Digital Twin Market Facts at a Glance-
- Total Pages: 120
- Companies: 10+ – Including General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG, and Wipro Ltd. among others
- Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
- Segments: End-user (manufacturing, energy and utilities, aerospace and defense, automotive, and others) and Deployment (on-premise and cloud)
- Geographies: North America (US), Europe (UK, Germany, and France), APAC (China and Japan), MEA, and South America
Vendor Insights-
The digital twin market is fragmented and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market.
- General Electric Co.- The company offers innovating digital twin technology which is used to optimize the performance of industrial businesses.
- Honeywell International Inc.- The company offers Digital twin technology which turns plant data into actionable information for better decision-making.
- International Business Machines Corp.- The company offers products like IBM Maximo Enterprise Asset Management, IBM Maximo Asset Performance Management and IBM Digital Twin Exchange with digital twin technology.
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Regional Market Outlook
42% of the market's growth will originate from North America during the forecast period. The US is a key market for digital twins in North America. Market growth in this region will be faster than the growth of the market in Europe.
The increasing demand for digital twins in the automobile and aerospace industries will facilitate the digital twin market growth in North America over the forecast period.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Drivers & Trends of the Market-
- Digital Twin Market Driver:
- Emergence of Industry 4.0 and industrial IoT:
Industry 4.0 initiatives are set to introduce innovative production methodologies using advanced technologies, such as cloud, IoT, analytics, digital twin, digital scanning, AI, and cybersecurity. Digital twin technology is at the center of the Industry 4.0 initiatives development that embraces automation, real-time data exchange, and smart manufacturing processes. Industries have been actively using digital twins for their asset and product lifecycle management. The technology allows companies to create a virtual replica of their products and processes and empowers them to take the necessary decisions in advance.
- Digital Twin Market Trend:
- Adoption of digital twin in the healthcare sector:
Over the last few years, the digital twin is gaining significant traction in the healthcare industry. With the help of digital twins, the hospital management can take decisions in advance and optimize patient care, cost, and performance of the facility. The digital twin can also make the replica of a hospital and enable the management to create a safe and secure environment for employees and patients. Digital twin also helps in identifying the treatment for critical diseases by simulating digital replicas of organs. Vendors and healthcare service providers are working closely to determine more applications of digital twin in healthcare. During the forecast period, the adoption of digital twin in the healthcare sector is likely to increase due to its immense benefits. Moreover, the trend of vendors partnering with healthcare providers, researchers, and pharmaceutical companies will increase the implementation of digital twins in the healthcare sector.
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Digital Twin Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 39.48% |
Market growth 2021-2025 |
$ 24.81 billion |
Market structure |
Fragmented |
YoY growth (%) |
35.21 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, UK, Germany, China, Japan, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG, and Wipro Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for forecast period, |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
- Market ecosystem
- Impact of COVID-19 on IT sector
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 - 2025
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End user
- Manufacturing - Market size and forecast 2020-2025
- Energy and utilities - Market size and forecast 2020-2025
- Aerospace and defense - Market size and forecast 2020-2025
- Automotive - Market size and forecast 2020-2025
- Others - Market size and forecast 2020-2025
- Market opportunity by End user
Market Segmentation by Deployment
- Market segments
- Comparison by Deployment
- On-premise - Market size and forecast 2020-2025
- Cloud - Market size and forecast 2020-2025
- Market opportunity by Deployment
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- APAC - Market size and forecast 2020-2025
- MEA - Market size and forecast 2020-2025
- South America - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- General Electric Co.
- Honeywell International Inc.
- International Business Machines Corp.
- Kongsberg Gruppen ASA
- Microsoft Corp.
- Oracle Corp.
- PTC Inc.
- SAP SE
- Siemens AG
- Wipro Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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