Global Digital Twin Market, By Type (Process, Product, System), By Technology (Internet of Things, Artificial Intelligence & Machine Learning, Extended Reality, Blockchain, Big Data Analytics, 5G), By Application (Manufacturing Process Planning, Product Design, Predictive Maintenance, Others), By End User (Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Aerospace and Defence, Energy & Utilities, Others), By Region, Competition, Forecast & Opportunities, 2017- 2027F
The global digital twin market was valued at USD7894.09 million in 2021 and is expected to grow at a CAGR of 32.34% to reach the value of USD43264.08 million by 2027. Increasing adoption of advanced technologies such as the internet of things, artificial intelligence, cloud platforms, data-analytics technology in enterprises, and the expected roll-out of 5G technology are the key factors driving the growth of the global digital twin market. Also, the commencement of industry 4.0 in developing countries and the launch of projects promoting the construction of smart cities are further expected to accelerate the global digital twin market growth through the next five years.
The rapid adoption of digital twin technology by manufacturing and pharmaceutical industries is expected to proliferate the market demand all over the globe. The surge in demand for real-time monitoring and tracking of the manufacturing process to increase accuracy and reduce the chances of failures bolsters the demand for advanced technologies that can generate meaningful insights to make organizations make informed decisions. The Healthcare industry is also using the digital twin technology to monitor the patient’s health, the effectiveness of tablets, and other essential parameters. Also, with the growing awareness about the benefits of implementing advanced technologies in organizations, such as increased productivity of employees and lower maintenance and capital costs, an organization is expected to influence the global digital twin market demand in the next five years.
Global Digital Twin market is segmented into type, technology, application, end user, region and company. On the basis of regional analysis, North America is dominating the market by capturing a market share of 31.74% in 2021 and is expected to maintain its dominance throughout the forecast period. Early adoption of advanced technologies and well-developed technological infrastructure make the adoption of advanced technologies easier in the region. Also, the presence of significant market players in the region offering innovative solutions to users is expected to fuel the global digital twins market growth in the next five years.
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.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023-2027
Objective of the Study:
- To analyze the historical growth in the market size of the global digital twin market from 2017 to 2021.
- To estimate and forecast the market size of global digital twin market from 2022 to 2027 and growth rate until 2027.
- To classify and forecast the global digital twin market segmented into type, technology, application, end user, region, and company.
- To identify the dominant region or segment in the global digital twin market.
- To identify drivers and challenges for the global digital twin market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global digital twin market.
- To identify and analyze the profiles of leading players operating in the global digital twin market.
- To identify key sustainable strategies adopted by market players in the global digital twin market.
TechSci Research calculated the market size of the global digital twin market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these services for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Digital twin companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to digital twin market
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:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Russia
- Italy
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Singapore
- Vietnam
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Turkey
- Egypt
- Nigeria
- South America
- Brazil
- Argentina
- Colombia
- Chile
Company Profiles: Detailed analysis of the major companies present in global Digital Twin market.
Company Information
Detailed analysis and profiling of additional market players (up to five).
Please Note: Report will be updated with the latest data and delivered to you within 3-5 working days of order. Single User license will be delivered in PDF format without printing rights
- 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
- 11.3.3.2.3. By Application
- 11.3.3.2.4. By End User
- 11.3.4. Chile Digital Twin Market Outlook
- 11.3.4.1. Market Size & Forecast
- 11.3.4.1.1. By Value
- 11.3.4.2. Market Share & Forecast
- 11.3.4.2.1. By Type
- 11.3.4.2.2. By Technology
- 11.3.4.2.3. By Application
- 11.3.4.2.4. By End User
- 12. Market Dynamics
- 12.1. Drivers
- 12.2. Challenges
- 13. Market Trends and Developments
- 14. Company Profiles
- 14.1. Bentley Systems, Incorporated
- 14.2. Robert Bosch GmbH
- 14.3. Schneider Electric SE
- 14.4. Swim.ai, Inc.
- 14.5. Honeywell International Inc.
- 14.6. Rockwell Automation Inc.
- 14.7. ABB Ltd.
- 14.8. AVEVA Group plc
- 14.9. Dassault Systèmes
- 14.10. PTC Inc.
- 14.11. Siemens AG
- 14.12. General Electric Company
- 14.13. Microsoft Corporation
- 14.14. IBM Corporation
- 14.15. Oracle Corporation
- 15. Strategic Recommendations
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