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Digital Twin Market by End-user, Deployment, and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 120
  • SKU: IRTNTR44829
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The digital twin market share is expected to increase by USD 24.80 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 39.48%.

This digital twin market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers digital twin market segmentation by end-user (manufacturing, energy and utilities, aerospace and defense, automotive, and others), deployment (on-premise and cloud), and geography (North America, Europe, APAC, MEA, and South America). The digital twin market report also offers information on several market vendors, 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.

What will the Digital Twin Market Size be During the Forecast Period?

Digital Twin Market Size

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"The rise in popularity of Industry 4.0 initiatives across the US is expected to further strengthen the demand for digital twin solutions in the manufacturing industry."

Digital Twin Market: Key Drivers, Trends, and Challenges

Industry 4.0 and industrial IoT is notably driving the digital twin market growth, although factors such as high cost of deployment and complex architecture of digital twin may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the digital twin market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Digital Twin Market Driver

One of the key factors driving the global digital twin industry growth is industry 4.0 and digital twin 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. Moreover, 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. Furthermore, many end-user industries have been actively using digital twins for their asset and product lifecycle management. Moreover, the digital twin technology allows companies to create a virtual replica of their products and processes and empowers them to take the necessary decisions in advance. Hence, such factors will further lead to the growth of the market during the forecast period.

Key Digital Twin Market Trend

Increasing traction in the healthcare sector is one of the key digital twin market trends that is expected to impact the industry positively in the forecast period. With the help of digital twins, the hospital management can take decisions in advance and optimize patient care, cost, and performance of the facility. Moreover, the digital twin can also make a replica of a hospital and enable the management to create a safe and secure environment for employees and patients. Furthermore, the digital twin also helps in identifying the treatment for critical diseases by simulating digital replicas of organs. Also, vendors and healthcare service providers are working closely to determine more applications of the digital twin in healthcare. Therefore, the trend of vendors partnering with healthcare providers, researchers, and pharmaceutical companies will increase the implementation of digital twins in the healthcare sector in the coming years.

Key Digital Twin Market Challenge

One of the key challenges to the global digital twin industry growth is the high cost of deployment and complex architecture of the digital twin. The implementation of a digital twin requires significant investment in technology platforms, infrastructure development, and maintenance. Moreover, companies need to invest significantly in IoT platforms, sensors, software, infrastructure, and security solutions. Moreover, the maintenance of the digital twin infrastructure for its seamless working requires significant investment in operations. A digital twin is a long-term project that will add to long-term variable costs. Therefore, the high upfront cost and the complex infrastructure of the digital twin are expected to slow down the deployment of the digital twin during the forecast period.

This digital twin market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global digital twin market as a part of the global IT consulting and other services market within the global IT services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the digital twin market during the forecast period.

Market Overview

The parent global IT services market cover companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global IT consulting and other services market covers companies that provide information technology consulting and information management services. 

Who are the Major Digital Twin Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 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.

 

This statistical study of the digital twin market encompasses successful business strategies deployed by the key vendors. The digital twin market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • General Electric Co. - The company offers a digital twin that provides a virtual replica of physical objects, assets, and systems to boost productivity, streamline operations and increase profits. 

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The digital twin market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Digital Twin Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the digital twin market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global IT consulting and other services market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for Digital Twin Market?

Digital Twin Market Share by Geography

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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. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 negatively impacted various end-user industries such as manufacturing, consumer goods, oil and gas, chemicals, and mining, which use digital twins. The rise in the number of COVID-19 cases led to supply chain disruptions and the temporary closure of several manufacturing plants in the automotive, consumer goods, aerospace, chemicals, oil and gas, and other related industries in the region. However, owing to the pandemic, there has been growth in the healthcare industry, which compensates for the loss incurred by the vendors in the regional digital twin market to some extent. Hence, the requirement for digital twin solutions from end-user industries, such as automotive, aerospace, industrial manufacturing, and oil and gas, is anticipated to increase, which, in turn, will drive the market during the forecast period.

