-2025 ($ Million)
Table 7 Global Digital Twin System Market Size, by Country/Region, 2017-2025 ($ Million)
Table 8 Global Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 9 Global Digital Twin Technology Market Size, by Country/Region, 2017-2025 ($ Million)
Table 10 Global Digital Twin Internet of Things Market Size, by Country/Region, 2017-2025 ($ Million)
Table 11 Global Digital Twin Artificial intelligence & Machine Learning Market Size, by Country/Region, 2017-2025 ($ Million)
Table 12 Global Digital Twin Big Data Analytics Market Size, by Country/Region, 2017-2025 ($ Million)
Table 13 Global Digital Twin Augmented Reality & Virtual Reality Market Size, by Country/Region, 2017-2025 ($ Million)
Table 14 Global Digital Twin Market Size, for End Use industry, 2017-2025 ($ Million)
Table 15 Global Digital Twin Market Size for End Use industry, by Country/Region, 2017-2025 ($ Million)
Table 16 Global Digital Twin Market Size for Automotive & Transportation, by type, by Country/Region, 2017-2025 ($ Million)
Table 17 Global Digital Twin Market Size for Aerospace & Defense, by type, by Country/Region, 2017-2025 ($ Million)
Table 18 Global Digital Twin Market Size for Energy & Utilities, by type, by Country/Region, 2017-2025 ($ Million)
Table 19 Global Digital Twin Market Size for Healthcare, by type, by Country/Region, 2017-2025 ($ Million)
Table 20 Global Digital Twin Market Size for Building & Construction, by type, by Country/Region, 2017-2025 ($ Million)
Table 21 Global Digital Twin Market Size for Consumer Electrical & Electronic Goods, by type, by Country/Region, 2017-2025 ($ Million)
Table 22 Global Digital Twin Market Size for Manufacturing, by type, by Country/Region, 2017-2025 ($ Million)
Table 23 Global Digital Twin Market Size for Oil & Gas, by type, by Country/Region, 2017-2025 ($ Million)
Table 24 North America: Digital Twin Market Size, by Country, 2017-2025 ($ Million)
Table 25 North America: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 26 North America: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 27 North America: Digital Twin Market Size, for End Use industry, 2017-2025 ($ Million)
Table 28 U.S.: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 29 U.S.: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 30 U.S.: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 31 Canada: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 32 Canada: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 33 Canada: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 34 Europe: Digital Twin Market Size, by Country, 2017-2025 ($ Million)
Table 35 Europe: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 36 Europe: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 37 Europe: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 38 Germany: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 39 Germany: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 40 Germany: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 41 U.K.: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 42 U.K.: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 43 U.K.: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 44 France: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 45 France: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 46 France: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 47 Italy: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 48 Italy: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 49 Italy: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 50 Spain: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 51 Spain: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 52 Spain: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 53 Rest of Europe: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 54 Rest of Europe: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 55 Rest of Europe: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 56 Asia Pacific: Digital Twin Market Size, by Country, 2017-2025 ($ Million)
Table 57 Asia Pacific: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 58 Asia Pacific: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 59 Asia Pacific: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 60 Japan: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 61 Japan: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 62 Japan: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 63 China: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 64 China: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 65 China: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 66 India: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 67 India: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 68 India: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 69 South Korea: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 70 South Korea: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 71 South Korea: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 72 Rest of Asia Pacific: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 73 Rest of Asia Pacific: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 74 Rest of Asia Pacific: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 75 Latin America: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 76 Latin America: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 77 Latin America: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 78 Middle East & Africa: Digital Twin Market Size, by Type, 2017-2025 ($ Million)
Table 79 Middle East & Africa: Digital Twin Market Size, by Technology 2017-2025 ($ Million)
Table 80 Middle East & Africa: Digital Twin Market Size, for End Use industry, by type 2017-2025 ($ Million)
Table 81 Number of Developments by The Major Players During 2015-2019
Table 82 New Product Launches, 2015-2019
Table 83 Mergers and Acquisitions, 2015-2019
Table 84 Partnerships, Agreements, & Collaborations, 2015-2019
Table 85 Expansions, 2015-2019
List of Figures
Figure 1 Research Process
Figure 2 Key Executives interviewed
Figure 3 Primary Research Techniques
Figure 4 Market Size Estimation
Figure 5 Key Opportunities
Figure 6 Key Adopters of Digital Twin
Figure 7 Digital Twin Market Overview: 2019-2025
Figure 8 Global Digital Twin Market, by Geography, 2019-2025 ($ Million)
Figure 9 Global Digital Twin Market Size, by Type, 2019-2025 ($ Million)
Figure 10 Global Digital Twin Market Size, by Technology, 2019-2025 ($ Million)
Figure 11 Global Digital Twin Market Size, for End Use industry, by type 2019-2025 ($ Million)
Figure 12 Global Digital Twin Market Size, by Region, 2019-2025 ($ Million)
Figure 13 New Product Launches by The Leading Players, 2015-2019
Figure 14 Mergers and Acquisitions by Leading Players, 2015-2019
Figure 15 Partnerships, Agreements, & Collaborations by The Leading Players, 2015-2019
Figure 16 Expansion by The Leading Players, 2015-2019
We are in the phase of updating this report by analysing the impact of COVID-19 on this market.
We are in the phase of updating this report by analysing the impact of COVID-19 on this market.
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Nov-2022
Published Date: Jun-2020
