Digital Twin Market Size By Application, By End Use & Forecast, 2023

List of Tables

Digital Twin Market is anticipated to expand significantly between 2023 and 2032 owing to the increasing internet penetration and the widespread use of smartphones.

The digital twin industry is being driven by the technological advancements that are pushing IoT adoption across a broad plethora of industries across the globe. IoT integration aids in the creation of complex architecture and historical data learning to avoid the shortcomings of previous models. The growing application AI production models in manufacturing, electrical & electronics, oil & gas, automotive & transportation, and others is pushing the demand for digital twin technological services.

The Scientific and AI & ML advancements have further expanded the potential for the market players to emerge in the field. For instance, In July 2022, the annual Tour de France cycling event and NTT, a renowned telecommunications firm that has been the event's official technology partner for the past eight years, used AI and digital twin technologies to improve spectator experiences.

The digital twin market has been bifurcated as per application, end use, and region.

In terms of application, the support and service segment is projected to record significant gains in the upcoming years. Digital Twins enables the creation of new customer and corporate value through customized service, the improvement of product quality and innovation, helps in the prevention of breakdowns before they occur, and the reimagining of knowledge-sharing in a people-machine context. Such beneficial features will expand its acceptance globally and supplement the segmental growth.

Based on end user, the infrastructure building segment growth of the digital twin market is driven by growing awareness related to environmental safety, supportive government initiatives, and investments to build energy-efficient smart infrastructures. It incorporates a number of components such as IoT connectivity sensors, routers, and AI & ML models that assist performance prediction and assessment information. The segment is expected to grow at over 25% CAGR by 2032.

For instance, in April 2022, it was revealed that the World Economic Forum and the China Academy of Information and Communication Technology (CAICT) have teamed up to accelerate the development and implementation of urban digital twin applications across cities.

Regionally, the MEA digital twin market development is attributed to massive investments in smart infrastructure and smart cities to improve public amenities for nations' residents. The MEA market is expected to show considerable progress at a strong growth rate from 2023 to 2032. The Middle East is a hub of technology growth and creativity, and digital twin technologies are leveraged to create new spaces by integrating physical architecture, hyper-connected technologies, and AI. The cutting-edge technology was recently utilized in Qatar's main airport, Hamad International Airport (HIA) in Doha, which officially launched its digital twin initiative in July 2022 as part of its smart airport program, which uses digital renovation to strengthen HIA's stance as one of the most advanced airports in the world.

Product Code: 2196

Chapter 1 Methodology & Scope

1.1 Scope & definitions
1.2 Methodology and forecast parameters
1.3 COVID-19 impact
- 1.3.1 North America
- 1.3.2 Europe
- 1.3.3 Asia Pacific
- 1.3.4 LATAM
- 1.3.5 MEA
1.4 Data Sources
- 1.4.1 Secondary
- 1.4.2 Primary
1.5 Industry glossary

Chapter 2 Executive Summary

2.1 Digital twin industry 360 degree synopsis, 2018 - 2032
2.2 Business trends
- 2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Application trends
2.5 End-use trends

