Global Digital Twin market is anticipated to grow at a CAGR of 32.34% during the forecast period to reach USD43,264.08 million by 2027. Anticipated growth in the market can be attributed to increasing penetration of smart technologies coupled with accelerated adoption of 5g. 5G supports a huge number of connected devices without lags and can provide longer battery life, which is expected to propel the market for smart technologies, such as digital twin in the upcoming five years.

A virtualized dynamic representation that acts as the real-time digital equivalent of a physical object or process is referred to as a digital twin. It employs simulations to profile, anticipate, and optimize the performance of industrial asset using a combination of data and intelligence. Digital Twin is an important component of the Industrial Internet of Things because it enables the automated control and monitoring of industrial assets and processes, including product design, manufacturing process planning, asset performance management, business and operation optimization, and so on.

Industry 4.0- Smart Industry Era Drives the Market Growth

The smart industry is the new frontier of manufacturing systems, combining data from system-wide physical, operational, and human resources to drive manufacturing, repairs, inventory management, and digitization of operations to meet the requirement for competence in production. Quality defect identification, fault prediction, cost savings associated with testing, increased production throughput, and reduced process variability are all benefits of digital twin technology. The advantages of optimizing and connecting smart factories to the internet are projected to stimulate demand for digital twin technology around the world driving the market growth.

Rising Demand for Analytics Drives the Market Growth

Data and analytics are at the basis of digital twin technology. The ability to monitor the real-world object, which includes the ability to query or receive notifications about specific events or changes, and the ability to model a real-world object includes data such as identity, time, context, and events, which means that the model corresponds to a unique physical thing, are all key elements of digital twins, which represent real-time data analysis and thus drive the global digital twin market.

Rising Demand for Surveillance & Maintenance

The use of digital twin technology to track the condition of machinery and equipment has a huge potential. The demand for digital twin technology is expected to rise as the demand for real-time tracking and monitoring of equipment or finished products rises. Product performance is improved, asset downtime is reduced, and issue detection is sped up with digital twin technology. The implementation of this technology in machine and equipment health monitoring is being driven by the advent of Industry 4.0, which has resulted in rapid digitization across different industries, including healthcare, automotive, manufacturing, and others. For instance, technology has aided in the transition from traditional to condition-based maintenance in the rail transportation business. Furthermore, predictive maintenance in the oil and gas industry can use this technology to help forecast high-impact process disruptions.


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Market Segmentation

Global Digital Twin market is segmented based on type, technology, application, end user, region and company. The by type segment is further divided into Process, Product, System. The Technology segment is divided into Internet of Things, Artificial Intelligence & Machine Learning, Extended Reality, Blockchain, Big Data Analytics, 5G. By Application into Manufacturing Process Planning, Product Design, Predictive Maintenance, Others. The End User segment is divided into Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Aerospace and Defence, Energy & Utilities, Others. In the end user segment, the manufacturing sector dominated in 2021 with 24.80% market share owing to digital twins used to mimic the production process. Manufacturers can use data from sensors attached to machines, manufacturing tools, and other devices to create virtual representations of real-world products, equipment pieces, production processes, or complete systems.

Company Profiles

Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, Oracle Corporation etc. are among the major market players in the Global Digital Twin market.

Attribute

Details

Market Size Value in 2021

USD7,894.09 Million

Revenue Forecast in 2027

USD43,264.08 Million

US Revenue Forecast in 2027

USD1,994.590 Million

Growth Rate

32.34%

Base Year

2021

Historical Years

2017 – 2021

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Million and CAGR for 2017-2021 and 2022-2027

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Type

·         Technology

·         Application

·         End User

·         Region

·         Company

Regional Scope

North America, Europe, Asia-Pacific, Middle East & Africa, South America

Country Scope

United States, Canada, Mexico, Germany, United Kingdom, France, Russia, Italy, China, Japan, South Korea, India, Australia, Singapore, Vietnam, UAE, Saudi Arabia, South Africa, Turkey, Egypt, Nigeria, Brazil, Argentina, Colombia, Chile

