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Market Research Report

Digital Twin Market Size, Share & Trends Analysis Report By End-use (Automotive & Transport, Retail & Consumer Goods, Agriculture, Manufacturing, Energy & Utilities), By Region, And Segment Forecasts, 2021 - 2028

Published by Grand View Research, Inc. Product code 1003406
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Digital Twin Market Size, Share & Trends Analysis Report By End-use (Automotive & Transport, Retail & Consumer Goods, Agriculture, Manufacturing, Energy & Utilities), By Region, And Segment Forecasts, 2021 - 2028
Published: April 26, 2021 Content info: 101 Pages
Description

Digital Twin Market Growth & Trends

The global digital twin market size is anticipated to reach USD 86.09 billion by 2028, according to a new study by Grand View Research Inc. It is projected to register a CAGR of 42.7% from 2021 to 2028. The spread of COVID-19 has expedited the adoption of digital twins in specific end-use industries. To work at minimum labor count with social distancing norms, end-user industries such as healthcare, agriculture, and government offices, have implemented digital twin technologies across several countries. Thus, the pandemic has resulted in providing impetus to digital twin adoption to be better prepared for any such crises in the future.

The use of a replica of an equipment or system helps improve the system's productivity, optimize resource consumption, and ensure that the product handling is kept at a minimum, helping large organizations improve quality and productivity. Additionally, the use of digital twins also supports new business models and offers opportunities for SMBs to expand and include technological capabilities in their organizations. Owing to the benefits of a digital twin to large and small firms alike, their demand is anticipated to expand at a healthy CAGR over the next seven years.

The growing popularity of Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT), coupled with the continued automation in various industries, such as automotive, defense and aerospace, and healthcare, is prompting the manufacturers to implement digital twins in their manufacturing processes to enhance their productivity and reduce the time-to-market. Furthermore, end-use industries are increasingly demanding digital twin portfolios capable of addressing specific requirements, and the leading market players are responding to this growing demand by offering different digital twin solutions tailored for specific end-use industries. Individualized digital twins are prompting end-users to adopt digital twins across their value chain, thereby driving the market growth.

Digital Twin Market Report Highlights

Owing to the increasing adoption of digital twin platforms across the supply chain of automotive production and selling, especially post COVID-19 pandemic, the automotive and transport segment is projected to expand at a CAGR of more than 50% over the forecast period

Europe accounted for more than 30% of the overall market in 2020. This is attributable to the high penetration of IoT in the region, especially in Western Europe

Key players in the market are adopting inorganic strategies to kill competition and acquire a larger market share. For instance, in January 2019, Hexagon AB announced the acquisition of j5 International, a software developer of operations management software. The acquisition would help in enhancing the company's HxGN SDx portfolio used to create and manage digital twin

Table of Contents
Product Code: GVR-2-68038-494-9

Table of Contents

Chapter 1. Methodology and Scope

  • 1.1. Methodology Segmentation & Scope
  • 1.2. Information procurement
    • 1.2.1. Purchased database
    • 1.2.2. GVR's internal database
    • 1.2.3. Secondary sources & third-party perspectives
    • 1.2.4. Primary research
  • 1.3. Information analysis
    • 1.3.1. Data analysis models
  • 1.4. Market formulation & data visualization
  • 1.5. Data validation & publishing

Chapter 2. Executive Summary

  • 2.1. Digital Twin Market - Industry Snapshot & Key Buying Criteria, 2017 - 2028

Chapter 3. Digital Twin Market Variables, Trends & Scope

  • 3.1. Market Size and Growth Prospects, 2017 - 2028
  • 3.2. Industry Value Chain Analysis
  • 3.3. Market Dynamics
    • 3.3.1. Market Driver Analysis
    • 3.3.2. Market Restraint/Challenge Analysis
    • 3.3.3. Market Opportunity Analysis
  • 3.4. Penetration & Growth Prospect Mapping (Key Opportunities Prioritized)
  • 3.5. Business Environment Analysis Tools
    • 3.5.1. Industry Analysis - Porter's Five Forces Analysis
    • 3.5.2. PEST Analysis