What are the Revenue-generating End-User Segments in the Digital Twin Market?

Digital Twin Market Share

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The digital twin market share growth by the manufacturing segment will be significant during the forecast period. The growth is attributed to the significant increase in the adoption of Industry 4.0 across the world. Digital twin solutions enable the smooth functioning of a manufacturing plant by identifying any points of failure and helping enterprises in taking corrective measures in advance. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the digital twin market size and actionable market insights on the post-COVID-19 impact on each segment.

 

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

$ 24.80 billion

Market structure

Fragmented

YoY growth (%)

35.21

Regional analysis

North America, Europe, APAC, MEA, 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

Key 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 recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Digital Twin Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive digital twin market growth during the next five years
  • Precise estimation of the digital twin market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the digital twin industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of digital twin market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Impact of COVID-19 on IT sector
    • 2.3 Value chain analysis
      • Exhibit 03: Value chain analysis: IT consulting and other services

    3 Market Sizing

    • 3.1 Market definition
      • Exhibit 04: Offerings of vendors included in the market definition
    • 3.2 Market segment analysis
      • Exhibit 05: Market segments
    • 3.3 Market size 2020
      • 3.4 Market outlook: Forecast for 2020 - 2025
        • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
        • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

      4 Five Forces Analysis

      • 4.1 Five forces summary
        • Exhibit 08: Five forces analysis 2020 & 2025
      • 4.2 Bargaining power of buyers
        • Exhibit 09: Bargaining power of buyers
      • 4.3 Bargaining power of suppliers
        • Exhibit 10: Bargaining power of suppliers
      • 4.4 Threat of new entrants
        • Exhibit 11: Threat of new entrants
      • 4.5 Threat of substitutes
        • Exhibit 12: Threat of substitutes
      • 4.6 Threat of rivalry
        • Exhibit 13: Threat of rivalry
      • 4.7 Market condition
        • Exhibit 14: Market condition - Five forces 2020

      5 Market Segmentation by End-user

      • 5.1 Market segments
        • Exhibit 15: End user - Market share 2020-2025 (%)
      • 5.2 Comparison by End user
        • Exhibit 16: Comparison by End user
      • 5.3 Manufacturing - Market size and forecast 2020-2025
        • Exhibit 17: Manufacturing - Market size and forecast 2020-2025 ($ million)
        • Exhibit 18: Manufacturing - Year-over-year growth 2020-2025 (%)
      • 5.4 Energy and utilities - Market size and forecast 2020-2025
        • Exhibit 19: Energy and utilities - Market size and forecast 2020-2025 ($ million)
        • Exhibit 20: Energy and utilities - Year-over-year growth 2020-2025 (%)
      • 5.5 Aerospace and defense - Market size and forecast 2020-2025
        • Exhibit 21: Aerospace and defense - Market size and forecast 2020-2025 ($ million)
        • Exhibit 22: Aerospace and defense - Year-over-year growth 2020-2025 (%)
      • 5.6 Automotive - Market size and forecast 2020-2025
        • Exhibit 23: Automotive - Market size and forecast 2020-2025 ($ million)
        • Exhibit 24: Automotive - Year-over-year growth 2020-2025 (%)
      • 5.7 Others - Market size and forecast 2020-2025
        • Exhibit 25: Others - Market size and forecast 2020-2025 ($ million)
        • Exhibit 26: Others - Year-over-year growth 2020-2025 (%)
      • 5.8 Market opportunity by End user
        • Exhibit 27: Market opportunity by End user

      6 Market Segmentation by Deployment

      • 6.1 Market segments
        • Exhibit 28: Deployment - Market share 2020-2025 (%)
      • 6.2 Comparison by Deployment
        • Exhibit 29: Comparison by Deployment
      • 6.3 On-premise - Market size and forecast 2020-2025
        • Exhibit 30: On-premise - Market size and forecast 2020-2025 ($ million)
        • Exhibit 31: On-premise - Year-over-year growth 2020-2025 (%)
      • 6.4 Cloud - Market size and forecast 2020-2025
        • Exhibit 32: Cloud - Market size and forecast 2020-2025 ($ million)
        • Exhibit 33: Cloud - Year-over-year growth 2020-2025 (%)
      • 6.5 Market opportunity by Deployment
        • Exhibit 34: Market opportunity by Deployment

