Digital Twin Market Forecasts to 2028 – Global Analysis By Solution (Software, Services), Enterprise (Large Enterprises, Small & Medium Enterprises), End User (Oil & Gas, Agriculture, Construction, Manufacturing) and By Geography
According to Stratistics MRC, the Global Digital Twin Market is accounted for $7.45 billion in 2020 and is expected to reach $84.60 billion by 2028 growing at a CAGR of 35.5% during the forecast period. Growing adoption of Industry 4.0 across the globe, changing face of maintenance in various industries, and rising adoption of digital twin technology to cope with COVID-19 crisis are the major factors propelling the market growth. However, data security due to use of IoT and cloud platforms and lack of skilled workforce are hampering the market growth.
A digital twin refers to the virtual replication of any process, physical asset, and systems that can be used for ensuring predictive maintenance and reduces 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.
Based on end user, the automotive & transportation segment is estimated to have a lucrative growth due to the growing usage of digital twins for simulation, designing, MRO (maintenance, repair, and overhaul), production, and after service. Automotive and transportation is one of the major industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred because of the pandemic.
By geography, North America is going to have a lucrative growth during the forecast period due to the high economic growth and a large presence of vendors offering digital twins. Moreover, the increased R&D in the field of the IoT and IIoT and increasing inclination for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth.
Some of the key players profiled in the Digital Twin Market include ANSYS, General Electric, IBM, Microsoft Corporation, Oracle, PTC, Robert Bosch, SAP, Siemens AG, and SWIM.AI.
Types Covered:
• Product Digital Twin
• Process Digital Twin
• System Digital Twin
• Part Twin
Technologies Covered:
• 5G
• Artificial Intelligence & Machine Learning
• Augmented Reality, Virtual Reality, and Mixed Reality
• Big Data Analytics
• Blockchain
• Internet of Thing (IoT) & Industrial Internet of Things (IIoT)
Solutions Covered:
• Software
• Services
Enterprises Covered:
• Large Enterprises
• Small & Medium Enterprises
Applications Covered:
• Predictive Maintenance & Performance Monitoring
• Business Optimization
• Inventory Management
• Product Design & Development
• Machine & Equipment Health Monitoring
• Process Support & Service
End Users Covered:
• Aerospace & Defense
• Automotive & Transportation
• Residential & Commercial
• Healthcare & Life Sciences
• Energy & Utilities
• Oil & Gas
• Agriculture
• Telecommunication
• Retail & Consumer Goods
• Construction
• Manufacturing
• Energy & Utility
• Government
• Natural Resources
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Digital Twin Market, By Type
5.1 Introduction
5.2 Product Digital Twin
5.3 Process Digital Twin
5.4 System Digital Twin
5.5 Part Twin
6 Global Digital Twin Market, By Technology
6.1 Introduction
6.2 5G
6.3 Artificial Intelligence & Machine Learning
6.4 Augmented Reality, Virtual Reality, and Mixed Reality
6.5 Big Data Analytics
6.6 Blockchain
6.7 Internet of Thing (IoT) & Industrial Internet of Things (IIoT)
7 Global Digital Twin Market, By Solution
7.1 Introduction
7.2 Software
7.2.1 Design Software
7.2.2 Analytics
7.3 Services
7.3.1 On-Premises
7.3.2 Cloud
8 Global Digital Twin Market, By Enterprise
8.1 Introduction
8.2 Large Enterprises
8.3 Small & Medium Enterprises
9 Global Digital Twin Market, By Application
9.1 Introduction
9.2 Predictive Maintenance & Performance Monitoring
9.3 Business Optimization
9.4 Inventory Management
9.5 Product Design & Development
9.6 Machine & Equipment Health Monitoring
9.7 Process Support & Service
10 Global Digital Twin Market, By End User
10.1 Introduction
10.2 Aerospace & Defense
10.3 Automotive & Transportation
10.4 Residential & Commercial
10.5 Healthcare & Life Sciences
10.6 Energy & Utilities