Key Companies Profiled

Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, Oracle Corporation

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, Global Digital Twin market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Digital Twin Market, Type:

    • Process
    • Product
    • System

Global Digital Twin Market, Technology:

    • Internet of Things
    • Artificial Intelligence & Machine Learning
    • Extended Reality
    • Blockchain
    • Big Data Analytics
    • 5G

Global Digital Twin Market, By Application:

    • Manufacturing Process Planning
    • Product Design
    • Predictive Maintenance
    • Others

Global Digital Twin Market, By End User:

    • Manufacturing
    • Automobile & Transportation
    • Healthcare and Lifesciences
    • Aerospace and Defence
    • Energy & Utilities
    • Others

Global Digital Twin Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Italy

 

o   Asia-Pacific

§  China

§  Japan

§  South Korea

§  India

§  Australia

§  Singapore

§  Vietnam

o   Middle East and Africa

§  UAE

§  Saudi Arabia

§  South Africa

§  Turkey

§  Egypt

§  Nigeria

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Chile

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global Digital Twin market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Service Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on Global Digital Twin Market

5.    Voice of Customer

5.1. Percentage of Digital Twin Users vs Non-Users

5.2. Digital Twin Usage Percent Share, By Type

5.3. Factors Considered while Selecting a Vendor

5.4. Satisfaction Level

5.5. Satisfaction from Existing Digital Twin Software

6.    Global Digital Twin Market Outlook

6.1. Market Size & Forecast

6.1.1.                    By Value    

6.2. Market Share & Forecast

6.2.1.                    By Type (Process, Product, System)

6.2.2.                    By Technology (Internet of Things, Artificial Intelligence & Machine Learning, Blockchain, Big Data Analytics, Extended Reality, 5G)               

6.2.3.                    By Application (Manufacturing Process Planning, Product Design, Predictive Maintenance, Others {Business Optimization, Inventory Management, etc.})               

6.2.4.                    By End User (Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Energy & Utilities, Aerospace and Defence, Others {Construction, Retail & Consumer Goods, Agriculture etc.})               

6.2.5.                    By Region 

6.2.6.                    By Company (2021)

6.3. Market Map (By Type, By Technology, By Application, By End User, By Region)     

7.    North America Digital Twin Market Outlook

7.1. Market Size & Forecast

7.1.1.                   By Value

7.2. Market Share & Forecast

7.2.1.                   By Type

7.2.2.                   By Technology

7.2.3.                   By Application

7.2.4.                   By End User

7.2.5.                   By Country

7.3. North America: Country Analysis

7.3.1.                   United States Digital Twin Market Outlook

7.3.1.1.      Market Size & Forecast

7.3.1.1.1.                    By Value

7.3.1.2.      Market Share & Forecast

7.3.1.2.1.                    By Type

7.3.1.2.2.                    By Technology

7.3.1.2.3.                    By Application

7.3.1.2.4.                    By End User

7.3.2.                   Canada Digital Twin Market Outlook

7.3.2.1.      Market Size & Forecast

7.3.2.1.1.                    By Value

7.3.2.2.      Market Share & Forecast

7.3.2.2.1.                    By Type

7.3.2.2.2.                    By Technology

7.3.2.2.3.                    By Application

7.3.2.2.4.                    By End User

7.3.3.                    Mexico Digital Twin Market Outlook

7.3.3.1.       Market Size & Forecast

7.3.3.1.1.                     By Value

7.3.3.2.       Market Share & Forecast

7.3.3.2.1.                     By Type

7.3.3.2.2.                     By Technology

7.3.3.2.3.                     By Application

7.3.3.2.4.                     By End User

8.    Europe Digital Twin Market Outlook

8.1. Market Size & Forecast

8.1.1.                    By Value

8.2. Market Share & Forecast

8.2.1.                    By Type

8.2.2.                    By Technology

8.2.3.                    By Application

8.2.4.                    By End User

8.2.5.                    By Country

8.3. Europe: Country Analysis

8.3.1.                    Germany Digital Twin Market Outlook

8.3.1.1.       Market Size & Forecast

8.3.1.1.1.                     By Value

8.3.1.2.       Market Share & Forecast

8.3.1.2.1.                     By Type

8.3.1.2.2.                     By Technology

8.3.1.2.3.                     By Application

8.3.1.2.4.                     By End User

8.3.2.             United Kingdom Digital Twin Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1.               By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1.               By Type

