조사회사 : MarketsandMarkets (마켓츠앤마켓츠) 조사년월 : 2023년07월
디지털 트윈 (Digital Twin) 시장 : 용도(예측 유지보수, 비즈니스 최적화, 성능 모니터링, 재고 관리), 산업(자동차 및 운송, 헬스케어, 에너지, 공익사업), 기업, 지역별 – 2028년까지의 세계 예측
Digital Twin Market by Application(Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Industry(Automotive & Transportation, Healthcare, Energy & Utilities), Enterprise and Geography – Global Forecast to 2028
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| 구성 | 영문조사보고서 |
| 가격 |
The digital twin market is expected to grow from USD 10.1 billion in 2023 to USD 110.1 billion by 2028, at a CAGR of 61.3% during the forecast period. The growth of the digital twin market is driven mainly by the growing demand for digital twin in the healthcare industry and the growing focus on predictive maintenance.
“The digital twin market for the healthcare industry is expected to grow at the highest CAGR during the forecast period”
The digital twin market for the healthcare industry is expected to grow at the highest CAGR during the forecast period. Digital twins offer immense potential to improve patient outcomes and healthcare delivery in healthcare. By creating virtual replicas of physical assets, processes, or even individuals, healthcare providers can gain valuable insights, optimize workflows, and enhance decision-making. Digital twins enable real-time monitoring, predictive analytics, and personalized treatments, leading to more effective and efficient healthcare practices. Furthermore, technological advancements play a significant role in driving the growth of the digital twin market in the healthcare industry. The proliferation of Internet of Things (IoT) devices, cloud computing, artificial intelligence, and big data analytics has made it easier to collect and process vast amounts of healthcare-related data. This data can be leveraged to build and refine digital twin models, enabling healthcare professionals to simulate and test various scenarios, identify potential issues, and develop targeted interventions.
“Predictive maintenance segment is expected to dominate the digital twin market throughout the forecast period”
The predictive maintenance application is expected to account for the largest size of the digital twin market throughout the forecast period. Predictive maintenance offers significant advantages in terms of cost savings and operational efficiency. By utilizing digital twin technology, organizations can continuously monitor the performance of their assets in real-time. This enables them to detect anomalies, identify potential equipment failures, and proactively schedule maintenance activities. Organizations can minimize disruptions, optimize asset utilization, and reduce overall maintenance costs by addressing maintenance needs before they escalate into costly breakdowns or downtime. In addition, predictive maintenance aligns well with the growing adoption of Internet of Things (IoT) devices and sensors. These connected devices generate vast data regarding asset performance, environmental conditions, and usage patterns. By leveraging digital twins, organizations can integrate and analyze this data to gain insights into asset health, predict failure probabilities, and prescribe preventive measures. This data-driven approach allows for optimized maintenance schedules, reduced unplanned downtime, and improved asset reliability.
“Digital twin market in North America region to register highest CAGR between 2023 and 2028”
The digital twin market in North America is expected to grow at the highest CAGR during the forecast period. North America has a robust technological infrastructure and a mature market for digital twin solutions. The region has numerous technology companies, research institutions, and innovative startups actively developing and implementing digital twin technologies across various industries. The availability of advanced technologies, expertise, and investments in research and development positions North America as a frontrunner in the digital twin market. Furthermore, North America has a strong presence in key industries that heavily rely on digital twin technologies, such as manufacturing, healthcare, automotive, aerospace, and defense. These industries recognize the value of digital twins in optimizing operations, improving product development, enhancing maintenance processes, and driving innovation. The increasing adoption of digital twins in these industries is expected to contribute significantly to regional market growth.
Breakdown of primaries
In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the digital twin market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 45%, Tier 2 – 25%, and Tier 3 – 30%
• By Designation: C-level Executives – 40%, Directors – 25%, and Others – 35%
• By Region: North America –40%, Europe– 25%, Asia Pacific – 20%, and Rest of the World – 10%
Key players in the digital twin market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), Robert Bosch (Germany), and others.
