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GLOBAL DIGITAL TWIN MARKET FORECAST 2021-2028

According to Inkwood Research, the global digital twin market is projected to register a CAGR of 34.03% between 2021 and 2028, and is anticipated to generate revenue of $30619 million by 2028. Modern-day manufacturing facilities and processes have started getting their digital versions. The system entails production robots, automated warehouses, and heating & cooling systems connected to computers and servers, providing a replica of the current status in the digital form.

GLOBAL DIGITAL TWIN MARKET FORECAST 2021-2028

Global Digital Twin Market by Application (Manufacturing Process Planning, Product Design, Other Applications) Market by Industry (Manufacturing, Automotive, Aviation, Energy and Utilities, Healthcare, Logistics and Retail, Other Industries) Market by Product (Digital Twin Platform, Hardware, Support Services) Market by Type (Asset Digital Twin, Process Digital Twin, System Digital Twin) and by Geography

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According to Inkwood Research, the global digital twin market is projected to register a CAGR of 34.03% between 2021 and 2028, and is anticipated to generate revenue of $30619 million by 2028.

Modern-day manufacturing facilities and processes have started getting their digital versions. The system entails production robots, automated warehouses, and heating & cooling systems connected to computers and servers, providing a replica of the current status in the digital form. This enables monitoring and optimization of the assets and processes. Such a virtual copy of a process is known as the digital twin.
digital-twin-market

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Key factors propelling the global digital twin market growth are:

  • Time utilization and efficiency improvement
  • Ease in continuous monitoring of projects
  • Remote access to assets
    • Accessing an unreachable asset, process, or facility due to multiple reasons like surrounding conditions, distance, space, and other challenges can cause restrictions in the smooth flow of the overall process.
    • Digital twin helps to minimize these hindrances, which provides an advantage over traditional technology.
  • Adoption of industrial IoT

Major growth restraining factors:

  • Data security risks
    • Due to the increasing data breaches occurring across industries and regions due to cyber-attacks, the digital twin faces security challenges.
    • Also, the possibility of causing a change in the process flow can cause serious consequences hindering market growth.
  • Implementation costs

The report on the global digital twin market includes the segmentation analysis based on industry, application, type, and product. These segments are further classified to provide a detailed analysis of the studied market.

Market by Industry:

  • Manufacturing
    • The manufacturing category has the largest share in the industry segment of the global digital twin market.
    • Benefits like product and process optimization, improved efficiency, and continuous improvement ability attract stakeholders from the industry towards the digital twin.
  • Automotive
  • Aviation
  • Energy and Utilities
  • Healthcare
  • Logistics and Retail
  • Others

Geographically, the global digital twin market has been segmented based on four major regions, which includes:

  • North America: The United States and Canada
  • Europe: Germany, The United Kingdom, Italy, France, Belgium, Russia, Poland, and Rest of Europe
  • Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
    • Asia-Pacific is the fastest-growing region in the global digital twin market. The market growth is primarily driven by countries like India, China, Japan, etc.
    • The rising share of manufacturing and consumer demand in the region are expected to boost the market demands.
  • Rest of World: Latin America, the Middle East & Africa

The major market players in the global digital twin market are:

  • Microsoft Corporation
  • Cisco Systems Inc
  • IBM Corporation
  • PTC Inc
  • SAP SE
  • Wipro Limited

Key strategies adopted by some of the digital twin companies:

In December 2020, Johnson Controls and Microsoft Corp collaborated to digitally transform the management and conception of buildings and spaces. Microsoft also announced the general availability of Microsoft Azure Digital Twins.

Key findings of the global digital twin market:

  • Support services are the fastest-growing product in the global digital twin market.
  • System is the fastest-growing type in the global digital twin market.

 

Frequently Asked Questions (FAQs):

  • Which is the fastest-growing industry in the global digital twin market?

A: Healthcare is the fastest-growing industry in the global digital twin market.

  • Which is the major product in the global digital twin market?

A: Platform is the major product in the global digital twin market.

