Global Digital Twin Market By Overview
Introduction:
A digital twin is a virtual representation of an object or system that spans its lifecycle, updated from real-time data, and uses simulation, machine learning, and logic to aid decision-making. Generally speaking, there are types of digital twins – manufacturing, production and performance as the three digital twins evolve together and their combination and integration is known as a digital thread. The digital twin is an important component of the Industrial Internet of Things as it enables automated vehicle control and monitoring of industrial assets and processes such as product development, design and production planning, investment performance management, business and operation optimization and others. Digital twins are being used in countless ways and are changing multiple operations. From manufacturing to healthcare, facility management to product design, the digital twin concept consists of three distinct parts: the physical product, the digital/virtual product, and the connection between the two products. The integration of digital twin technology with technologies such as IoT, machine learning and cloud computing is expected to further boost the market growth. Global Digital Twin Market size accounted for US$ 3.1 billion in 2020 and is estimated to be US$ 260.77 billion by 2030 and is anticipated to register a CAGR of 56.3%.
Global Digital Twin Market By Dynamics
Increasing Adoption of digital twin technology & Lack of skilled labor
A digital twin is a digital representation of inanimate and animate physical objects such as objects, people, processes, etc. It is used to monitor operations and gain insight into critical processes. Due to these advantages, the demand for digital twins from end-use industries has increased, which is a major driving factor for the market growth during the forecast period. Increasing Adoption of digital twin technology by scientists and healthcare professionals to create innovative platforms that can improve care delivery through effective patient monitoring is expected to drive market growth in the coming years. Lack of skilled labor is a major constraint to the growth of the digital twin market Lack of skilled manpower requires huge initial investment for installation along with high maintenance cost required and this factor is limiting the growth of digital twin market size during the forecast years.
Technological advancement
The integration of digital twin technology with technologies such as IoT, artificial intelligence (AI) and cloud computing is expected to fuel the market growth. Organizations are deploying IIoT and AI technologies to collect and analyze behavioral data from existing IoT devices and connected products, which can then be applied to digital twin models to replicate existing device performance and usage. This digital technologies increasingly being implemented in different areas of business, these digital technologies are increasingly being applied in various areas of business. The creation of a digital twin involves the virtualization of a physical twin using a variety of IOT sensors and the benefits of using the digital twin technology are well known even though it is still in its infancy. As further research is developed, the system may soon play an important role in many current robotics systems.
Global Digital Twin Market By Segmentation
Source: Prophecy Market Insights
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report. The Global Digital Twin Market is segmented based on application, Vertical and region.
On the basis of application, the Global Digital Twin Market is segmented into Product Design, Manufacturing Process Planning, and Others On the basis of Vertical, the target market is classified into Natural Resources, Manufacturing, Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others (Automotive and Oil and Gas). The automotive and transportation industries were the largest digital twin markets in 2021 and are expected to grow by 2030. This dominance in the overall market is mainly due to the widespread use of digital twin technology in automotive and transport vehicles. The automotive and transportation segment is divided into fleet management, vehicle designing and simulation. The increasing adoption of electric vehicles worldwide is likely to increase adoption of the technology in vehicle design.
Regional Insights:
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
On region the Global Digital Twin Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is one of the growing markets for software technology. It includes various industries that are expected to flourish in the coming years. The region is witnessing rapid growth in all areas of technology. With technological improvements in various industries and business operations, digital twin technologies are increasingly being implemented in businesses across the region.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Billion & CAGR from 2020 to 2030 |
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Market Segmentation |
By Application - Product Design, Manufacturing Process Planning, and Others By Vertical - Natural Resources, Manufacturing, Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others (Automotive and Oil and Gas)
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the Global Digital Twin Market report based on application, vertical and region:
Global Digital Twin Market, By Application:
- Product Design
- Manufacturing Process Planning
- Others
Global Digital Twin Market, By Vertical:
- Natural Resources
- Manufacturing
- Healthcare
- Consumer Goods
- Transportation
- Government and Utilities
- Others (Automotive and Oil and Gas)
Global Digital Twin Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Digital Twin Market By Key Players
The key players operating the Global Digital Twin Market includes General Electric Company, PTC, Inc., Siemens AG, SAP SE, Alphabet Inc., Dell Inc., Cisco Systems, Inc., Robert Bosch GmbH, Microsoft Corporation, International Business Machines Corporation, and ANSYS, Inc. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance in August 2022, Wafer Systems and Microsoft launch new modern workplace solutions, the two companies will launch an AIoT-based smart building digital twin solution built on Wafer Systems' Artificial Intelligence of Things (AIoT) platform – called Virsical – and Microsoft Azure. It integrates building space management systems with various hardware to analyze workplace data, including employee behavior, terminal equipment, and space conditions.
Global Digital Twin Market By Company Profile
- Electric Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- PTC, Inc.
- Siemens AG
- SAP SE
- Alphabet Inc.
- Dell Inc.
- Cisco Systems, Inc.
- Robert Bosch GmbH
- Microsoft Corporation
- International Business Machines Corporation
- ANSYS, Inc.
“*” marked represents similar segmentation in other categories in the respective section
Global Digital Twin Market By Table of Contents
Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Application
- Market Snippet, By Vertical
- Market Snippet, By Region
- Opportunity Map Analysis
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Digital Twin Market, By Application, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Product Design
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Manufacturing Process Planning
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Digital Twin Market, By Vertical, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Natural Resources
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Manufacturing Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Manufacturing
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Healthcare
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Consumer Goods
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Transportation
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Government and Utilities
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Others (Automotive and Oil & Gas)
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Digital Twin Market, By Region, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Vertical, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Vertical, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Vertical, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Vertical, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Vertical, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
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- General Electric Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- PTC, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Siemens AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- SAP SE
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Alphabet Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Dell Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Cisco Systems, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Robert Bosch GmbH
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Microsoft Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- International Business Machines Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- ANSYS, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- General Electric Company
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- Section
- Research Methodology
- About Us
- Contact
FAQs
The Global Digital Twin Market report segments the market on the based on the application, vertical and region.
The target market's growth is being fueled by rising technology demand in a variety of industries, including energy and utilities, consumer products, and transportation.
The North America holds the largest share in the digital twin market.
The leading players operating in the Global Digital Twin Market includes General Electric Company, PTC, Inc., Siemens AG, SAP SE, Alphabet Inc., Dell Inc., Cisco Systems, Inc., Robert Bosch GmbH, Microsoft Corporation, International Business Machines Corporation, and ANSYS, Inc.