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Digital Twin

Digital Twin Market Research Report: Forecast (2023-2028)

By Type (Parts Twin, Product Twin, Process Twin, System Twin), By Technology (DTS-Si, Predix, APDV, Other), By Application (Product Design and Development, Machine & Equipment Health Monitoring, Predi Read more

  • ICT & Electronics
  • May 2023
  • 371
  • IT55009

Market Definition

A digital twin is a digital replica of a physical entity— a product, process, person, or place. It uses real-world information using its data analytics, machine learning, & multi-physics simulation capabilities to predict the performance characteristics of their physical companions. Sensors installed on objects or assets demonstrate their real-time performance, operating scenarios, & changes over time, which ensure accurate modeling over a product's entire lifetime. Thus, it eliminates the need for physical prototypes, minimizes production time, & enhances the quality of the final product or process.

Market Insights

The Global Digital Twin Market is projected to grow at a whopping 58% CAGR during the forecast period, i.e., 2023-28. The growth of the market expansion would be propelled mainly by the ever-increasing demand for asset monitoring, rising penetration of Industrial IoT (IIoT), and the growing number of smart building infrastructures to ensure optimum energy consumption. Digital twins help create predictive models to identify the possibility of success of physical prototypes before they are actually built. Hence, they allow for improved workflow across different stages of a product's lifecycle— design, engineering, maintenance, & sales.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-2028
CAGR(2022-2027) 58%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, UK, France, Italy, Spain
Asia-Pacific: China, Japan, India, South Korea, Australia, Singapore
South America: Brazil, Argentina, Columbia
Middle East & Africa: Turkey, UAE, Saudi Arabia, South Africa, Qatar
Key Companies Profiled

Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., Ansys, Inc., Oracle Corporation, Dassault Systems, Robert Bosch, Google
Unit Denominations USD Million/Billion

 

Consequently, there's a surging inclination of various industries like aviation, automotive, healthcare, logistics, retail, telecom, real estate, and manufacturing, among others, for multiple applications, including but not limited to remote monitoring, factory optimization, & energy management, among others, in order to enhance their overall productivity & efficiency by designing better products while minimizing downtime, thereby driving the digital twin market globally. Several enterprises are actively working on implementing digital twin solutions to optimize their operational workflows & supply chains, which got hampered due to the Covid-19 pandemic. For instance:

  • In January 2021, Google announced 'Supply Chain Twin,' a new cloud solution that lets organizations create a digital twin of their physical supply chain & organize data to get a more comprehensive view of suppliers, inventories, and weather conditions. In addition to this launch is the Supply Chain Pulse module that can be used along with Supply Chain Twin to provide dashboards, analytics, alerts, & collaborations in Google Workspace.

Furthermore, the advent of such innovations and the mounting adoption of automation across various end-user verticals are predicted to create new directions for the key companies in the digital twin market to witness significant business growth opportunities over the forecast years.

  1. Introduction
    1. Research Process
    2. Assumption
    3. Market Segmentation
    4. Market Definition
  2. Executive Summary
  3. Expert Verbatim- What our Experts Say?
  4. Global Digital Twin Market Outlook, 2018-2028F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
        1. Parts Twin
        2. Product Twin
        3. Process Twin
        4. System Twin
      2. By Technology
        1. DTS-Si
        2. Predix
        3. APDV
        4. Other
      3. By Application
        1. Product Design and Development
        2. Machine & Equipment Health Monitoring
        3. Predictive Maintenance
        4. Dynamic Optimization
      4. By Deployment Type
        1. Cloud
        2. On-Premises
        3. Hybrid
      5. By End User
        1. Manufacturing
        2. Agriculture
        3. Automotive & Transportation
        4. Energy & Utilities
        5. Healthcare & Life Sciences
        6. Residential & Commercial
        7. Retail & Consumer Goods
        8. Others
      6. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      7. By Company
        1. Revenue Shares
        2. Strategic Factorial Indexing
        3. Competitor Placement in Markntel Quadrant
  5. North America Digital Twin Market Outlook, 2018-2028F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Technology
      3. By Deployment Type
      4. By Application
      5. By End User
      6. By Country
        1. US
        2. Canada
        3. Mexico
    3. The US Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    4. Canada Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    5. Mexico Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
  6. South America Digital Twin Market Outlook, 2018-2028F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Technology
      3. By Deployment Type
      4. By Application
      5. By End User
      6. By Country
        1. Brazil
        2. Argentina
        3. Columbia
    3. Brazil Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    4. Argentina Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    5. Columbia Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
  7. Europe Digital Twin Market Outlook, 2018-2028F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Technology
      3. By Deployment Type
      4. By Application
      5. By End User
      6. By Country
        1. Germany
        2. Italy
        3. France
        4. UK
        5. Spain
    3. Germany Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    4. Italy Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    5. France Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    6. UK Digital Twin Market Outlook, 2018-2028F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    7. Spain Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
  8. Middle East & Africa Digital Twin Market Outlook, 2017-2027F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Technology
      3. By Deployment Type
      4. By Application
      5. By End User
      6. By Country
        1. Turkey
        2. Saudi Arabia
        3. UAE
        4. Qatar
        5. South Africa
    3. Turkey Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    4. Saudi Arabia Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    5. UAE Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    6. Qatar Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    7. South Africa Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
  9. Asia-Pacific Digital Twin Market Outlook, 2018-2028F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Technology
      3. By Deployment Type
      4. By Application
      5. By End User
      6. By Country
        1. China
        2. India
        3. Japan
        4. Australia
        5. Singapore
        6. South Korea
    3. China Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    4. Australia Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    5. Japan Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    6. India Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    7. South Korea Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
    8. Singapore Digital Twin Market Outlook, 2017-2027F
      1. Market Size and Analysis
        1. By Revenues
      2. Market Share and Analysis
        1. By Type
        2. By Technology
        3. By Deployment Type
        4. By Application
        5. By End User
  10. Global Digital Twin Market Policies, Regulations, Gearbox Type Standards
  11. Global Digital Twin Market Trends & Insights
  12. Global Digital Twin Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  13. Global Digital Twin Market Hotspot and Opportunities
  14. Global Digital Twin Market Key Strategic Imperatives for Success and Growth
  15. Competitive Outlook
    1. Competition Matrix
      1. Gearbox Type Portfolio
      2. Brand Specialization
      3. Target Markets
      4. Target Gearbox Types
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Gearbox Type Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Siemens AG
      2. General Electric Company
      3. IBM Corporation
      4. SAP SE
      5. Microsoft Corporation
      6. PTC Inc.
      7. Google 
      8. Ansys, Inc.
      9. Oracle Corporation
      10. Dassault Systems
      11. Robert Bosch
  16. Disclaimer
Global Digital Twin Market Segmentation
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