Digital Twin Market by Type (Part, Product, System, Process), by End Use Industry (Manufacturing, Automotive, Healthcare, Retail, Consumer Goods, Transportation, Agriculture) by Region (Asia-Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast from 2020 To 2027

Digital Twin Market - Global Industry Analysis and Forecast 2020 to 2027

Digital Twin Market: Summary

The Global Digital Twin Market is projected to reach a value of over USD 65.8 billion by 2027 at a CAGR of around 46.8%.

Digital twin is a virtual replicas of process, physical product or system who indirectly bridges the gap between digital and physical world. This technology uses cloud-connected sensors embedded in machines to upload actual data and processing latest virtual simulations of machines. Sometimes, manufacturers use edge analytics to evaluate and analyze for generating in-house product performance on the field. The IoT is the key element in the implementation of digital twin technology. The increasing use of sensors, rising demand for Wi-Fi, and data capacity of cloud combine to make the application of digital twin technology affordable to manufacturers.  

    Digital Twin Market

Digital Twin Market: Drivers & Restraint

Market Driver:

  • Increasing Adoption of Industry 4.0

The modern manufacturing industry is accelerated by industry 4.0 with the help of exponentially growing technologies such as autonomous drones, intelligent robots, 3D printing, and various sensors. With the technological advancements, Digital Twin delivers a more virtual system based design process that leads to a much more active role out of any equipment or system.

Industry 4.0

 

Increasing need for reduce waste, improve batch changeover times, improve product quality, and enhance traceability adoption of industry 4.0 increases which is expected to drive the digital twin market during growth period. 

Market Restraint:

  • Lack of Skilled Workforce

Digital twin is a new technology for various end user industries. Lack of marketing, slow industrial developments, employees are not aware about the new technologies. In small and medium scale industries and large scale industries, adoption of digital technologies is at peak. Hence, existing employees are not aware about the latest digital technologies and they still follow traditional manufacturing method. Hence, lack of skilled workforce is expected to restrain the market during the forecast period.       

DIGITAL TWIN Market: Key Segments

  • Segmentation based on type: Part, Product, System, and Process
  • Segmentation based on end use industry: Manufacturing, Automotive, Healthcare, Retail, Consumer Goods, Transportation, Agriculture, and Others
  • Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.

Digital Twin Market: Report Scope

The report on the digital twin market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Report Features

Specifics

Historical/Estimated/Forecasted Market Size Years

2019-2027

Base Year for Market Calculation

2020

Forecasted Period

2021-2027 (2021 estimated year, forecasted up to 2027)

Measured Units

Value (USD Million)

Segments Included

Type, End Use Industry, and Region

Regional Coverage

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

Key Companies Covered

  • Siemens Industry Software Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • ABB
  • General Electric Company
  • AVEVA Group plc
  • Microsoft
  •  Dassault Systèmes
  • SAP SE
  • Oracle
  • Cisco Systems Inc.
  • Infosys Limited
  • Bosch.IO GmbH
  • BENTLEY SYSTEMS, INCORPORATED
  • Autodesk Inc.
  • ANSYS, Inc.
  • TIBCO Software Inc.
  • SAS Institute Inc.
  • PTC
  • Accenture
  • Capgemini
  • Other Key Companies

Digital Twin Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Digital Twin Market, by Type

  • Part
  • Product
  • System
  • Process

Digital Twin Market, by End Use Industry

  • Manufacturing
  • Automotive
  • Healthcare
  • Retail
  • Consumer Goods
  • Transportation
  • Agriculture
  • Others

Digital Twin Market, by Region

  • North America
    • US
    • Canada
    • Mexico
  • Asia-Pacific
    • China
    • India
    • Japan
    • Taiwan
    • South Korea
    • Rest of Asia-Pacific
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Switzerland
    • Rest of Europe
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Key Questions Answered By The Report

  • What are the prominent developments affecting the market worldwide and its growth?
  • What will be the impact of the developments in the market on the industry and on the market players in the future?
  • What are the evolving variations of the market globally?
  • What are the evolving functions of the market globally?
  • What are the prominent aspects that will affect market growth globally during the study period?
  • Who are the key players operating in the market across the globe?
  • How are the key players leveraging in the present market scenario worldwide?

Report Audience

  • Digital Twin Market Providers
  • Digital Twin Market Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of Digital Twin Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations
  • Investment Banks & Private Equity Firms

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Digital Twin MARKET STUDY

  1. INTRODUCTION
    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
  2. RESEARCH DESIGN & SCOPE
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Introduction
    2. Drivers
      1. Increasing Adoption of Industry 4.0
      2. Growing Adoption of IoT, Cloud, and Big Data
    3. Restraint
      1. Cybersecurity Issues
    4. Opportunities
      1. Increasing Need of Digital Twin Technology in Healthcare and Automotive& Transportation
    5. Challenges
      1. Lack of Skilled Workforce
 

 

  1. INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Technological Impact Analysis
  2. GLOBAL DIGITAL TWIN MARKET BY TYPE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Parts
    3. Product
    4. System
    5. Process
  3. GLOBAL DIGITAL TWIN MARKET BY END USE INDUSTRY, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Manufacturing
    3. Automotive
    4. Healthcare
    5. Retail
    6. Consumer Goods
    7. Transportation
    8. Agriculture
    9. Others
  4. GLOBAL DIGITAL TWIN MARKET BY REGION, Market Size in USD Million (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Switzerland
      7. Rest of Europe
    3. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. Taiwan
      5. South Korea
      6. Rest of Asia-Pacific
    4. Middle East and Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East and Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
  5. COMPETITIVE LANDSCAPE
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
  6. COMPANY PROFILES
    1.  Siemens Industry Software Inc.
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
    2. ABB
    3. General Electric Company
    4. AVEVA Group plc
    5. Microsoft
    6.  Dassault Systèmes
    7. SAP SE
    8. Oracle
    9. Cisco Systems Inc.
    10. Infosys Limited
    11. Bosch.IO GmbH
    12. BENTLEY SYSTEMS, INCORPORATED
    13. Autodesk Inc.
    14. ANSYS, Inc. 
    15. TIBCO Software Inc.
    16. SAS Institute Inc.
    17. PTC
    18. Accenture
    19. Capgemini
    20. Other Key Companies
  7. APPENDIX
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

Note1: Tentative table of contents, may get updated during the course of research.

Note2: Company financial information is subject to availability in public domain

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY

Rep Id : SC 084

Published : July, 2020


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