The digital twin market has been segmented into enterprise, application, industry, and region. The digital twin market has been studied in North America, Europe, Asia Pacific, and the Rest of the World.
Reasons to buy the report:
The report will help the market leaders/new entrants with information on the closest approximate revenues for the digital twin and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Analysis of key drivers (rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain operations, increasing demand for digital twin from the healthcare industry, and growing focus on predictive maintenance), restraints (high investments associated with implementation of digital twin technology and susceptibility of digital twin to cyberattacks), opportunities (rising emphasis on advanced real-time data analytics, increasing adoption of industry 4.0 principles, and development of human-centered digital twins), and challenges (complexities associated with data collection and mathematical models and lack of skilled workforce and awareness regarding cost benefit offered by digital twins).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the digital twin market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the digital twin market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the digital twin market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), Robert Bosch (Germany), among others.
목차
1 INTRODUCTION 28
1.1 STUDY OBJECTIVES 28
1.2 MARKET DEFINITION 29
1.3 MARKET SCOPE 29
1.3.1 MARKETS COVERED 29
FIGURE 1 DIGITAL TWIN MARKET SEGMENTATION 29
1.3.2 INCLUSIONS AND EXCLUSIONS 30
1.3.3 GEOGRAPHICAL SCOPE 30
1.3.4 YEARS CONSIDERED 31
1.4 CURRENCY CONSIDERED 31
1.5 LIMITATIONS 31
1.6 STAKEHOLDERS 32
1.7 SUMMARY OF CHANGES 32
1.7.1 IMPACT OF RECESSION 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN 34
2.1.1 SECONDARY AND PRIMARY RESEARCH 34
FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH 35
2.1.2 SECONDARY DATA 36
2.1.2.1 List of secondary sources 36
2.1.2.2 Key data from secondary sources 36
2.1.3 PRIMARY DATA 37
2.1.3.1 Primary interviews with experts 37
2.1.3.2 Key data from primary sources 38
2.1.3.3 Key industry insights 39
2.1.3.4 Breakdown of primaries 39
2.2 MARKET SIZE ESTIMATION 40
2.2.1 BOTTOM-UP APPROACH 40
2.2.1.1 Approach to capture market size using bottom-up analysis (demand side) 40
FIGURE 4 BOTTOM-UP APPROACH 41
2.2.2 TOP-DOWN APPROACH 41
2.2.2.1 Approach to capture market size using top-down analysis (supply side) 41
FIGURE 5 TOP-DOWN APPROACH 41
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE) REVENUE GENERATED BY COMPANIES IN DIGITAL TWIN MARKET 42
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 43
FIGURE 7 DATA TRIANGULATION METHODOLOGY 43
2.4 RESEARCH ASSUMPTIONS 44
2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON DIGITAL TWIN MARKET 45
2.6 RESEARCH LIMITATIONS 45
2.7 RISK ASSESSMENT 46
3 EXECUTIVE SUMMARY 47
FIGURE 8 PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST MARKET SHARE OF DIGITAL TWIN MARKET, BY APPLICATION, IN 2028 48
FIGURE 9 SMALL & MEDIUM ENTERPRISES TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 49
FIGURE 10 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 50
FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST MARKET SHARE IN 2022 51
4 PREMIUM INSIGHTS 52
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN DIGITAL TWIN MARKET 52
FIGURE 12 RISING ADOPTION OF DIGITAL TWIN SOLUTIONS BY MANUFACTURING FIRMS TO FUEL MARKET GROWTH 52
4.2 DIGITAL TWIN MARKET, BY APPLICATION 53
FIGURE 13 PREDICTIVE MAINTENANCE SEGMENT TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 53
