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

  • Published: May 2022
  • Pages: 166
  • SKU: IRTNTR44829
Technavio

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According to Technavio's market sizing methodology, the digital twin market share is expected to increase by USD 32.32 billion in 2026 at a CAGR of 39.95%.

The digital twin market research report extensively covers market segmentation by the following:

  • End-user - Manufacturing, energy and utilities, aerospace and defense, automotive, and others
  • Deployment - On-premise and cloud 
  • 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?

Download the Free Report Sample to Unlock the Digital Twin Market Size for the Forecast Period and Other Important Statistics

 

Digital Twin Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. Industry 4.0 and industrial IoT is notably driving the digital twin market growth, although factors such as the high cost of deployment and complex architecture of digital twin may impede 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 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 the 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.
  • 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.
  • Many end-user industries have been actively using digital twins for their asset and product lifecycle management.
  • 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. 

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.
  • 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.
  • The 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 the digital twin in healthcare.
  • 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.
  • Companies need to invest significantly in IoT platforms, sensors, software, infrastructure, and security solutions.
  • 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.
  • 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 2022-2026.

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 innovation and partnership 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. 
  • General Electric Co. - In December 2021, the company collaborated with ADNOC to develop a roadmap that includes reducing carbon emissions from gas turbines which provide power for downstream industry operations. 

To make the most of the opportunities and recover from 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.

Which are the Key Regions for Digital Twin Market?

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43% 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 twin. 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 positive 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?

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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 post COVID-19 impact on each segment.

Parent Market Analysis

The growth in the global IT consulting and other services market will be driven by factors such as increasing government investments in IT infrastructure. enterprise investments in upgrading IT infrastructure, and increasing adoption of advanced technologies. 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.

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 chains 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.

 

Digital Twin Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 39.95%

Market growth 2022-2026

$ 32.32 billion

Market structure

Fragmented

YoY growth (%)

39.33

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 43%

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 2022-2026
  • 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

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 14: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Deployment

    • 5.1 Market segments
      • Exhibit 25: Chart on Deployment - Market share 2021-2026 (%)
      • Exhibit 26: Data Table on Deployment - Market share 2021-2026 (%)
    • 5.2 Comparison by Deployment
      • Exhibit 27: Chart on Comparison by Deployment
      • Exhibit 28: Data Table on Comparison by Deployment
    • 5.3 On-premise - Market size and forecast 2021-2026
      • Exhibit 29: Chart on On-premise - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Data Table on On-premise - Market size and forecast 2021-2026 ($ million)
      • Exhibit 31: Chart on On-premise - Year-over-year growth 2021-2026 (%)
      • Exhibit 32: Data Table on On-premise - Year-over-year growth 2021-2026 (%)
    • 5.4 Cloud - Market size and forecast 2021-2026
      • Exhibit 33: Chart on Cloud - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Data Table on Cloud - Market size and forecast 2021-2026 ($ million)
      • Exhibit 35: Chart on Cloud - Year-over-year growth 2021-2026 (%)
      • Exhibit 36: Data Table on Cloud - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Deployment
      • Exhibit 37: Market opportunity by Deployment ($ million)

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 38: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 39: Data Table on End-user - Market share 2021-2026 (%)
    • 6.2 Comparison by End-user
      • Exhibit 40: Chart on Comparison by End-user
      • Exhibit 41: Data Table on Comparison by End-user
    • 6.3 Manufacturing - Market size and forecast 2021-2026
      • Exhibit 42: Chart on Manufacturing - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on Manufacturing - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on Manufacturing - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on Manufacturing - Year-over-year growth 2021-2026 (%)
    • 6.4 Energy and utilities - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Energy and utilities - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on Energy and utilities - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on Energy and utilities - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Energy and utilities - Year-over-year growth 2021-2026 (%)
    • 6.5 Aerospace and defense - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Aerospace and defense - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Aerospace and defense - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Aerospace and defense - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Aerospace and defense - Year-over-year growth 2021-2026 (%)
    • 6.6 Automotive - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Automotive - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Automotive - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Automotive - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Automotive - Year-over-year growth 2021-2026 (%)
    • 6.7 Others - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 6.8 Market opportunity by End-user
      • Exhibit 62: Market opportunity by End-user ($ million)