Chapter 4. Digital Twin Market End-use Outlook

  • 4.1. Digital Twin Market Share by Product, 2020 & 2028 (USD Million)
  • 4.2. Manufacturing
    • 4.2.1. Market Size Estimates and Forecasts, 2017 - 2028 (USD Million)
    • 4.2.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)
  • 4.3. Agriculture
    • 4.3.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 4.3.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)
  • 4.4. Automotive & Transport
    • 4.4.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 4.4.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)
  • 4.5. Energy & Utilities
    • 4.5.1. Market Size Estimates and Forecasts, 2017 - 2028 (USD Million)
    • 4.5.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)
  • 4.6. Healthcare & Lifesciences
    • 4.6.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 4.6.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)
  • 4.7. Residential & Commercial
    • 4.7.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 4.7.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)
  • 4.8. Retail & Consumer Goods
    • 4.8.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 4.8.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)
  • 4.9. Others
    • 4.9.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 4.9.2. Market estimates and forecast by region, 2017 - 2028 (USD Million)

Chapter 5. Digital Twin Market: Regional Outlook

  • 5.1. Digital Twin Market Share by Region, 2020 & 2028 (USD Million)
  • 5.2. North America
    • 5.2.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 5.2.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.2.3. U.S.
      • 5.2.3.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.2.3.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.2.4. Canada
      • 5.2.4.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.2.4.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
  • 5.3. Europe
    • 5.3.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 5.3.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.3.3. U.K.
      • 5.3.3.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.3.3.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.3.4. Germany
      • 5.3.4.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.3.4.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.3.5. France
      • 5.3.5.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.3.5.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
  • 5.4. Asia Pacific
    • 5.4.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 5.4.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.4.3. China
      • 5.4.3.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.4.3.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.4.4. India
      • 5.4.4.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.4.4.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.4.5. Japan
      • 5.4.5.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.4.5.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
  • 5.5. Latin America
    • 5.5.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 5.5.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.5.3. Brazil
      • 5.5.3.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.5.3.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
    • 5.5.4. Mexico
      • 5.5.4.1. Market estimates and forecast, 2017 - 2028 (USD Million)
      • 5.5.4.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)
  • 5.6. Middle East & Africa
    • 5.6.1. Market estimates and forecast, 2017 - 2028 (USD Million)
    • 5.6.2. Market estimates and forecast by end-use, 2017 - 2028 (USD Million)

Chapter 6. Competitive Landscape

  • 6.1. ABB
    • 6.1.1. Company overview
    • 6.1.2. Financial performance
    • 6.1.3. Product benchmarking
    • 6.1.4. Recent developments
  • 6.2. AVEVA Group PLC
    • 6.2.1. Company overview
    • 6.2.2. Financial performance
    • 6.2.3. Product benchmarking
    • 6.2.4. Recent developments
  • 6.3. Dassault Systems
    • 6.3.1. Company overview
    • 6.3.2. Financial performance
    • 6.3.3. Product benchmarking
    • 6.3.4. Recent developments
  • 6.4. General Electric
    • 6.4.1. Company overview
    • 6.4.2. Financial performance
    • 6.4.3. Product benchmarking
    • 6.4.4. Recent developments
  • 6.5. Hexagon AB
    • 6.5.1. Company overview
    • 6.5.2. Financial performance
    • 6.5.3. Product benchmarking
    • 6.5.4. Recent developments
  • 6.6. IBM Corporation
    • 6.6.1. Company overview
    • 6.6.2. Financial performance
    • 6.6.3. Product benchmarking
    • 6.6.4. Recent developments
  • 6.7. Microsoft Corporation
    • 6.7.1. Company overview
    • 6.7.2. Financial performance
    • 6.7.3. Product benchmarking
    • 6.7.4. Recent developmentsDaiichi J
  • 6.8. PTC
    • 6.8.1. Company overview
    • 6.8.2. Financial performance
    • 6.8.3. Product benchmarking
    • 6.8.4. Recent developments
  • 6.9. SAP
    • 6.9.1. Company overview
    • 6.9.2. Financial performance
    • 6.9.3. Product benchmarking
    • 6.9.4. Recent developments
  • 6.10. Siemens AG
    • 6.10.1. Company overview
    • 6.10.2. Financial performance
    • 6.10.3. Product benchmarking
    • 6.10.4. Recent developments

