Digital Twin Market by Type (Asset, Process, System), Technology (Internet of Thing, Artificial Intelligence, Big Data Analytics, AR VR), End User (Automotive, Transport, Healthcare, Construction, Manufacturing, Retail) - Global Forecast to 2025

  • Report ID:MRICT - 104361
  • Pages: 148
  • Nov 2019
  • Formats*: PDF
  • Category: Information & Communications Technology
  • Delivery: 2 to 4 Hours

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 & Validation
           2.2.1. Secondary Research
           2.2.2. Primary 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
           2.3.2. Growth forecast
           2.3.3. Market Share Analysis
    2.4. Assumptions for the Study
    2.5. Limitations for the Study

3. Executive Summary
    3.1. Overview
    3.2. Market Analysis, by Type
    3.3. Market Analysis, by Technology
    3.4. Market Analysis, by End Use Industry
    3.5. Market Analysis, by Region
    3.6. Competitive Analysis

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 Storage Solutions
           4.2.2. Restraints
                    4.2.2.1. Concerns with Data Security
           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 Practices

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 (IoT)
    6.3. Big Data Analytics
    6.4. Artificial Intelligence and Machine Learning
    6.5. Augmented Reality (AR) & Virtual Reality (VR)
    6.6. Others

7. Digital Twin Market, by End Use Industry
    7.1. Introduction
    7.2. Manufacturing 
    7.3. Automotive & Transportation
    7.4. Healthcare
    7.5. Aerospace & Defense
    7.6. Building & Construction
    7.7. Energy & Utilities
    7.8. Consumer Electrical & Electronic Goods
    7.9. Oil & Gas
    7.10. Retail

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 Europe
    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 and Africa

9. Competitive Landscape
    9.1. Key Growth Strategies
           9.1.1. New Product Launches
           9.1.2. Mergers and Acquisitions
           9.1.3. Partnerships, Agreements, & Collaborations
    9.2. Market Share Analysis, by Key Player
    9.3. Competitive Benchmarking

10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Development)
      10.1. General Electric Company
      10.2. IBM Corporation
      10.3. PTC, Inc.
      10.4. Microsoft Corporation  
      10.5. Ansys, Inc.
      10.6. Siemens AG (Siemens Industry Software, Inc.)
      10.7. Sap SE 
      10.8. Oracle Corporation
      10.9. Swim.AI Inc.
      10.10. Robert Bosch GmbH
      10.11. Rescale, Inc.
      10.12. Dassault Systemes
      10.13. Schneider Electric SE 
      10.14. ABB Ltd.
      10.15. Aveva Group Plc.