    7 Customer Landscape

    • 7.1 Customer landscape overview
      • Exhibit 63: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 64: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 65: Data Table on Market share by geography 2021-2026 (%)
    • 8.2 Geographic comparison
      • Exhibit 66: Chart on Geographic comparison
      • Exhibit 67: Data Table on Geographic comparison
    • 8.3 North America - Market size and forecast 2021-2026
      • Exhibit 68: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 69: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 70: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 71: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 8.4 Europe - Market size and forecast 2021-2026
      • Exhibit 72: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 73: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 74: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 75: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 8.5 APAC - Market size and forecast 2021-2026
      • Exhibit 76: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 77: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 78: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 79: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 8.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 80: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 81: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 82: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 83: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 8.7 South America - Market size and forecast 2021-2026
      • Exhibit 84: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 85: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 86: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 87: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 8.8 US - Market size and forecast 2021-2026
      • Exhibit 88: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 89: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 90: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 91: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 8.9 Germany - Market size and forecast 2021-2026
      • Exhibit 92: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 93: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 94: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 95: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 8.10 China - Market size and forecast 2021-2026
      • Exhibit 96: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 97: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 98: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 99: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 8.11 UK - Market size and forecast 2021-2026
      • Exhibit 100: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 101: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 102: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 103: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 8.12 India - Market size and forecast 2021-2026
      • Exhibit 104: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 105: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 106: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 107: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 8.13 Market opportunity by geography
      • Exhibit 108: Market opportunity by geography ($ million)

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 109: Impact of drivers and challenges in 2021 and 2026
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 111: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 112: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 113: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 114: Matrix on vendor position and classification
            • 11.3 General Electric Co.
              • Exhibit 115: General Electric Co. - Overview
              • Exhibit 116: General Electric Co. - Business segments
              • Exhibit 117: General Electric Co. - Key news
              • Exhibit 118: General Electric Co. - Key offerings
              • Exhibit 119: General Electric Co. - Segment focus
            • 11.4 Honeywell International Inc.
              • Exhibit 120: Honeywell International Inc. - Overview
              • Exhibit 121: Honeywell International Inc. - Business segments
              • Exhibit 122: Honeywell International Inc. - Key news
              • Exhibit 123: Honeywell International Inc. - Key offerings
              • Exhibit 124: Honeywell International Inc. - Segment focus
            • 11.5 International Business Machines Corp.
              • Exhibit 125: International Business Machines Corp. - Overview
              • Exhibit 126: International Business Machines Corp. - Business segments
              • Exhibit 127: International Business Machines Corp. - Key offerings
              • Exhibit 128: International Business Machines Corp. - Segment focus
            • 11.6 Kongsberg Gruppen ASA
              • Exhibit 129: Kongsberg Gruppen ASA - Overview
              • Exhibit 130: Kongsberg Gruppen ASA - Business segments
              • Exhibit 131: Kongsberg Gruppen ASA - Key news
              • Exhibit 132: Kongsberg Gruppen ASA - Key offerings
              • Exhibit 133: Kongsberg Gruppen ASA - Segment focus
            • 11.7 Microsoft Corp.
              • Exhibit 134: Microsoft Corp. - Overview
              • Exhibit 135: Microsoft Corp. - Business segments
              • Exhibit 136: Microsoft Corp. - Key news
              • Exhibit 137: Microsoft Corp. - Key offerings
              • Exhibit 138: Microsoft Corp. - Segment focus
            • 11.8 Oracle Corp.
              • Exhibit 139: Oracle Corp. - Overview
              • Exhibit 140: Oracle Corp. - Business segments
              • Exhibit 141: Oracle Corp. - Key news
              • Exhibit 142: Oracle Corp. - Key offerings
              • Exhibit 143: Oracle Corp. - Segment focus
            • 11.9 PTC Inc.
              • Exhibit 144: PTC Inc. - Overview
              • Exhibit 145: PTC Inc. - Business segments
              • Exhibit 146: PTC Inc. - Key offerings
              • Exhibit 147: PTC Inc. - Segment focus
            • 11.10 SAP SE
              • Exhibit 148: SAP SE - Overview
              • Exhibit 149: SAP SE - Business segments
              • Exhibit 150: SAP SE - Key news
              • Exhibit 151: SAP SE - Key offerings
              • Exhibit 152: SAP SE - Segment focus
            • 11.11 Siemens AG
              • Exhibit 153: Siemens AG - Overview
              • Exhibit 154: Siemens AG - Business segments
              • Exhibit 155: Siemens AG - Key news
              • Exhibit 156: Siemens AG - Key offerings
              • Exhibit 157: Siemens AG - Segment focus
            • 11.12 Wipro Ltd.
              • Exhibit 158: Wipro Ltd. - Overview
              • Exhibit 159: Wipro Ltd. - Business segments
              • Exhibit 160: Wipro Ltd. - Key news
              • Exhibit 161: Wipro Ltd. - Key offerings
              • Exhibit 162: Wipro Ltd. - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 163: Inclusions checklist
                • Exhibit 164: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 165: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 166: Research methodology
                • Exhibit 167: Validation techniques employed for market sizing
                • Exhibit 168: Information sources
              • 12.5 List of abbreviations
                • Exhibit 169: 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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              The 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.
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