Chapter 3 Digital twin industry Insights

3.1 Introduction
3.2 Impact of COVID-19 outbreak
- 3.2.1 North America
- 3.2.2 Europe
- 3.2.3 Asia Pacific
- 3.2.4 LATAM
- 3.2.5 MEA
3.3 Impact of Russia-Ukraine conflict
3.4 Digital twin industry ecosystem analysis
- 3.4.1 Digital twin platform providers
- 3.4.2 Automation companies
- 3.4.3 Distributors
- 3.4.4 Profit margin analysis
- 3.4.5 Vendor matrix
3.5 Digital twin evolution
3.6 Digital twin maturity model
3.7 Digital twin conceptual architecture
3.8 Digital twin hierarchy analysis
3.9 Technology & innovation landscape
- 3.9.1 Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR)
- 3.9.2 Artificial Intelligence (AI) and Machine Learning (ML)
- 3.9.3 Internet of Things (IoT) and Industrial Internet of Things (IIoT)
- 3.9.4 Blockchain Technology
3.10 Use cases
- 3.10.1 Quality management
- 3.10.2 Logistics planning
- 3.10.3 Healthcare
- 3.10.4 Usage-based Insurance (UBI)
- 3.10.5 Smart cities
- 3.10.6 Partial optimization of individual components in industrial plants
3.11 Investment portfolio
3.12 Patent analysis
3.13 News
- 3.13.1 North America
- 3.13.2 Europe
- 3.13.3 Asia Pacific
- 3.13.4 Latin America
- 3.13.5 Middle east
3.14 Regulatory landscape
- 3.14.1 ISO/IEC 270001
- 3.14.2 Federal Information Security Management Act (FISMA)
- 3.14.3 Health Insurance Portability and Accountability Act (HIPAA)
- 3.14.4 The General Data Protection Regulation (GDPR) (EU)
- 3.14.5 The National Institute of Standards and Technology (NIST), U.S.
3.15 Industry impact forces
- 3.15.1 Growth drivers
  - 3.15.1.1 Growing adoption of IoT, big data analytics, and cloud platform
  - 3.15.1.2 Predominant use of Industrial IoT for design and manufacturing
  - 3.15.1.3 Growing adoption of digital twin in Supply Chain Management (SCM)
  - 3.15.1.4 Potential reduction of time to market, cost efficient operation and elimination of unplanned downtimes
  - 3.15.1.5 Rapid adoption of industry 4.0 coupled with increasing demand of connected devices
  - 3.15.1.6 Innovations in the field of Virtual Reality (VR) and Augmented Reality (AR)
- 3.15.2 Industry pitfalls & challenges
  - 3.15.2.1 Cybersecurity and other related risks due to the use of cloud platforms and IoT
  - 3.15.2.2 Limited presence of skilled workforce & technical knowledge
  - 3.15.2.3 Lack of awareness related to cost benefits of the adoption of digital twin
3.16 Growth potential analysis
3.17 Porter's analysis
- 3.17.1 Bargaining power of suppliers
- 3.17.2 Bargaining power of buyers
- 3.17.3 Threat of new entratnt
- 3.17.4 Threat of substitute
3.18 PESTEL analysis
- 3.18.1 Political
- 3.18.2 Economical
- 3.18.3 Social
- 3.18.4 Technological
- 3.18.5 Legal
- 3.18.6 Environmental

Chapter 4 Competitive Landscape

4.1 Introduction
4.2 Company market share analysis, 2022
4.3 Competive analysis of key market players, 2022
- 4.3.1 Technology & Platform Players
  - 4.3.1.1 Accenture Plc
  - 4.3.1.2 Capgemini SE
  - 4.3.1.3 IBM Corporation
  - 4.3.1.4 Microsoft Corporation
  - 4.3.1.5 Oracle Corporation
- 4.3.2 Digital & automation players
  - 4.3.2.1 Autodesk, Inc.
  - 4.3.2.2 Dassault Systems
  - 4.3.2.3 General Electric Company
  - 4.3.2.4 Robert Bosch GmbH
  - 4.3.2.5 Siemens AG
4.4 Vendor adpotion matrix
4.5 Strategic outlook matrix

Chapter 5 Digital Twin Market, By Application

5.1 Key trends, by application
5.2 Product design & development
- 5.2.1 Market estimates and forecast, 2018 - 2032
5.3 Machine & equipment health monitoring
- 5.3.1 Market estimates and forecast, 2018 - 2032
5.4 Process support and service
- 5.4.1 Market estimates and forecast, 2018 - 2032

Chapter 6 Digital Twin Market, By End-use

6.1 Key trends, by end-use
6.2 Manufacturing
- 6.2.1 Market estimates and forecast, 2018 - 2032
6.3 Healthcare
- 6.3.1 Market estimates and forecast, 2018 - 2032
6.4 Automotive
- 6.4.1 Market estimates and forecast, 2018 - 2032
6.5 Aerospace & defense
- 6.5.1 Market estimates and forecast, 2018 - 2032
6.6 Energy & utility
- 6.6.1 Market estimates and forecast, 2018 - 2032
6.7 Infrastructure buildings
- 6.7.1 Market estimates and forecast, 2018 - 2032
6.8 Retail & consumer goods
- 6.8.1 Market estimates and forecast, 2018 - 2032
6.9 Others
- 6.9.1 Market estimates and forecast, 2018 - 2032