11. Appendix
      11.1. Questionnaire
      11.2 Available Customization

List of Tables

Table 1 Currency Conversion Rate into USD, 2016-2019
Table 2 Global Digital Twin Solutions Market Drivers: Impact Analysis (2019-2025)
Table 3 Global Digital Twin Market Size, by Type, 2017-2025 ($Million)
Table 4 Global Asset Digital Twin Market Size, by Country/Region, 2017–2025 ($Million)
Table 5 Global Process Digital Twin Market Size, by Country/Region, 2017–2025 ($Million)
Table 6 Global System Digital Twin Market Size, by Country/Region, 2017–2025 ($Million)
Table 7 Global Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 8 Global IoT Digital Twin Market Size, by Country/Region, 2017–2025 ($Million)
Table 9 Global Big Data Analytics Digital Twin Market Size, by Country/Region, 2017–2025 ($Million) 
Table 10 Global Artificial Intelligence & Machine Learning Digital Twin Market Size, by Country/Region, 2017–2025 ($Million)
Table 11 Global Augmented Reality (AR) & Virtual Reality (VR) Digital Twin Market Size, by Country/Region, 2017–2025 ($Million)
Table 12 Global Digital Twin Market Size for Other Technologies, by Country/Region, 2017–2025 ($Million) 
Table 13 Global Digital Twin Market Size, by End Use Industry, 2017–2025 ($Million)
Table 14 Global Digital Twin Market Size for Manufacturing, by Country/Region, 2017–2025 ($Million) 
Table 15 Global Digital Twin Market Size for Automotive & Transportation, by Country/Region, 2017–2025 ($Million)
Table 16 Global Digital Twin Market Size for Healthcare, by Country/Region, 2017–2025 ($Million)
Table 17 Global Digital Twin Market Size for Aerospace & Defense, by Country/Region, 2017–2025 ($Million)
Table 18 Global Digital Twin Market Size for Building & Construction, by Country/Region, 2017–2025 ($Million)
Table 19 Global Digital Twin Market Size for Energy & Utilities, by Country/Region, 2017–2025 ($Million) 
Table 20 Global Digital Twin Market Size for Consumer Electrical & Electronic Goods, by Country/Region, 2017–2025 ($Million)
Table 21 Global Digital Twin Market Size for Oil & Gas, by Country/Region, 2017–2025 ($Million)
Table 22 Global Digital Twin Market Size for Retail, by Country/Region 2017–2025 ($Million)
Table 23 North America: Digital Twin Market Size by Country/Region, 2017–2025 ($Million)
Table 24 North America: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 25 North America: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 26 North America: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 27 U.S.: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 28 U.S.: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 29 U.S.: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 30 Canada: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 31 Canada: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 32 Canada: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 33 Europe: Digital Twin Market Size, by Country/Region, 2017–2025 ($Million)
Table 34 Europe: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 35 Europe: Digital Twin Market Size, by Technology, 2017–2025 ($Million) 
Table 36 Europe: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 37 Germany: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 38 Germany: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 39 Germany: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 40 U.K.: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 41 U.K.: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 42 U.K.: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 43 France: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 44 France: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 45 France: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 46 Italy: Digital Twin Market Size, by Type, 2017–2025 ($Million) 
Table 47 Italy: Digital Twin Market Size, by Technology, 2017–2025 ($Million) 
Table 48 Italy: Digital Twin Market, by End Use Industry, 2017–2025 ($Million) 
Table 49 Spain: Digital Twin Market Size, by Type, 2017–2025 ($Million) 
Table 50 Spain: Digital Twin Market Size, by Technology, 2017–2025 ($Million) 
Table 51 Spain: Digital Twin Market, by End Use Industry, 2017–2025 ($Million) 
Table 52 Rest of Europe: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 53 Rest of Europe: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 54 Rest of Europe: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 55 Asia Pacific: Digital Twin Market, by Country Region 2017–2025 ($Million)
Table 56 Asia Pacific: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 57 Asia Pacific: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 58 Asia Pacific: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 59 Japan: Digital Twin Market Size, by Type, 2017–2025 ($Million) 
Table 60 Japan: Digital Twin Market Size, by Technology, 2017–2025 ($Million) 
Table 61 Japan: Digital Twin Market, by End Use Industry, 2017–2025 ($Million) 
Table 62 China: Digital Twin Market Size, by Type, 2017–2025 ($Million) 
Table 63 China: Digital Twin Market Size, by Technology, 2017–2025 ($Million) 
Table 64 China: Digital Twin Market, by End Use Industry, 2017–2025 ($Million) 
Table 65 India: Digital Twin Market Size, by Type, 2017–2025 ($Million) 
Table 66 India: Digital Twin Market Size, by Technology, 2017–2025 ($Million) 
Table 67 India: Digital Twin Market, by End Use Industry, 2017–2025 ($Million) 
Table 68 South Korea: Digital Twin Market Size, by Type, 2017–2025 ($Million) 
Table 69 South Korea: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 70 South Korea: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 71 Rest of Asia Pacific: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 72 Rest of Asia Pacific: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 73 Rest of Asia Pacific: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 74 Latin America: Digital Twin Market Size, by Type 2017–2025 ($Million) 
Table 75 Latin America: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 76 Latin America: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 77 Middle East & Africa: Digital Twin Market Size, by Type, 2017–2025 ($Million)
Table 78 Middle East & Africa: Digital Twin Market Size, by Technology, 2017–2025 ($Million)
Table 79 Middle East & Africa: Digital Twin Market, by End Use Industry, 2017–2025 ($Million)
Table 80 Number of Developments by Major Players During 2016-2019
Table 81 New Product Launches, 2016-2019
Table 82 Mergers and Acquisitions, 2016-2019
Table 83 Partnerships, Agreements, & Collaborations, 2016-2019