10.7 Oil & Gas
10.8 Agriculture
10.9 Telecommunication
10.10 Retail & Consumer Goods
10.11 Construction
10.12 Manufacturing
10.13 Energy & Utility
10.14 Government
10.15 Natural Resources
11 Global Digital Twin Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ANSYS
13.2 General Electric
13.3 IBM
13.4 Microsoft Corporation
13.5 Oracle
13.6 PTC
13.7 Robert Bosch
13.8 SAP
13.9 Siemens AG
13.10 SWIM.AI
List of Tables
1 Global Digital Twin Market Outlook, By Region (2019-2028) ($MN)
2 Global Digital Twin Market Outlook, By Type (2019-2028) ($MN)
3 Global Digital Twin Market Outlook, By Product Digital Twin (2019-2028) ($MN)
4 Global Digital Twin Market Outlook, By Process Digital Twin (2019-2028) ($MN)
5 Global Digital Twin Market Outlook, By System Digital Twin (2019-2028) ($MN)
6 Global Digital Twin Market Outlook, By Part Twin (2019-2028) ($MN)
7 Global Digital Twin Market Outlook, By Technology (2019-2028) ($MN)
8 Global Digital Twin Market Outlook, By 5G (2019-2028) ($MN)
9 Global Digital Twin Market Outlook, By Artificial Intelligence & Machine Learning (2019-2028) ($MN)
10 Global Digital Twin Market Outlook, By Augmented Reality, Virtual Reality, and Mixed Reality (2019-2028) ($MN)
11 Global Digital Twin Market Outlook, By Big Data Analytics (2019-2028) ($MN)
12 Global Digital Twin Market Outlook, By Blockchain (2019-2028) ($MN)
13 Global Digital Twin Market Outlook, By Internet of Thing (IoT) & Industrial Internet of Things (IIoT) (2019-2028) ($MN)
14 Global Digital Twin Market Outlook, By Solution (2019-2028) ($MN)
15 Global Digital Twin Market Outlook, By Software (2019-2028) ($MN)
16 Global Digital Twin Market Outlook, By Design Software (2019-2028) ($MN)
17 Global Digital Twin Market Outlook, By Analytics (2019-2028) ($MN)
18 Global Digital Twin Market Outlook, By Services (2019-2028) ($MN)
19 Global Digital Twin Market Outlook, By On-Premises (2019-2028) ($MN)
20 Global Digital Twin Market Outlook, By Cloud (2019-2028) ($MN)
21 Global Digital Twin Market Outlook, By Enterprise (2019-2028) ($MN)
22 Global Digital Twin Market Outlook, By Large Enterprises (2019-2028) ($MN)
23 Global Digital Twin Market Outlook, By Small & Medium Enterprises (2019-2028) ($MN)
24 Global Digital Twin Market Outlook, By Application (2019-2028) ($MN)
25 Global Digital Twin Market Outlook, By Predictive Maintenance & Performance Monitoring (2019-2028) ($MN)
26 Global Digital Twin Market Outlook, By Business Optimization (2019-2028) ($MN)
27 Global Digital Twin Market Outlook, By Inventory Management (2019-2028) ($MN)
28 Global Digital Twin Market Outlook, By Product Design & Development (2019-2028) ($MN)
29 Global Digital Twin Market Outlook, By Machine & Equipment Health Monitoring (2019-2028) ($MN)
30 Global Digital Twin Market Outlook, By Process Support & Service (2019-2028) ($MN)
31 Global Digital Twin Market Outlook, By End User (2019-2028) ($MN)
32 Global Digital Twin Market Outlook, By Aerospace & Defense (2019-2028) ($MN)
33 Global Digital Twin Market Outlook, By Automotive & Transportation (2019-2028) ($MN)
34 Global Digital Twin Market Outlook, By Residential & Commercial (2019-2028) ($MN)
35 Global Digital Twin Market Outlook, By Healthcare & Life Sciences (2019-2028) ($MN)
36 Global Digital Twin Market Outlook, By Energy & Utilities (2019-2028) ($MN)
37 Global Digital Twin Market Outlook, By Oil & Gas (2019-2028) ($MN)
38 Global Digital Twin Market Outlook, By Agriculture (2019-2028) ($MN)
39 Global Digital Twin Market Outlook, By Telecommunication (2019-2028) ($MN)
40 Global Digital Twin Market Outlook, By Retail & Consumer Goods (2019-2028) ($MN)
41 Global Digital Twin Market Outlook, By Construction (2019-2028) ($MN)
42 Global Digital Twin Market Outlook, By Manufacturing (2019-2028) ($MN)
43 Global Digital Twin Market Outlook, By Energy & Utility (2019-2028) ($MN)
44 Global Digital Twin Market Outlook, By Government (2019-2028) ($MN)
45 Global Digital Twin Market Outlook, By Natural Resources (2019-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.