4.3 DIGITAL TWIN MARKET IN NORTH AMERICA, BY INDUSTRY AND COUNTRY 54
FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO SECURE LARGEST MARKET SHARE OF NORTH AMERICAN MARKET IN 2028 54
4.4 DIGITAL TWIN MARKET, BY INDUSTRY 55
FIGURE 15 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO CAPTURE LARGEST MARKET SHARE IN 2023 55
4.5 DIGITAL TWIN MARKET, BY COUNTRY 55
FIGURE 16 CHINA TO REGISTER HIGHEST CAGR IN GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD 55
5 MARKET OVERVIEW 56
5.1 INTRODUCTION 56
5.2 MARKET DYNAMICS 56
FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 57
5.2.1 DRIVERS 57
5.2.1.1 Growing use of digital twin technology to reduce costs and improve supply chain operations 57
5.2.1.2 Surging demand for digital twin technology from healthcare industry 58
5.2.1.3 Increasing adoption of predictive maintenance model across industries 58
FIGURE 18 DIGITAL TWIN MARKET: IMPACT OF DRIVERS 59
5.2.2 RESTRAINTS 60
5.2.2.1 High capital requirement to implement digital twin technology 60
5.2.2.2 Susceptibility of digital twin technology to cyberattacks 60
FIGURE 19 DIGITAL TWIN MARKET: IMPACT OF RESTRAINTS 61
5.2.3 OPPORTUNITIES 61
5.2.3.1 Surging demand for advanced real-time data analytics 61
5.2.3.2 Increasing adoption of Industry 4.0 principles 62
5.2.3.3 Development of human-centered digital twins 62
FIGURE 20 DIGITAL TWIN MARKET: IMPACT OF OPPORTUNITIES 63
5.2.4 CHALLENGES 63
5.2.4.1 Complexities associated with data collection and mathematical models 63
5.2.4.2 Shortage of skilled workforce 64
FIGURE 21 DIGITAL TWIN MARKET: IMPACT OF CHALLENGES 64
5.3 VALUE CHAIN ANALYSIS 65
FIGURE 22 DIGITAL TWIN MARKET: VALUE CHAIN ANALYSIS 65
5.4 ECOSYSTEM MAPPING 67
FIGURE 23 ECOSYSTEM ANALYSIS 67
TABLE 1 ROLE OF KEY PLAYERS IN DIGITAL TWIN ECOSYSTEM 68
5.5 PRICING ANALYSIS 69
5.5.1 DIGITAL TWIN PRICING, BY APPLICATION 69
FIGURE 24 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS OFFERED BY KEY COMPANIES, BY GEOGRAPHY 69
TABLE 2 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS, BY REGION 70
5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 71
FIGURE 25 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN DIGITAL TWIN MARKET 71
5.7 TECHNOLOGY ANALYSIS 71
5.7.1 IOT AND IIOT 72
5.7.2 AI AND ML 72
5.7.3 AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY 73
5.7.4 5G 73
5.7.5 CLOUD COMPUTING AND EDGE COMPUTING 74
5.7.6 BLOCKCHAIN 74
5.8 PORTER’S FIVE FORCES ANALYSIS 75
FIGURE 26 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS 75
5.8.1 THREAT OF NEW ENTRANTS 75
5.8.2 THREAT OF SUBSTITUTES 76
5.8.3 BARGAINING POWER OF BUYERS 76
5.8.4 BARGAINING POWER OF SUPPLIERS 77
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 77
5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 78
5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 78
FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE INDUSTRIES 78
TABLE 3 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY INDUSTRY 78
5.9.2 BUYING CRITERIA 79
FIGURE 28 KEY BUYING CRITERIA OF TOP THREE INDUSTRIES 79
TABLE 4 KEY BUYING CRITERIA, BY END USER 79
5.10 CASE STUDY ANALYSIS 80
5.10.1 TEMPLE UNIVERSITY, US, USES DIGITAL TWIN TECHNOLOGY TO ENHANCE OPERATIONS ACROSS CAMPUS 80
5.10.2 FAURECIA ADOPTS 3DEXPERIENCE DIGITAL TWIN PLATFORM TO OPTIMIZE AGV INBOUND LOGISTICS 81
5.10.3 DOOSAN OPTIMIZES ENERGY OUTPUT IN WIND FARMS BY IMPLEMENTING AZURE DIGITAL TWINS 82
5.10.4 IBM INCORPORATES DIGITAL TWINS TO IMPROVE SPARE PART INVENTORY 83
5.10.5 USE HEALTHCARE PROFESSIONALS USE DIGITAL TWINS TO DEVELOP PERSONALIZED AND BETTER CARE PLANS 84
5.11 TRADE ANALYSIS 85
FIGURE 29 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION) 85