8.3.2.2.2.               By Technology

8.3.2.2.3.               By Application

8.3.2.2.4.               By End User

8.3.3.             France Digital Twin Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1.               By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1.               By Type

8.3.3.2.2.               By Technology

8.3.3.2.3.               By Application

8.3.3.2.4.               By End User

8.3.4.             Russia Digital Twin Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1.               By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1.               By Type

8.3.4.2.2.               By Technology

8.3.4.2.3.               By Application

8.3.4.2.4.               By End User

8.3.5.                    Italy Digital Twin Market Outlook

8.3.5.1.       Market Size & Forecast

8.3.5.1.1.                     By Value

8.3.5.2.       Market Share & Forecast

8.3.5.2.1.                     By Type

8.3.5.2.2.                     By Technology

8.3.5.2.3.                     By Application

8.3.5.2.4.                     By End User

9.    Asia-Pacific Digital Twin Market Outlook

9.1. Market Size & Forecast

9.1.1.                    By Value

9.2. Market Share & Forecast

9.2.1.                    By Type

9.2.2.                    By Technology

9.2.3.                    By Application

9.2.4.                    By End User

9.2.5.                    By Country

9.3. Asia-Pacific: Country Analysis

9.3.1.                    China Digital Twin Market Outlook

9.3.1.1.       Market Size & Forecast

9.3.1.1.1.                     By Value

9.3.1.2.  Market Share & Forecast

9.3.1.2.1.                By Type

9.3.1.2.2.                By Technology

9.3.1.2.3.                By Application

9.3.1.2.4.                By End User

9.3.2.              Japan Digital Twin Market Outlook

9.3.2.1.  Market Size & Forecast

9.3.2.1.1.                By Value

9.3.2.2.  Market Share & Forecast

9.3.2.2.1.                By Type

9.3.2.2.2.                By Technology

9.3.2.2.3.                By Application

9.3.2.2.4.                By End User

9.3.3.              South Korea Digital Twin Market Outlook

9.3.3.1.  Market Size & Forecast

9.3.3.1.1.                By Value

9.3.3.2.  Market Share & Forecast

9.3.3.2.1.                By Type

9.3.3.2.2.                By Technology

9.3.3.2.3.                By Application

9.3.3.2.4.                By End User

9.3.4.              India Digital Twin Market Outlook

9.3.4.1.  Market Size & Forecast

9.3.4.1.1.                By Value

9.3.4.2.  Market Share & Forecast

9.3.4.2.1.                By Type

9.3.4.2.2.                By Technology

9.3.4.2.3.                By Application

9.3.4.2.4.                By End User

9.3.5.              Australia Digital Twin Market Outlook

9.3.5.1.  Market Size & Forecast

9.3.5.1.1.                By Value

9.3.5.2.  Market Share & Forecast

9.3.5.2.1.                By Type

9.3.5.2.2.                By Technology

9.3.5.2.3.                By Application

9.3.5.2.4.                By End User

9.3.6.              Singapore Digital Twin Market Outlook

9.3.6.1.  Market Size & Forecast

9.3.6.1.1.                By Value

9.3.6.2.  Market Share & Forecast

9.3.6.2.1.                By Type

9.3.6.2.2.                By Technology

9.3.6.2.3.                By Application

9.3.6.2.4.                By End User

9.3.7.              Vietnam Digital Twin Market Outlook

9.3.7.1.  Market Size & Forecast

9.3.7.1.1.                By Value

9.3.7.2.  Market Share & Forecast

9.3.7.2.1.                  By Type

9.3.7.2.2.                  By Technology

9.3.7.2.3.                  By Application

9.3.7.2.4.                  By End User

10. Middle East & Africa Digital Twin Market Outlook

10.1.       Market Size & Forecast

10.1.1.                    By Value