Chapter 7 Digital Twin Market, By Region

7.1 Key trends by region
7.2 North America
- 7.2.1 Market estimates and forecast, 2018 - 2032
- 7.2.2 Market estimates and forecast, by application, 2018 - 2032
- 7.2.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.2.4 U.S.
  - 7.2.4.1 Market estimates and forecast, 2018 - 2032
  - 7.2.4.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.2.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.2.5 Canada
  - 7.2.5.1 Market estimates and forecast, 2018 - 2032
  - 7.2.5.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.2.5.3 Market estimates and forecast, by end-use, 2018 - 2032
7.3 Europe
- 7.3.1 Market estimates and forecast, 2018 - 2032
- 7.3.2 Market estimates and forecast, by application, 2018 - 2032
- 7.3.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.4 UK
  - 7.3.4.1 Market estimates and forecast, 2018 - 2032
  - 7.3.4.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.3.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.5 Germany
  - 7.3.5.1 Market estimates and forecast, 2018 - 2032
  - 7.3.5.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.3.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.6 France
  - 7.3.6.1 Market estimates and forecast, 2018 - 2032
  - 7.3.6.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.3.6.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.7 Italy
  - 7.3.7.1 Market estimates and forecast, 2018 - 2032
  - 7.3.7.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.3.7.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.8 Spain
  - 7.3.8.1 Market estimates and forecast, 2018 - 2032
  - 7.3.8.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.3.8.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.3.9 Netherlands
  - 7.3.9.1 Market estimates and forecast, 2018 - 2032
  - 7.3.9.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.3.9.3 Market estimates and forecast, by end-use, 2018 - 2032
7.4 Asia Pacific
- 7.4.1 Market estimates and forecast, 2018 - 2032
- 7.4.2 Market estimates and forecast, by application, 2018 - 2032
- 7.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.4 China
  - 7.4.4.1 Market estimates and forecast, 2018 - 2032
  - 7.4.4.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.4.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.5 India
  - 7.4.5.1 Market estimates and forecast, 2018 - 2032
  - 7.4.5.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.4.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.6 Japan
  - 7.4.6.1 Market estimates and forecast, 2018 - 2032
  - 7.4.6.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.4.6.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.7 South Korea
  - 7.4.7.1 Market estimates and forecast, 2018 - 2032
  - 7.4.7.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.4.7.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.8 Australia
  - 7.4.8.1 Market estimates and forecast, 2018 - 2032
  - 7.4.8.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.4.8.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.4.9 Southeast Asia
  - 7.4.9.1 Market estimates and forecast, 2018 - 2032
  - 7.4.9.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.4.9.3 Market estimates and forecast, by end-use, 2018 - 2032
7.5 LATAM
- 7.5.1 Market estimates and forecast, 2018 - 2032
- 7.5.2 Market estimates and forecast, by application, 2018 - 2032
- 7.5.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.5.4 Brazil
  - 7.5.4.1 Market estimates and forecast, 2018 - 2032
  - 7.5.4.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.5.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.5.5 Mexico
  - 7.5.5.1 Market estimates and forecast, 2018 - 2032
  - 7.5.5.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.5.5.3 Market estimates and forecast, by end-use, 2018 - 2032
7.6 MEA
- 7.6.1 Market estimates and forecast, 2018 - 2032
- 7.6.2 Market estimates and forecast, by application, 2018 - 2032
- 7.6.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.6.4 GCC
  - 7.6.4.1 Market estimates and forecast, 2018 - 2032
  - 7.6.4.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.6.4.3 Market estimates and forecast, by end-use, 2018 - 2032
- 7.6.5 South Africa
  - 7.6.5.1 Market estimates and forecast, 2018 - 2032
  - 7.6.5.2 Market estimates and forecast, by application, 2018 - 2032
  - 7.6.5.3 Market estimates and forecast, by end-use, 2018 - 2032