      7 Customer landscape

      8 Geographic Landscape

      • 8.1 Geographic segmentation
        • Exhibit 36: Market share by geography 2020-2025 (%)
      • 8.2 Geographic comparison
        • Exhibit 37: Geographic comparison
      • 8.3 North America - Market size and forecast 2020-2025
        • Exhibit 38: North America - Market size and forecast 2020-2025 ($ million)
        • Exhibit 39: North America - Year-over-year growth 2020-2025 (%)
      • 8.4 Europe - Market size and forecast 2020-2025
        • Exhibit 40: Europe - Market size and forecast 2020-2025 ($ million)
        • Exhibit 41: Europe - Year-over-year growth 2020-2025 (%)
      • 8.5 APAC - Market size and forecast 2020-2025
        • Exhibit 42: APAC - Market size and forecast 2020-2025 ($ million)
        • Exhibit 43: APAC - Year-over-year growth 2020-2025 (%)
      • 8.6 MEA - Market size and forecast 2020-2025
        • Exhibit 44: MEA - Market size and forecast 2020-2025 ($ million)
        • Exhibit 45: MEA - Year-over-year growth 2020-2025 (%)
      • 8.7 South America - Market size and forecast 2020-2025
        • Exhibit 46: South America - Market size and forecast 2020-2025 ($ million)
        • Exhibit 47: South America - Year-over-year growth 2020-2025 (%)
      • 8.8 Key leading countries
        • 8.9 Market opportunity by geography
          • Exhibit 49: Market opportunity by geography

        9 Drivers, Challenges, and Trends

        • 9.1 Market drivers
          • 9.2 Market challenges
            • Exhibit 50: Impact of drivers and challenges
          • 9.3 Market trends

            10 Vendor Landscape

            • 10.1 Overview
              • 10.2 Vendor landscape
                • Exhibit 51: Vendor landscape
              • 10.3 Landscape disruption
                • Exhibit 52: Landscape disruption
                • Exhibit 53: Industry risks