FIGURE 30 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION) 86
5.12 PATENT ANALYSIS 87
FIGURE 31 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2013–2022 87
TABLE 5 TOP 20 PATENT OWNERS IN LAST 10 YEARS, 2013–2022 87
FIGURE 32 NUMBER OF PATENTS GRANTED FROM 2013 TO 2022 88
TABLE 6 DIGITAL TWIN MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2021–2022 88
5.13 KEY CONFERENCES AND EVENTS, 2023–2024 90
TABLE 7 DIGITAL TWIN MARKET: LIST OF CONFERENCES AND EVENTS 90
5.14 TARIFFS AND REGULATORY LANDSCAPE 91
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93
TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
TABLE 11 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
5.14.2 STANDARDS AND REGULATIONS RELATED TO DIGITAL TWIN TECHNOLOGY 95
TABLE 12 DIGITAL TWIN: STANDARDS AND REGULATIONS 95
6 DIGITAL TWIN ADOPTION IN DIFFERENT PROCESSES, COMPONENTS, PRODUCTS, AND SYSTEMS 97
6.1 INTRODUCTION 97
6.2 COMPONENT DIGITAL TWIN 97
6.3 PRODUCT DIGITAL TWIN 98
6.4 PROCESS DIGITAL TWIN 98
6.5 SYSTEM DIGITAL TWIN 99
7 DIGITAL TWIN MODELS 100
7.1 INTRODUCTION 100
7.2 PLATFORM AS A SERVICE (PAAS) 100
7.3 SOFTWARE AS A SERVICE (SAAS) 101
8 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE 102
8.1 INTRODUCTION 103
FIGURE 33 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 104
TABLE 13 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 104
TABLE 14 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 104
8.2 LARGE ENTERPRISES 105
8.2.1 RAPID DEPLOYMENT OF BLOCKCHAIN TECHNOLOGY IN HEALTHCARE SECTOR TO DRIVE MARKET 105
TABLE 15 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 106
TABLE 16 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 106
8.3 SMALL & MEDIUM ENTERPRISES (SMES) 107
8.3.1 SUBSCRIPTION-BASED DIGITAL TWIN SERVICES TO BOOST SEGMENTAL GROWTH 107
TABLE 17 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 107
TABLE 18 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 108
9 DIGITAL TWIN MARKET, BY APPLICATION 109
9.1 INTRODUCTION 110
FIGURE 34 DIGITAL TWIN MARKET, BY APPLICATION 110
FIGURE 35 PREDICTIVE MAINTENANCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 111
TABLE 19 DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 111
TABLE 20 DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 112
9.2 PRODUCT DESIGN & DEVELOPMENT 112
9.2.1 RISING FOCUS OF PRODUCT DESIGNERS TO VISUALIZE AND ANALYZE PRODUCTS VIRTUALLY TO BOOST SEGMENTAL GROWTH 112
TABLE 21 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 113
TABLE 22 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 113
9.3 PERFORMANCE MONITORING 114
9.3.1 GREATER EMPHASIS OF INDUSTRY PLAYERS ON MITIGATING COSTLY EQUIPMENT FAILURES TO DRIVE SEGMENTAL GROWTH 114
TABLE 23 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY 2019–2022 (USD MILLION) 115
TABLE 24 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 115
9.4 PREDICTIVE MAINTENANCE 116
9.4.1 GROWING FOCUS OF MANUFACTURING FIRMS ON COST SAVING TO CONTRIBUTE TO SEGMENTAL GROWTH 116
TABLE 25 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 117
TABLE 26 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 117
9.5 INVENTORY MANAGEMENT 118
9.5.1 INCREASING ADOPTION OF DIGITAL TWIN TO AVOID STOCKOUTS TO SUPPORT SEGMENTAL GROWTH 118
TABLE 27 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 119
TABLE 28 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 120
9.6 BUSINESS OPTIMIZATION 121
9.6.1 STRONG FOCUS ON COST-EFFECTIVE AND FASTER PRODUCTIVE DEVELOPMENT TO DRIVE SEGMENTAL GROWTH 121
TABLE 29 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 121
TABLE 30 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 122
9.7 OTHER APPLICATIONS 123