10.2.       Market Share & Forecast

10.2.1.                    By Type

10.2.2.                    By Technology

10.2.3.                    By Application

10.2.4.                    By End User

10.2.5.                    By Country

10.3.       Middle East & Africa: Country Analysis

10.3.1.                    UAE Digital Twin Market Outlook

10.3.1.1.       Market Size & Forecast

10.3.1.1.1.                        By Value

10.3.1.2.       Market Share & Forecast

10.3.1.2.1.                        By Type

10.3.1.2.2.                        By Technology

10.3.1.2.3.                        By Application

10.3.1.2.4.                        By End User

10.3.2.           Saudi Arabia Digital Twin Market Outlook

10.3.2.1.       Market Size & Forecast

10.3.2.1.1.               By Value

10.3.2.2.                            Market Share & Forecast

10.3.2.2.1.               By Type

10.3.2.2.2.               By Technology

10.3.2.2.3.               By Application

10.3.2.2.4.               By End User

10.3.3.           South Africa Digital Twin Market Outlook

10.3.3.1.       Market Size & Forecast

10.3.3.1.1.               By Value

10.3.3.2.                            Market Share & Forecast

10.3.3.2.1.               By Type

10.3.3.2.2.               By Technology

10.3.3.2.3.               By Application

10.3.3.2.4.               By End User

10.3.4.           Turkey Digital Twin Market Outlook

10.3.4.1.       Market Size & Forecast

10.3.4.1.1.               By Value

10.3.4.2.                            Market Share & Forecast

10.3.4.2.1.               By Type

10.3.4.2.2.               By Technology

10.3.4.2.3.               By Application

10.3.4.2.4.               By End User

10.3.5.           Egypt Digital Twin Market Outlook

10.3.5.1.                            Market Size & Forecast

10.3.5.1.1.               By Value

10.3.5.2.       Market Share & Forecast

10.3.5.2.1.               By Type

10.3.5.2.2.               By Technology

10.3.5.2.3.               By Application

10.3.5.2.4.               By End User

10.3.6.           Nigeria Digital Twin Market Outlook

10.3.6.1.       Market Size & Forecast

10.3.6.1.1.               By Value

10.3.6.2.                            Market Share & Forecast

10.3.6.2.1.               By Type

10.3.6.2.2.               By Technology

10.3.6.2.3.               By Application

10.3.6.2.4.               By End User

11. South America Digital Twin Market Outlook

11.1.      Market Size & Forecast

11.1.1.                   By Value

11.2.      Market Share & Forecast

11.2.1.                   By Type

11.2.2.                   By Technology

11.2.3.                   By Application

11.2.4.                   By End User

11.2.5.                   By Country

11.3.      South America: Country Analysis

11.3.1.                   Brazil Digital Twin Market Outlook

11.3.1.1.       Market Size & Forecast

11.3.1.1.1.                        By Value

11.3.1.2.       Market Share & Forecast

11.3.1.2.1.                        By Type

11.3.1.2.2.                        By Technology

11.3.1.2.3.                        By Application

11.3.1.2.4.                        By End User

11.3.2.                   Argentina Digital Twin Market Outlook

11.3.2.1.       Market Size & Forecast

11.3.2.1.1.                        By Value

11.3.2.2.       Market Share & Forecast

 

11.3.2.2.1.                   By Type

11.3.2.2.2.                   By Technology

11.3.2.2.3.                   By Application

11.3.2.2.4.                   By End User

11.3.3.            Colombia Digital Twin Market Outlook

11.3.3.1.       Market Size & Forecast

11.3.3.1.1.                   By Value

11.3.3.2.                               Market Share & Forecast

11.3.3.2.1.                   By Type

11.3.3.2.2.                   By Technology