  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • MARKET SCOPE
    •    KEY DRIVERS
      • TIME UTILIZATION AND EFFICIENCY IMPROVEMENT
      • EASE IN CONTINUOUS MONITORING OF PROJECTS
      • REMOTE ACCESS TO ASSETS
      • ADOPTION OF INDUSTRIAL IOT
    •    KEY RESTRAINTS
      • RISKS RELATED TO DATA SECURITY
      • IMPLEMENTATION COSTS
  1. KEY ANALYTICS
    • IMPACT OF COVID-19 ON DIGITAL TWIN MARKET
    • KEY MARKET TRENDS
    •    PORTER’S FIVE FORCES ANALYSIS
      • BUYERS POWER
      • SUPPLIERS POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  2. MARKET BY APPLICATION
    • MANUFACTURING PROCESS PLANNING
    • PRODUCT DESIGN
    • OTHER APPLICATIONS
  3. MARKET BY INDUSTRY
    • MANUFACTURING
    • AUTOMOTIVE
    • AVIATION
    • ENERGY AND UTILITIES
    • HEALTHCARE
    • LOGISTICS AND RETAIL
    • OTHER INDUSTRIES
  4. MARKET BY PRODUCT
    • DIGITAL TWIN PLATFORM
    • HARDWARE
    • SUPPORT SERVICES
  5. MARKET BY TYPE
    • ASSET DIGITAL TWIN
    • PROCESS DIGITAL TWIN
    • SYSTEM DIGITAL TWIN
  6. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    •  EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • RUSSIA
        • REST OF EUROPE
    •  ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    •  REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • KEY STRATEGIC DEVELOPMENTS
      • MERGERS & ACQUISITIONS
      • PRODUCT LAUNCHES & DEVELOPMENTS
      • PARTNERSHIPS, CONTRACTS/AGREEMENTS & COLLABORATIONS
      • BUSINESS EXPANSIONS
    • KEY STRATEGIC DEVELOPMENTS
      • ABB LTD
      • ACCENTURE
      • ALPHABET INC (GOOGLE)
      • AMAZON WEB SERVICES INC
      • CAPGEMINI
      • CISCO SYSTEMS INC
      • GENERAL ELECTRIC COMPANY
      • HONEYWELL INTERNATIONAL
      • IBM CORPORATION
      • MICROSOFT CORPORATION
      • PTC INC
      • SAP SE
      • SIEMENS AG
      • WIPRO LIMITED

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – DIGITAL TWIN

TABLE 2: GLOBAL DIGITAL TWIN MARKET, BY APPLICATION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 3: GLOBAL MANUFACTURING PROCESS PLANNING MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 4: GLOBAL PRODUCT DESIGN MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 5: GLOBAL OTHER APPLICATIONS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 6: GLOBAL DIGITAL TWIN MARKET, BY INDUSTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 7: GLOBAL MANUFACTURING MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 8: GLOBAL AUTOMOTIVE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 9: GLOBAL AVIATION MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 10: GLOBAL ENERGY AND UTILITIES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 11: GLOBAL HEALTHCARE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 12: GLOBAL LOGISTICS AND RETAIL MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 13: GLOBAL OTHER INDUSTRIES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 14: GLOBAL DIGITAL TWIN MARKET, BY PRODUCT, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 15: GLOBAL DIGITAL TWIN PLATFORM MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 16: GLOBAL HARDWARE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 17: GLOBAL SUPPORT SERVICES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 18: GLOBAL DIGITAL TWIN MARKET, BY TYPE, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 19: GLOBAL ASSET DIGITAL TWIN MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 20: GLOBAL PROCESS DIGITAL TWIN MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 21: GLOBAL SYSTEM DIGITAL TWIN MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 22: GLOBAL DIGITAL TWIN MARKET, BY GEOGRAPHY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 23: NORTH AMERICA DIGITAL TWIN MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 24: KEY PLAYERS OPERATING IN NORTH AMERICA DIGITAL TWIN MARKET

TABLE 25: EUROPE DIGITAL TWIN MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 26: KEY PLAYERS OPERATING IN EUROPE DIGITAL TWIN MARKET

TABLE 27: ASIA-PACIFIC DIGITAL TWIN MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 28: KEY PLAYERS OPERATING IN EUROPE DIGITAL TWIN MARKET

TABLE 29: REST OF WORLD DIGITAL TWIN MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 30: KEY PLAYERS OPERATING IN REST OF WORLD DIGITAL TWIN MARKET

LIST OF FIGURES

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: GLOBAL DIGITAL TWIN MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2020

FIGURE 6: GLOBAL DIGITAL TWIN MARKET, BY MANUFACTURING PROCESS PLANNING, 2021-2028 (IN $ MILLION)

FIGURE 7: GLOBAL DIGITAL TWIN MARKET, BY PRODUCT DESIGN, 2021-2028 (IN $ MILLION)