TABLE 31 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 123
TABLE 32 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 124
10 DIGITAL TWIN MARKET, BY INDUSTRY 125
10.1 INTRODUCTION 126
FIGURE 36 DIGITAL TWIN MARKET, BY INDUSTRY 126
FIGURE 37 HEALTHCARE SEGMENT TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD 127
TABLE 33 DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 127
TABLE 34 DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 128
10.2 AUTOMOTIVE & TRANSPORTATION 129
10.2.1 NEED TO OPTIMIZE AND ENHANCE TIME-CONSUMING PROCESSES IN VEHICLE MANUFACTURING TO BOOST ADOPTION OF DIGITAL TWINS 129
TABLE 35 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 130
TABLE 36 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 130
TABLE 37 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 131
TABLE 38 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 131
10.3 ENERGY & UTILITIES 132
10.3.1 RISING APPLICATION OF DIGITAL TWIN TECHNOLOGY IN WIND FARMS TO BENEFIT MARKET 132
TABLE 39 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 133
TABLE 40 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 133
TABLE 41 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 134
TABLE 42 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 134
10.4 INFRASTRUCTURE 135
10.4.1 SMART CITY PROJECTS AND SMART TRANSPORTATION INITIATIVES TO DRIVE MARKET 135
TABLE 43 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 135
TABLE 44 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 136
TABLE 45 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 136
TABLE 46 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 136
10.5 HEALTHCARE 137
10.5.1 DIGITAL TRANSFORMATION IN HEALTHCARE INDUSTRY TO DRIVE MARKET 137
TABLE 47 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 138
TABLE 48 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 138
TABLE 49 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 138
TABLE 50 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 139
10.6 AEROSPACE 139
10.6.1 PRESSING NEED FOR REAL-TIME TELEMETRY DATA TO AVOID DANGEROUS SITUATIONS TO ACCELERATE DEMAND FOR DIGITAL TWIN TECHNOLOGY 139
TABLE 51 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 140
TABLE 52 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 140
TABLE 53 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 141
TABLE 54 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 141
10.7 OIL & GAS 142
10.7.1 INCREASING USE OF DIGITAL TWIN OPTIMIZE OIL AND GAS PLANT OPERATIONS TO DRIVE MARKET 142
TABLE 55 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 142
TABLE 56 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 143
TABLE 57 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 143
TABLE 58 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 143
10.8 TELECOMMUNICATIONS 144
10.8.1 RISING IMPLEMENTATION OF DIGITAL TWIN SOLUTIONS TO ENHANCE NETWORK OPTIMIZATION AND 5G DEPLOYMENT TO STRENGTHEN MARKET 144
TABLE 59 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 144
TABLE 60 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 145
TABLE 61 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 145
TABLE 62 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 145
10.9 AGRICULTURE 146
10.9.1 INCREASED FOCUS ON REAL-TIME MONITORING OF CROPS AND DECISION-MAKING TO BOOST DIGITAL TWIN ADOPTION TO CONTRIBUTE TO MARKET GROWTH 146
TABLE 63 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 146
TABLE 64 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 147
TABLE 65 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 147
TABLE 66 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 147