              11 Vendor Analysis

              • 11.1 Vendors covered
                • Exhibit 54: Vendors covered
              • 11.2 Market positioning of vendors
                • Exhibit 55: Market positioning of vendors
              • 11.3 General Electric Co.
                • Exhibit 56: General Electric Co. - Overview
                • Exhibit 57: General Electric Co. - Business segments
                • Exhibit 58: General Electric Co. - Key news
                • Exhibit 59: General Electric Co. - Key offerings
                • Exhibit 60: General Electric Co. - Segment focus
              • 11.4 Honeywell International Inc.
                • Exhibit 61: Honeywell International Inc. - Overview
                • Exhibit 62: Honeywell International Inc. - Business segments
                • Exhibit 63: Honeywell International Inc. - Key news
                • Exhibit 64: Honeywell International Inc. - Key offerings
                • Exhibit 65: Honeywell International Inc. - Segment focus
              • 11.5 International Business Machines Corp.
                • Exhibit 66: International Business Machines Corp. - Overview
                • Exhibit 67: International Business Machines Corp. - Business segments
                • Exhibit 68: International Business Machines Corp. - Key news
                • Exhibit 69: International Business Machines Corp. - Key offerings
                • Exhibit 70: International Business Machines Corp. - Segment focus
              • 11.6 Kongsberg Gruppen ASA
                • Exhibit 71: Kongsberg Gruppen ASA - Overview
                • Exhibit 72: Kongsberg Gruppen ASA - Business segments
                • Exhibit 73: Kongsberg Gruppen ASA - Key news
                • Exhibit 74: Kongsberg Gruppen ASA - Key offerings
                • Exhibit 75: Kongsberg Gruppen ASA - Segment focus
              • 11.7 Microsoft Corp.
                • Exhibit 76: Microsoft Corp. - Overview
                • Exhibit 77: Microsoft Corp. - Business segments
                • Exhibit 78: Microsoft Corp. - Key news
                • Exhibit 79: Microsoft Corp. - Key offerings
                • Exhibit 80: Microsoft Corp. - Segment focus
              • 11.8 Oracle Corp.
                • Exhibit 81: Oracle Corp. - Overview
                • Exhibit 82: Oracle Corp. - Business segments
                • Exhibit 83: Oracle Corp. - Key offerings
                • Exhibit 84: Oracle Corp. - Segment focus
              • 11.9 PTC Inc.
                • Exhibit 85: PTC Inc. - Overview
                • Exhibit 86: PTC Inc. - Business segments
                • Exhibit 87: PTC Inc. - Key news
                • Exhibit 88: PTC Inc. - Key offerings
                • Exhibit 89: PTC Inc. - Segment focus
              • 11.10 SAP SE
                • Exhibit 90: SAP SE - Overview
                • Exhibit 91: SAP SE - Business segments
                • Exhibit 92: SAP SE - Key news
                • Exhibit 93: SAP SE - Key offerings
                • Exhibit 94: SAP SE - Segment focus
              • 11.11 Siemens AG
                • Exhibit 95: Siemens AG - Overview
                • Exhibit 96: Siemens AG - Business segments
                • Exhibit 97: Siemens AG - Key news
                • Exhibit 98: Siemens AG - Key offerings
                • Exhibit 99: Siemens AG - Segment focus
              • 11.12 Wipro Ltd.
                • Exhibit 100: Wipro Ltd. - Overview
                • Exhibit 101: Wipro Ltd. - Business segments
                • Exhibit 102: Wipro Ltd. - Key news
                • Exhibit 103: Wipro Ltd. - Key offerings
                • Exhibit 104: Wipro Ltd. - Segment focus

              12 Appendix

              • 12.1 Scope of the report
                • 12.2 Currency conversion rates for US$
                  • Exhibit 105: Currency conversion rates for US$
                • 12.3 Research methodology
                  • Exhibit 106: Research Methodology
                  • Exhibit 107: Validation techniques employed for market sizing
                  • Exhibit 108: Information sources
                • 12.4 List of abbreviations
                  • Exhibit 109: List of abbreviations

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                TechnavioINFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
                • Industry experts
                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases
                Technavio

                TechnavioDATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts
                Technavio

                TechnavioREPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape
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                Digital Twin Market market growth will increase by $24809.04 million during 2021-2025.
                The digital twin market market is expected to grow at a CAGR of 39.48% during 2021-2025.
                Technavio has segmented the digital twin market market by end user (Manufacturing, Energy and utilities, Aerospace and defense, Automotive, and Others) ,deployment (On-premise and Cloud) , and geographic (North America, Europe, APAC, MEA, and South America).
                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. are a few of the key vendors in the digital twin market market.
                North America will register the highest growth rate of 42.29% among the other regions. Therefore, the digital twin market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
                • US
                • UK
                • Germany
                • China
                • Japan
                • France
                The key factors driving the digital twin market market growth are:
                • Industry 4.0 and industrial IoT
                • Increasing traction in the healthcare sector
                The digital twin market market vendors should focus on grabbing business opportunities from the manufacturing segment as it accounted for the largest market share in the base year.
                • What are the key global market and the regional market share?
                • What are the revenue-generating key market segments?
                • What are the key factors driving and challenging this market’s growth?
                • Who are the key market vendors and their growth strategies?
                • What are the latest trends influencing the growth of this market?
                • What are the variables influencing the market growth in the primary regions?
                • What are the factors influencing the growth of the parent market?
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                • Data on revenue-generating market segments
                • Details on the market shares of various regions
                • Five-force market analysis

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