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)

The digital twin market is expected to grow at a CAGR of 38.1% from 2019 to 2025 to reach $30.1 billion by 2025.

A digital twin is a virtual replica of a physical entity where data is seamlessly transmitted along the sensors to provide desired information of the entity while virtualization exists simultaneously with physical entity. Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, challenges, and opportunities. The growth in the digital twin market is stimulated by several factors such as growing usage of digital twin technology for predictive maintenance and rising inclination towards IoT devices and cloud-based storage solutions.

The study offers a comprehensive analysis of the global digital twin market with respect to various types. The global digital twin market is segmented on the basis of type (asset, process, system), technology (Internet of Thing, artificial intelligence and machine learning, big data analytics, AR and VR, and others), end-user (automotive and transport, aerospace and defense, energy and utilities, healthcare, building and construction, consumer electrical and electronic goods, manufacturing, oil and gas, retail), and geography.

The asset maintenance and monitoring segment is expected to grow with the highest CAGR during the forecast period.

As the industrial breakdowns and prolonged time to market the manufactured assets are affecting the organizations, the need for effective maintenance, efficient asset monitoring, and predictive analysis of product’s impact after deployment enables organizations to implement digital twin which solves all these problems. Process twining and system twinning, which is a long-term solution in organization development, are at the nascent stage of the growth. Thus, the subsequent segments are projected to grow with high rate of adoption in the near future as the technological advances take place and industries actively participate and contribute to the ‘Industry 4.0’ program.

Based on technology, the digital twin market is segmented into IoT, AI & ML, big data analytics, and AR & VR; wherein IoT commanded the largest share of the overall digital twin market in 2019. The proliferation of IoT devices and growing inclination towards sensor-driven product development are supporting the largest share of the IoT in digital twin market. However, the AI & ML technologies segment is poised to register the fastest growth rate during forecast period.

An in-depth analysis of the geographic scenario of the market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. In 2019, North America accounted for the largest share of the global digital twin market. The high adoption of IoT devices, technological advancements of cloud infrastructure, and presence of majority of established digital twin players and start-ups have boosted the overall digital twin market in the North American region. However, increased government-funded smart city projects, coupled with the accelerating adoption of sensor-driven technology by the enterprises and the different business organizations are helping Asia-Pacific region to register the fastest growth in the global digital twin market.

Key players operating in global digital twin market are General Electric (U.S), IBM Corporation (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), and Dassault Systèmes (France), among others.

Scope of the Report:

Market by Type

Asset
Process
System

Market by Technology

Internet of Things (IoT)
Artificial Intelligence & Machine Learning
Big Data Analytics
Augmented Reality & Virtual reality

Market by End-use Industry

Automotive & transportation
Aerospace & Defense
Energy & Utilities
Healthcare
Building & Construction
Consumer Electrical & Electronic goods
Manufacturing
Oil & Gas

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 & Africa

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)

Companies Mentioned

ABB Ltd.
ANSYS
Dassault Systemes
General Electric
Honeywell International Inc.
IBM
Microsoft Corporation
Oracle Corporation
Oracle Corporation
PTC
Rescale Inc.
Robert Bosch
SAP SE
SWIM.AI
Schneider Electric
Siemens AG

License	Format	Properties	Price
SINGLE USER LICENSE PDF	The product is a PDF.	This is a single user license, allowing one user access to the product.	€2915EUR$2,923USD£2,403GBP €4164EUR$4,175USD£3,434GBP
SITE LICENSE PDF	The product is a PDF.	This is a site license, allowing all users within a given geographical location of your organization access to the product.	€4171EUR$4,183USD£3,440GBP €5959EUR$5,975USD£4,914GBP
ENTERPRISE LICENSE PDF	The product is a PDF.	This is an enterprise license, allowing all employees within your organization access to the product.	€5498EUR$5,513USD£4,534GBP €7854EUR$7,875USD£6,476GBP

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

Table of Contents

Companies Mentioned

Table of Contents

Companies Mentioned

Related Topics

Related Reports

Smart Manufacturing Market - Edge Computing, Industrial 3D Printing, Robots, Sensor, Machine Vision, Artificial intelligence, Cybersecurity, Digital Twin, Private 5G, AGV, AMR, AR & VR, CAD, CAM, PLM, HMI, IPC, MES, WMS, and ERP - Global Forecast to 2029

AI In IoT - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Big Data Analytics in Semiconductor and Electronics Global Market Report 2024

AR/VR Chip Market Outlook Report: Industry Size, Market Shares Data, Latest Trends, Insights, Growth Potential, CAGR Forecasts to 2034

Metaverse Market Size, Share & Trends Analysis Report By Product (Software, Services), By Platform (Desktop, Mobile), By Technology (VR & AR, Mixed Reality), By Application (Gaming, Online Shopping), By End-user, And Segment Forecasts, 2024 - 2030