10.10 RETAIL 148
10.10.1 SURGING ADOPTION OF DIGITAL TWIN SOLUTIONS TO IMPROVE CUSTOMER ENGAGEMENT AND SATISFACTION TO PROPEL MARKET 148
TABLE 67 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 148
TABLE 68 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 149
TABLE 69 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 149
TABLE 70 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 149
10.11 OTHER INDUSTRIES 150
TABLE 71 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 151
TABLE 72 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 151
TABLE 73 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 152
TABLE 74 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 152
11 REGIONAL ANALYSIS 153
11.1 INTRODUCTION 154
FIGURE 38 DIGITAL TWIN MARKET IN CHINA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028 154
FIGURE 39 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 155
TABLE 75 DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 155
TABLE 76 DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 155
11.2 NORTH AMERICA 156
11.3 NORTH AMERICA: RECESSION IMPACT 156
FIGURE 40 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT 157
TABLE 77 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 158
TABLE 78 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 158
TABLE 79 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 158
TABLE 80 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 159
TABLE 81 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 159
TABLE 82 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 159
11.3.1 US 160
11.3.1.1 Implementation of 3D models and digital technologies across several industries to drive market 160
11.3.2 CANADA 161
11.3.2.1 Lowest business tax burden to attract digital twin technology providers 161
11.3.3 MEXICO 161
11.3.3.1 Thriving automotive sector to support market growth 161
11.4 EUROPE 162
11.4.1 EUROPE: RECESSION IMPACT 162
FIGURE 41 EUROPE: DIGITAL TWIN MARKET SNAPSHOT 163
TABLE 83 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 164
TABLE 84 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 164
TABLE 85 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 164
TABLE 86 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 165
TABLE 87 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 165
TABLE 88 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 165
11.4.2 GERMANY 166
11.4.2.1 Increasing adoption of inclination of manufacturing firms toward automation to fuel market growth 166
11.4.3 FRANCE 167
11.4.3.1 Significant contribution of automotive and aerospace industries in technology adoption to drive market 167
11.4.4 UK 167
11.4.4.1 Steady development of renewable energy infrastructure and adoption of 5G and IoT to boost demand 167
11.4.5 REST OF EUROPE 168
11.5 ASIA PACIFIC 168
11.5.1 ASIA PACIFIC: RECESSION IMPACT 169
FIGURE 42 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT 170
TABLE 89 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 171
TABLE 90 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 171
TABLE 91 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 172
TABLE 92 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 172
TABLE 93 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 173
TABLE 94 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 173
11.5.2 CHINA 173
11.5.2.1 Increasing adoption of automation technologies to propel market 173
11.5.3 JAPAN 174
11.5.3.1 Rising use of IoT devices to create opportunities for digital twin technology providers 174
11.5.4 INDIA 174
11.5.4.1 Make in India and Digital India initiatives undertaken by governments to drive market 174