List of Figures

Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Breakdown of Primary Interviews (Supply Side & Demand Side) 
Figure 5 Market Sizing and Growth Forecast Approach
Figure 6 Asset Type Digital Twin Segment Accounts for the Largest Share of the Global Market
Figure 7 IoT Digital Twin Dominates the Market
Figure 8 Manufacturing End User Segment Dominates the Digital Twin Market 
Figure 9 North America Accounts Largest Share
Figure 10 Global Digital Twin Market, by Type, 2019–2025 ($Million)
Figure 11 Global Digital Twin Market, by Technology, 2019–2025 ($Million)
Figure 12 Global Digital Twin Market, by End Use Industry, 2019–2025 ($Million)
Figure 13 Global Digital Twin Market, by Region, 2019–2025 ($Million)
Figure 14 Growth Strategies Adopted by the Key Player, 2016-2019
Figure 15 Global Digital Twin Market Share, by Key Player, 2018
Figure 16 Digital Twin: Competitive Benchmarking
Figure 17 General Electric Company: Financial Overview (2016–2018)
Figure 18 IBM Corporation: Financial Overview (2016–2018)
Figure 19 PTC Inc: Financial Overview (2016–2018)
Figure 20 Microsoft Corporation: Financial Overview (2016–2018)
Figure 21 Ansys Inc: Financial Overview (2016–2018)
Figure 22 Siemens Ag: Financial Overview (2016–2018)
Figure 23 SAP SE: Financial Overview (2016–2018)
Figure 24 Oracle Corporation: Financial Overview (2017 – 2019)
Figure 25 Robert Bosch GmbH: Financial Overview (2016–2018)
Figure 26 Dassault Systemes: Financial Overview (2016–2018)
Figure 27 Schneider Electric Se: Financial Overview (2016–2018)
Figure 28 ABB Ltd: Financial Overview (2016–2018)
Figure 29 Aveva Group Plc: Financial Overview (2017 – 2019)


The global 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.

Digital Twin Market

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Key Findings in the Global Digital Twin Market Study:

Artificial Intelligence and Machine Learning are Ready to Create an Impact on The Digital Twin Market

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 Industry Expected to Register Rapid Growth in Digital Twin Market

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.

Scope of the Report:

Digital Twin Market by Type

  • Asset
  • Process
  • System

Digital Twin Market by Technology

  • Internet of Things (IoT)
  • Artificial Intelligence and Machine Learning
  • Big data analytics
  • Augmented Reality and Virtual reality
  • Others

Digital Twin Market by End-use industry

  • Automotive and transportation
  • Aerospace and Defense
  • Energy and Utilities
  • Healthcare
  • Building and construction
  • Consumer Electrical and Electronic goods
  • Manufacturing
  • Oil and Gas
  • Retail

Digital Twin Market by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
  • Middle East and Africa

Key questions answered in the report:

Growing use of digital twin for predictive maintenance

  • How does the adoption of digital twin in developed regions differ from developing countries like India, and China?
  • What are the different measures taken for predictive maintenance in order to widespread digital twin?
  • Are there any instances regarding booming technologies such as AI and ML with respect to digital twin?

Increasing adoption of IoT and cloud-based storage solutions

  • How is the proliferation of IoT responsible for the widespread adoption of digital twin?
  • What are the benefits of implementing cloud-based digital twin solutions?

Key players dominating the digital twin market

  • Who are the major players in various countries and what share of the market do they hold?
  • Who are the top competitors in this market and what strategies do they employ to gain shares?
  • What companies have recently merged/acquired in various countries across the globe and how will these unions affect the competitive landscape?
  • Which companies have created partnerships and how will these partnerships promote a competitive advantage?

North America region dominates the geographical segment of digital twin market

  • Who are the prominent players in the North American digital twin market and what is their market share?
  • Which is the most adopted type of digital twin technology in the country?
  • What is the impact of adoption of digital twin on end-use industries in the U.S.?
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