List of Tables

  • Table 1 Digital twin market - Industry snapshot & key buying criteria, 2017 - 2028
  • Table 2 Global digital twin market, 2017 - 2028 (USD Million)
  • Table 3 Global digital twin market, by region, 2017 - 2028 (USD Million)
  • Table 4 Global digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 5 Key company ranking, 2020
  • Table 6 Manufacturing market, 2017 - 2028 (USD Million)
  • Table 7 Manufacturing market, by region, 2017 - 2028 (USD Million)
  • Table 8 Agriculture market, 2017 - 2028 (USD Million)
  • Table 9 Agriculture market, by region, 2017 - 2028 (USD Million)
  • Table 10 Automotive & transport market, 2017 - 2028 (USD Million)
  • Table 11 Automotive & transport market, by region, 2017 - 2028 (USD Million)
  • Table 12 Energy & utilities market, 2017 - 2028 (USD Million)
  • Table 13 Energy & utilities market, by region, 2017 - 2028 (USD Million)
  • Table 14 Healthcare & life sciences market, 2017 - 2028 (USD Million)
  • Table 15 Healthcare & life sciences market, by region, 2017 - 2028 (USD Million)
  • Table 16 Residential & commercial market, 2017 - 2028 (USD Million)
  • Table 17 Residential & commercial market, by region, 2017 - 2028 (USD Million)
  • Table 18 Retail & consumer goods market, 2017 - 2028 (USD Million)
  • Table 19 Retail & consumer goods market, by region, 2017 - 2028 (USD Million)
  • Table 20 Others market, 2017 - 2028 (USD Million)
  • Table 21 Others market, by region, 2017 - 2028 (USD Million)
  • Table 22 North America digital twin market, 2017 - 2028 (USD Million)
  • Table 23 North America digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 24 U.S. digital twin market, 2017 - 2028 (USD Million)
  • Table 25 U.S. digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 26 Canada digital twin market, 2017 - 2028 (USD Million)
  • Table 27 Canada digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 28 Europe digital twin market, 2017 - 2028 (USD Million)
  • Table 29 Europe digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 30 U.K. digital twin market, 2017 - 2028 (USD Million)
  • Table 31 U.K. digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 32 Germany digital twin market, 2017 - 2028 (USD Million)
  • Table 33 Germany digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 34 France digital twin market, 2017 - 2028 (USD Million)
  • Table 35 France digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 36 Asia Pacific digital twin market, 2017 - 2028 (USD Million)
  • Table 37 Asia Pacific digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 38 China digital twin market, 2017 - 2028 (USD Million)
  • Table 39 China digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 40 India digital twin market, 2017 - 2028 (USD Million)
  • Table 41 India digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 42 Japan digital twin market, 2017 - 2028 (USD Million)
  • Table 43 Japan digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 44 Latin America digital twin market, 2017 - 2028 (USD Million)
  • Table 45 Latin America digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 46 Brazil digital twin market, 2017 - 2028 (USD Million)
  • Table 47 Brazil digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 48 Mexico digital twin market, 2017 - 2028 (USD Million)
  • Table 49 Mexico digital twin market, by end-use, 2017 - 2028 (USD Million)
  • Table 50 Middle East & Africa digital twin market, 2017 - 2028 (USD Million)
  • Table 51 Middle East & Africa digital twin market, by end-use, 2017 - 2028 (USD Million)

List of Figures

  • Fig. 1 Market segmentation & scope
  • Fig. 2 Information procurement
  • Fig. 3 Primary research pattern
  • Fig. 4 Primary research process
  • Fig. 5 Market formulation and data visualization
  • Fig. 6 Industry Snapshot
  • Fig. 7 Industry value chain analysis
  • Fig. 8 Industry Analysis-Porter's
  • Fig. 9 PEST Analysis
  • Fig. 10 Digital twin market, by end-use, key takeaways (USD Million)
  • Fig. 11 Regional market size estimates & forecasts, 2017 - 2028 (USD Million)
  • Fig. 12 North America digital twin market outlook and market share by country, 2020 & 2028 (USD Million)
  • Fig. 13 Europe digital twin market outlook and market share by country, 2020 & 2028 (USD Million)
  • Fig. 14 Asia Pacific digital twin market outlook and market share by country, 2020 & 2028 (USD Million)
  • Fig. 15 Latin America digital twin market outlook and market share by country, 2020 & 2028 (USD Million)
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