11.5.5 SOUTH KOREA 175
11.5.5.1 Government-led R&D initiatives in IoT technology to boost adoption of digital twins 175
11.5.6 REST OF ASIA PACIFIC 175
11.6 ROW 176
11.6.1 ROW: RECESSION IMPACT 176
FIGURE 43 ROW: DIGITAL TWIN MARKET SNAPSHOT 177
TABLE 95 ROW: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 177
TABLE 96 ROW: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 178
TABLE 97 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 178
TABLE 98 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 179
TABLE 99 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 179
TABLE 100 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 179
11.6.2 SOUTH AMERICA 180
11.6.2.1 Surging adoption of IIoT in mining and other industries to drive market 180
11.6.3 MIDDLE EAST 180
TABLE 101 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 180
TABLE 102 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 181
11.6.3.1 Saudi Arabia 181
11.6.3.1.1 Growing focus of oil & gas companies on safe and efficient operations to boost demand for digital twin solutions 181
11.6.3.2 UAE 182
11.6.3.2.1 Inclination of industry players toward smart manufacturing to drive market 182
11.6.3.3 Rest of Middle East 182
11.6.4 AFRICA 183
11.6.4.1 Increasing demand for telecom and power supply devices to fuel market growth 183
12 COMPETITIVE LANDSCAPE 184
12.1 OVERVIEW 184
12.2 KEY PLAYER STRATEGIES ADOPTED BY MAJOR PLAYERS 184
TABLE 103 OVERVIEW OF STRATEGIES ADOPTED BY DIGITAL TWIN PROVIDERS 184
12.3 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022 186
FIGURE 44 SEGMENTAL REVENUE OF KEY PLAYERS, 2018–2022 186
12.4 MARKET SHARE ANALYSIS, 2022 186
TABLE 104 DIGITAL TWIN MARKET: DEGREE OF COMPETITION 187
FIGURE 45 MARKET SHARE ANALYSIS, 2022 187
12.5 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022 189
12.5.1 STARS 189
12.5.2 EMERGING LEADERS 189
12.5.3 PERVASIVE PLAYERS 189
12.5.4 PARTICIPANTS 189
FIGURE 46 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022 190
12.6 DIGITAL TWIN MARKET: COMPANY FOOTPRINT 191
TABLE 105 COMPANY FOOTPRINT 191
TABLE 106 INDUSTRY FOOTPRINT 192
TABLE 107 ENTERPRISE FOOTPRINT 193
TABLE 108 REGION FOOTPRINT 194
12.7 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 195
12.7.1 PROGRESSIVE COMPANIES 195
12.7.2 RESPONSIVE COMPANIES 195
12.7.3 DYNAMIC COMPANIES 195
12.7.4 STARTING BLOCKS 195
FIGURE 47 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 196
12.8 DETAILED LIST OF KEY STARTUPS/SMES 197
TABLE 109 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUPS 197
TABLE 110 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 198
12.9 COMPETITIVE SCENARIOS AND TRENDS 199
12.9.1 PRODUCT LAUNCHES 199
TABLE 111 DIGITAL TWIN MARKET: PRODUCT LAUNCHES, 2020–2023 199
12.9.2 DEALS 201
TABLE 112 DIGITAL TWIN MARKET: DEALS, 2020–2023 201
12.9.3 OTHERS 204
TABLE 113 DIGITAL TWIN MARKET: OTHERS, 2020–2023 204
13 COMPANY PROFILES 205
(Business overview, Products/Solutions/Services offered, Recent Developments, MNM view)*
13.1 KEY PLAYERS 205
13.1.1 GENERAL ELECTRIC 205
TABLE 114 GENERAL ELECTRIC: BUSINESS OVERVIEW 206
FIGURE 48 GENERAL ELECTRIC: COMPANY SNAPSHOT 206
TABLE 115 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 207
13.1.2 MICROSOFT 213
TABLE 116 MICROSOFT: BUSINESS OVERVIEW 213
FIGURE 49 MICROSOFT: COMPANY SNAPSHOT 214
TABLE 117 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 214
13.1.3 SIEMENS 218
TABLE 118 SIEMENS: BUSINESS OVERVIEW 218
FIGURE 50 SIEMENS: COMPANY SNAPSHOT 219
TABLE 119 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 219
13.1.4 AMAZON WEB SERVICES, INC. (AWS) 224