FIGURE 8: GLOBAL DIGITAL TWIN MARKET, BY OTHER APPLICATIONS, 2021-2028 (IN $ MILLION)

FIGURE 9: GLOBAL DIGITAL TWIN MARKET, GROWTH POTENTIAL, BY INDUSTRY, IN 2020

FIGURE 10: GLOBAL DIGITAL TWIN MARKET, BY MANUFACTURING, 2021-2028 (IN $ MILLION)

FIGURE 11: GLOBAL DIGITAL TWIN MARKET, BY AUTOMOTIVE, 2021-2028 (IN $ MILLION)

FIGURE 12: GLOBAL DIGITAL TWIN MARKET, BY AVIATION, 2021-2028 (IN $ MILLION)

FIGURE 13: GLOBAL DIGITAL TWIN MARKET, BY ENERGY AND UTILITIES, 2021-2028 (IN $ MILLION)

FIGURE 14: GLOBAL DIGITAL TWIN MARKET, BY HEALTHCARE, 2021-2028 (IN $ MILLION)

FIGURE 15: GLOBAL DIGITAL TWIN MARKET, BY LOGISTICS AND RETAIL, 2021-2028 (IN $ MILLION)

FIGURE 16: GLOBAL OTHER INDUSTRIES MARKET, BY LOGISTICS AND RETAIL, 2021-2028 (IN $ MILLION)

FIGURE 17: GLOBAL DIGITAL TWIN MARKET, GROWTH POTENTIAL, BY PRODUCT, IN 2020

FIGURE 18: GLOBAL DIGITAL TWIN MARKET, BY DIGITAL TWIN PLATFORM, 2021-2028 (IN $ MILLION)

FIGURE 19: GLOBAL DIGITAL TWIN MARKET, BY HARDWARE, 2021-2028 (IN $ MILLION)

FIGURE 20: GLOBAL DIGITAL TWIN MARKET, BY SUPPORT SERVICES, 2021-2028 (IN $ MILLION)

FIGURE 21: GLOBAL DIGITAL TWIN MARKET, GROWTH POTENTIAL, BY TYPE, IN 2020

FIGURE 22: GLOBAL DIGITAL TWIN MARKET, BY ASSET DIGITAL TWIN, 2021-2028 (IN $ MILLION)

FIGURE 23: GLOBAL DIGITAL TWIN MARKET, BY PROCESS DIGITAL TWIN, 2021-2028 (IN $ MILLION)

FIGURE 24: GLOBAL DIGITAL TWIN MARKET, BY SYSTEM DIGITAL TWIN, 2021-2028 (IN $ MILLION)

FIGURE 25: NORTH AMERICA DIGITAL TWIN MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 26: UNITED STATES DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 27: CANADA DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 28: EUROPE DIGITAL TWIN MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 29: UNITED KINGDOM DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 30: GERMANY DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 31: FRANCE DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 32: ITALY DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 33: RUSSIA DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 34: REST OF EUROPE DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 35: ASIA-PACIFIC DIGITAL TWIN MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 36: CHINA DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 37: JAPAN DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 38: INDIA DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 39: SOUTH KOREA DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 40: AUSTRALIA & NEW ZEALAND DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 41: REST OF ASIA-PACIFIC DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 42: REST OF WORLD DIGITAL TWIN MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 43: LATIN AMERICA DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

FIGURE 44: MIDDLE EAST & AFRICA DIGITAL TWIN MARKET, 2021-2028 (IN $ MILLION)

  1. MARKET BY APPLICATION
    • MANUFACTURING PROCESS PLANNING
    • PRODUCT DESIGN
    • OTHER APPLICATIONS
  2. MARKET BY INDUSTRY
    • MANUFACTURING
    • AUTOMOTIVE
    • AVIATION
    • ENERGY AND UTILITIES
    • HEALTHCARE
    • LOGISTICS AND RETAIL
    • OTHER INDUSTRIES
  3. MARKET BY PRODUCT
    • DIGITAL TWIN PLATFORM
    • HARDWARE
    • SUPPORT SERVICES
  4. MARKET BY TYPE
    • ASSET DIGITAL TWIN
    • PROCESS DIGITAL TWIN
    • SYSTEM DIGITAL TWIN
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    •  EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • RUSSIA
        • REST OF EUROPE
    •  ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    •  REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      •    COUNTRY ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA

 

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