Digital Twin Market by Usage Type (Product Digital Twin, System Digital Twin and Process Digital Twin), Technology, Application, End User and Geography - Global Industry Analysis, Opportunities and Forecast up to 2026

The global digital twin market size was valued at $5.90 billion in 2020, and is projected to reach $40.75 billion by 2026, growing at a CAGR of 38.0% during the forecast period.

• The digital twin market is expected to grow significantly in the future as a result of increased use of connected devices across multiple organizations and increased acceptance of digital twin in Supply Chain Management (SCM).

• Additionally, rise in IoT, big data analytics, and cloud-based platforms, as well as rapid adoption of Industry 4.0 are propelling the digital twin market forward.

• However, growing concern regarding data security and privacy is likely to hamper the market growth.

Companies can clearly understand and predict the performance of their machines using a digital twin, which is a digital replica of a physical asset of a product, process, system, or facility to understand and enhance its performance. With the rise of big data and the Internet of Things, the digital twin has acquired a lot of traction and has become an important element between the physical and virtual worlds. Digital twin enables to operate, maintain, and predict of system outcomes by analyzing data collected via sensors with a great accuracy. It keeps an eye on the system and can help prevent problems before they happen.

By Type, System Digital Twin Dominates by Being the Largest Market for Digital Twin

The system digital twin segment dominates and retains its market in the coming future, owing to the widespread use of system digital twins by a wide range of sectors, including aerospace & defense, automotive, manufacturing, oil & gas, energy & utilities, and other verticals, to uncover new revenue-generating possibilities by reducing costs and improving customer service. For instance, the LOCOMACHS has implemented a digital twin for the complete manufacturing process for an aircraft wing for performance monitoring in the aerospace and defense industry.

By Geography, North America to Lead the Market

North America is leading in the digital twin market place owing to presence of prominent technology and automation players in the region such as Microsoft Corporation, IBM Corporation, and Autodesk. In addition, increasing automation solutions in manufacturing sectors, supportive government initiatives further driving the demand for digital twins in the regional market.

Some of the key players profiled in the Report:
• ABB
• Aveva Group Plc
• Bentley Systems, Incorporated
• Bosch Rexroth AG
• Dassault Systems
• General Electric Company
• Hexagon AB
• Honeywell International Inc.
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• PTC Inc
• Rockwell Automation
• SAP
• Schneider Electric
• Siemens AG

 What Can be Explored with this Research Report:
• Understand the key trends that will drive the market, challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observed promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Usage Type    
• Product Digital Twin
• System Digital Twin
• Process Digital Twin

Market by, Technology
• Augmented Reality, Virtual Reality, & Mixed Reality
• Blockchain
• IoT & IIoT
• Artificial Intelligence & Machine Learning
• Big Data Analytics
• 5G

Market by, Application  
• Performance Monitoring
• Inventory Management
• Product Design & Development
• Business Optimization
• Predictive Maintenance
• Other Applications
    
Market by, End User    
• Aerospace & Defence
• Manufacturing
• Home & Commercial
• Automotive & Transportation
• Energy & Utilities
• Agriculture
• Oil & Gas
• Retail
• Healthcare & Life Sciences
• Telecommunication
• Other End Users
    
 Market by, Geography    
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Table Of Content

1 Market Overview          
    1.1 Introduction      
    1.2 Research Objectives     
    1.3 Market Segmentation      
    1.4 Stakeholders      
    1.5 List of Acronyms      
            
2 Executive Summary          
            
3 Research Methodology         
    3.1 Identification of Data     
    3.2 Evaluation of Market Dynamics    
    3.3 Collaboration of Data     
    3.4 Verification and Analysis     
    3.5 Data Sources      
    3.6 Assumptions      
4 Market Dynamics          
    4.1 Market Drivers      
           4.1.1 Increased use of connected devices across multiple organizations
           4.1.2 Increasing acceptance of digital twin in Supply Chain Management (SCM)
           4.1.3 Rising IoT, big data analytics, and cloud-based platforms
           4.1.4 Rpid adoption of Industry 4.0
    4.2 Market Restraints      
           4.2.1 Concerns regarding data security and privacy
    4.3 Market Opportunities     
           4.3.1 Up surging demand of digital twin technology in aerospace industry
    4.4 Market Challenges      
           4.4.1 Lack of skilled workforce
    4.5 Impact of COVID-19 on Digital Twin Market   
            
5 Porter's Five Force Analysis         
    5.1 Bargaining Power of Suppliers     
    5.2 Bargaining Power of Buyers     
    5.3 Threat of New Entrants     
    5.4 Threat of Substitutes     
    5.5 Competitive Rivalry in the Market    
            
6 Global Digital Twin Market by, Usage Type       
    6.1 Overview      
    6.2 Product Digital Twin     
    6.3 System Digital Twin      
    6.4 Process Digital Twin      
            
7 Global Digital Twin Market by, Technology       
    7.1 Overview      
    7.2 Augmented Reality, Virtual Reality, & Mixed Reality  
    7.3 Blockchain      
    7.4 IoT & IIoT       
    7.5 Artificial Intelligence & Machine Learning   
    7.6 Big Data Analytics      
    7.7 5G       
            
8 Global Digital Twin Market by, Application       
    8.1 Overview      
    8.2 Performance Monitoring     
    8.3 Inventory Management     
    8.4 Product Design & Development    
    8.5 Business Optimization     
    8.6 Predictive Maintenance     
    8.7 Other Applications      
            
9 Global Digital Twin Market by, End User        
    9.1 Overview      
    9.2 Aerospace & Defence     
    9.3 Manufacturing      
    9.4 Home & Commercial     
    9.5 Automotive & Transportation     
    9.6 Energy & Utilities      
    9.7 Agriculture      
    9.8 Oil & Gas       
    9.9 Retail       
    9.10 Healthcare & Life Sciences     
    9.11 Telecommunication      
    9.12 Other End Users      
            
10 Global Digital Twin Market by, Geography       
    10.1 Overview      
    10.2 North America      
    10.3 Europe       
    10.4 Asia Pacific      
    10.5 South America      
    10.6 Middle East & Africa     
            
11 Key Developments          
            
12 Company Profiling          
    12.1 ABB       
            12.1.1 Business Overview
            12.1.2 Product/Service Offering
            12.1.3 Financial Overview
            12.1.4 SWOT Analysis
            12.1.5 Key Activities
    12.2 Aveva Group Plc      
    12.3 Bentley Systems, Incorporated    
    12.4 Bosch Rexroth AG      
    12.5 Dassault Systems      
    12.6 General Electric Company     
    12.7 Hexagon AB       
    12.8 Honeywell International Inc.     
    12.9 IBM Corporation      
    12.10 Microsoft Corporation     
    12.11 Oracle Corporation      
    12.12 PTC Inc       
    12.13 Rockwell Automation     
    12.14 SAP       
    12.15 Schneider Electric      
    12.16 Siemens AG