TABLE 120 AMAZON WEB SERVICES, INC.: BUSINESS OVERVIEW 224
FIGURE 51 AMAZON WEB SERVICES, INC.: COMPANY SNAPSHOT 225
TABLE 121 AMAZON WEB SERVICES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 225
13.1.5 DASSAULT SYSTÈMES 229
TABLE 122 DASSAULT SYSTÈMES: BUSINESS OVERVIEW 229
FIGURE 52 DASSAULT SYSTÈMES: COMPANY SNAPSHOT 230
TABLE 123 DASSAULT SYSTÈMES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 230
13.1.6 ANSYS, INC. 235
TABLE 124 ANSYS, INC.: BUSINESS OVERVIEW 235
FIGURE 53 ANSYS, INC.: COMPANY SNAPSHOT 235
TABLE 125 ANSYS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 236
13.1.7 IBM CORPORATION 239
TABLE 126 IBM CORPORATION: BUSINESS OVERVIEW 239
FIGURE 54 IBM CORPORATION: COMPANY SNAPSHOT 240
TABLE 127 IBM CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 240
13.1.8 PTC 243
TABLE 128 PTC: BUSINESS OVERVIEW 243
FIGURE 55 PTC: COMPANY SNAPSHOT 244
TABLE 129 PTC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244
13.1.9 SAP SE 247
TABLE 130 SAP SE: BUSINESS OVERVIEW 247
FIGURE 56 SAP SE: COMPANY SNAPSHOT 248
TABLE 131 SAP SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 249
13.1.10 ORACLE 250
TABLE 132 ORACLE: BUSINESS OVERVIEW 250
FIGURE 57 ORACLE: COMPANY SNAPSHOT 251
TABLE 133 ORACLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 251
13.1.11 ROBERT BOSCH GMBH 254
TABLE 134 ROBERT BOSCH GMBH: BUSINESS OVERVIEW 254
FIGURE 58 ROBERT BOSCH GMBH: COMPANY SNAPSHOT 255
TABLE 135 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255
13.2 OTHER KEY PLAYERS 258
13.2.1 EMERSON ELECTRIC CO. 258
13.2.2 ABB 259
13.2.3 HONEYWELL INTERNATIONAL INC. 260
13.2.4 SCHNEIDER ELECTRIC 261
13.2.5 NAVVIS 262
13.2.6 DNV AS 263
13.2.7 AUTODESK INC. 264
13.2.8 ANDRITZ AG 265
13.2.9 SOFTWARE AG 266
13.2.10 BENTLEY SYSTEMS, INCORPORATED 267
13.2.11 RIVER LOGIC, INC. 268
13.2.12 ALTAIR ENGINEERING INC. 269
13.2.13 JOHNSON CONTROLS 270
13.2.14 NSTREAM 271
*Details on Business overview, Products/Solutions/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
14 ADJACENT AND RELATED MARKETS 272
14.1 INDUSTRIAL ROBOTICS MARKET 272
14.2 STUDY LIMITATIONS 272
14.3 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD 272
FIGURE 59 INDUSTRIAL ROBOTICS WITH PAYLOAD CAPACITY RANGING OF 16.01 TO 60.00 KG TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 273
TABLE 136 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (USD MILLION) 273
TABLE 137 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (USD MILLION) 274
TABLE 138 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (THOUSAND UNITS) 274
TABLE 139 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (THOUSAND UNITS) 274
14.4 UP TO 16.00 KG 275
14.4.1 HIGH ACCURACY AND FLEXIBILITY OF ROBOTS TO DRIVE DEMAND IN FOOD & BEVERAGES AND AUTOMOTIVE VERTICALS 275
TABLE 140 TYPES OF INDUSTRIAL ROBOTS WITH UP TO 16. OO KG PAYLOAD CAPACITY 276
14.5 16.01–60.00 KG 276
14.5.1 AUTOMOTIVE INDUSTRY TO OFFER LUCRATIVE OPPORTUNITIES FOR PLAYERS 276
TABLE 141 TYPES OF INDUSTRIAL ROBOTS WITH 16.01–60.00 KG PAYLOAD CAPACITY 277
14.6 60.01–225.00 KG 277
14.6.1 GROWING ADOPTION OF ROBOTS TO AUTOMATE ASSEMBLING AND PACKAGING OF CONSUMER ELECTRONICS TO DRIVE MARKET 277
TABLE 142 TYPES OF INDUSTRIAL ROBOTS WITH 60.01–225.00 KG PAYLOAD CAPACITY 278
14.7 MORE THAN 225.00 KG 278
14.7.1 STRONG FOCUS ON IMPROVING PRODUCTIVITY AND WORKPLACE SAFETY TO ACCELERATE MARKET GROWTH 278
TABLE 143 TYPES OF INDUSTRIAL ROBOTS WITH MORE THAN 225.00 KG PAYLOAD CAPACITY 279
15 APPENDIX 280
15.1 INSIGHTS FROM INDUSTRY EXPERTS 280
15.2 DISCUSSION GUIDE 281
15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 283
15.4 AVAILABLE CUSTOMIZATIONS 285
15.5 RELATED REPORTS 285
15.6 AUTHOR DETAILS 286