Chapter 8 Company Profiles

8.1 Technology & Platform Players
- 8.1.1 IBM Corporation
  - 8.1.1.1 Business Overview
  - 8.1.1.2 Financial Data
  - 8.1.1.3 Product Landscape
  - 8.1.1.4 Strategic Outlook
  - 8.1.1.5 SWOT Analysis
- 8.1.2 Microsoft Corporation
  - 8.1.2.1 Business Overview
  - 8.1.2.2 Financial Data
  - 8.1.2.3 Product Landscape
  - 8.1.2.4 Strategic Outlook
  - 8.1.2.5 SWOT Analysis
- 8.1.3 Oracle Corporation
  - 8.1.3.1 Business Overview
  - 8.1.3.2 Financial Data
  - 8.1.3.3 Product Landscape
  - 8.1.3.4 Strategic Outlook
  - 8.1.3.5 SWOT Analysis
- 8.1.4 SAP SE
  - 8.1.4.1 Business Overview
  - 8.1.4.2 Financial Data
  - 8.1.4.3 Product Landscape
  - 8.1.4.4 Strategic Outlook
  - 8.1.4.5 SWOT Analysis
- 8.1.5 Accenture plc
  - 8.1.5.1 Business Overview
  - 8.1.5.2 Financial Data
  - 8.1.5.3 Product Landscape
  - 8.1.5.4 Strategic Outlook
  - 8.1.5.5 SWOT Analysis
- 8.1.6 Capgemini SE
  - 8.1.6.1 Business Overview
  - 8.1.6.2 Financial Data
  - 8.1.6.3 Product Landscape
  - 8.1.6.4 Strategic Outlook
  - 8.1.6.5 SWOT Analysis
- 8.1.7 Infosys Limited
  - 8.1.7.1 Business Overview
  - 8.1.7.2 Financial Data
  - 8.1.7.3 Product Landscape
  - 8.1.7.4 Strategic Outlook
  - 8.1.7.5 SWOT Analysis
- 8.1.8 PTC Inc.
  - 8.1.8.1 Business Overview
  - 8.1.8.2 Financial Data
  - 8.1.8.3 Product Landscape
  - 8.1.8.4 Strategic Outlook
  - 8.1.8.5 SWOT Analysis
- 8.1.9 SAS Institute Inc.
  - 8.1.9.1 Business Overview
  - 8.1.9.2 Financial Data
  - 8.1.9.3 Product Landscape
  - 8.1.9.4 Strategic Outlook
  - 8.1.9.5 SWOT Analysis
- 8.1.10 TIBCO Software Inc.
  - 8.1.10.1 Business Overview
  - 8.1.10.2 Financial Data
  - 8.1.10.3 Product Landscape
  - 8.1.10.4 Strategic Outlook
  - 8.1.10.5 SWOT Analysis
- 8.1.11 Wipro Limited
  - 8.1.11.1 Business Overview
  - 8.1.11.2 Financial Data
  - 8.1.11.3 Product Landscape
  - 8.1.11.4 Strategic Outlook
  - 8.1.11.5 SWOT Analysis
8.2 Digital and automation players
- 8.2.1 ABB Group
  - 8.2.1.1 Business Overview
  - 8.2.1.2 Financial Data
  - 8.2.1.3 Product Landscape
  - 8.2.1.4 Strategic Outlook
  - 8.2.1.5 SWOT Analysis
- 8.2.2 Ansys Inc.
  - 8.2.2.1 Business Overview
  - 8.2.2.2 Financial Data
  - 8.2.2.3 Product Landscape
  - 8.2.2.4 Strategic Outlook
  - 8.2.2.5 SWOT Analysis
- 8.2.3 Autodesk Inc.
  - 8.2.3.1 Business Overview
  - 8.2.3.2 Financial Data
  - 8.2.3.3 Product Landscape
  - 8.2.3.4 Strategic Outlook
  - 8.2.3.5 SWOT Analysis
- 8.2.4 AVEVA Group Inc.
  - 8.2.4.1 Business Overview
  - 8.2.4.2 Financial Data
  - 8.2.4.3 Product Landscape
  - 8.2.4.4 Strategic Outlook
  - 8.2.4.5 SWOT Analysis
- 8.2.5 Bentley Systems Incorporated
  - 8.2.5.1 Business Overview
  - 8.2.5.2 Financial Data
  - 8.2.5.3 Product Landscape
  - 8.2.5.4 Strategic Outlook
  - 8.2.5.5 SWOT Analysis
- 8.2.6 Dassault Systèmes
  - 8.2.6.1 Business Overview
  - 8.2.6.2 Financial Data
  - 8.2.6.3 Product Landscape
  - 8.2.6.4 Strategic Outlook
  - 8.2.6.5 SWOT Analysis
- 8.2.7 General Electric Company
  - 8.2.7.1 Business Overview
  - 8.2.7.2 Financial Data
  - 8.2.7.3 Product Landscape
  - 8.2.7.4 Strategic Outlook
  - 8.2.7.5 SWOT Analysis
- 8.2.8 Robert Bosch GmbH
  - 8.2.8.1 Business Overview
  - 8.2.8.2 Financial Data
  - 8.2.8.3 Product Landscape
  - 8.2.8.4 Strategic Outlook
  - 8.2.8.5 SWOT Analysis
- 8.2.9 Rockwell Automation
  - 8.2.9.1 Business Overview
  - 8.2.9.2 Financial Data
  - 8.2.9.3 Product Landscape
  - 8.2.9.4 Strategic Outlook
  - 8.2.9.5 SWOT Analysis
- 8.2.10 Schneider Electric SE
  - 8.2.10.1 Business Overview
  - 8.2.10.2 Financial Data
  - 8.2.10.3 Product Landscape
  - 8.2.10.4 Strategic Outlook
  - 8.2.10.5 SWOT Analysis
- 8.2.11 Siemens AG
  - 8.2.11.1 Business Overview
  - 8.2.11.2 Financial Data
  - 8.2.11.3 Product Landscape
  - 8.2.11.4 Strategic Outlook
  - 8.2.11.5 SWOT Analysis