Digital twin market: annual growth rate of 35.21% in 2021 | By end user (manufacturing, energy and utilities, aerospace and defense, automotive and others), deployment (on-premises and cloud) and geography

A Glance at Digital Twin Market Facts-

  • Total Pages: 120
  • Companies: 10+ – Including General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG and Wipro Ltd. among others
  • Blanket: Main Drivers, Trends and Challenges; Product information and news; Value chain analysis; Parent market analysis; Landscape of vendors; COVID Impact and Recovery Analysis
  • segments: End user (manufacturing, energy and utilities, aerospace and defense, automotive and others) and deployment (on premise and cloud)
  • Geographies: North America (United States), Europe (UK, Germanyand France), APAC (China and Japan), AME and South America

Overview of Suppliers-

The digital twin market is fragmented and vendors are looking for strong partnerships with automotive, industrial and commercial companies to compete in the market.

  • General Electric Co.- The company offers an innovative digital twin technology that optimizes the performance of industrial companies.
  • Honeywell International Inc.- The company offers digital twin technology that transforms plant data into actionable information for better decision making.
  • International Business Machines Corp.- The company offers products like IBM Maximo Enterprise Asset Management, IBM Maximo Asset Performance Management and IBM Digital Twin Exchange with digital twin technology.

Find additional highlights on vendors and their product offerings. Download a free sample report

Regional Market Outlook

42% of market growth will come from North America during the forecast period. The United States is a key market for digital twins in North America. Market growth in this region will be faster than market growth in Europe.

Rising demand for digital twins in automotive and aerospace industries will facilitate the growth of the North America digital twins market over the forecast period.

Download our FREE sample report for more key highlights on the regional market share of most of the countries mentioned above.

Latest Market Drivers and Trends-

  • Digital Twin Market Driver:
    • Emergence of Industry 4.0 and Industrial IoT:

Industry 4.0 initiatives are meant to introduce innovative production methodologies using advanced technologies, such as cloud, IoT, analytics, digital twin, digital scanning, AI and cybersecurity. Digital twin technology is central to the development of Industry 4.0 initiatives that encompass automation, real-time data exchange and intelligent manufacturing processes. Industries are actively using digital twins for the lifecycle management of their assets and products. The technology allows companies to create a virtual replica of their products and processes and allows them to make the necessary decisions in advance.

  • Digital Twins Market Trend:
    • Adoption of the digital twin in the healthcare sector:

In recent years, the digital twin has gained popularity in the healthcare industry. With the help of digital twins, hospital management can make decisions in advance and optimize patient care, costs and facility performance. The digital twin can also replicate a hospital and allow management to create a safe and secure environment for employees and patients. The digital twin also helps identify treatment for critical illnesses by simulating digital replicas of organs. Providers and healthcare service providers are working closely to determine more applications of the digital twin in healthcare. During the forecast period, the adoption of digital twin in the healthcare sector is expected to increase owing to its immense benefits. Additionally, the trend of vendors partnering with healthcare providers, researchers, and pharmaceutical companies will increase the implementation of digital twins in healthcare.

Find additional information on various other market drivers and trends mentioned in our Sample FREE Report.

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Scope of the digital twin market

Report cover

Details

Page number

120

base year

2020

Forecast period

2021-2025

Growth momentum and CAGR

Accelerate at a CAGR of 39.48%

Market Growth 2021-2025

$24.81 billion

Market structure

Fragmented

Annual growth (%)

35.21

Regional analysis

North America, Europe, APAC, MEA and South America

Successful market contribution

North America at 42%

Main consumer countries

United States, United Kingdom, Germany, China, Japan and France

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

General Electric Co., Honeywell International Inc., International Business Machines Corp., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., SAP SE, Siemens AG and Wipro Ltd.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, Impact of COVID-19 and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Customization overview

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Contents

Abstract

Market landscape

  • Market ecosystem
  • Impact of COVID-19 on the IT sector
  • Value chain analysis

Market sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market Outlook: Predictions for 2020 – 2025

Five forces analysis

  • Summary of the five forces
  • The bargaining power of buyers
  • Bargaining power of suppliers
  • The threat of new entrants
  • The threat of substitutes
  • Threat of rivalry
  • Market state

Market segmentation by end user

  • Market segments
  • Comparison by end user
  • Manufacturing – Market size and forecast 2020-2025
  • Energy and Utilities – Market size and forecast 2020-2025
  • Aerospace and Defense – Market size and forecast 2020-2025
  • Automotive – Market size and forecast 2020-2025
  • Others – Market size and forecast 2020-2025
  • Market opportunity by end user

Market segmentation by deployment

  • Market segments
  • Comparison by deployment
  • On-site – Market size and forecast 2020-2025
  • Cloud – Market size and forecast 2020-2025
  • Market Opportunity by Deployment

Customer landscape

Geographic landscape

  • Geographic segmentation
  • Geographic comparison
  • North America – Market size and forecast 2020-2025
  • Europe – Market size and forecast 2020-2025
  • APAC – Market size and forecast 2020-2025
  • MEA – Market size and forecast 2020-2025
  • South America – Market size and forecast 2020-2025
  • Main leading countries
  • Market Opportunity by Geography
  • Market factors
  • Market challenges
  • Market trends

Supplier Landscape

  • Overview
  • Supplier Landscape
  • Landscape disturbance

Vendor analysis

  • Suppliers Covered
  • Positioning on the supplier market
  • General Electricity Company.
  • Honeywell International Inc.
  • International Business Machines Corp.
  • Kongsberg Gruppen ASA
  • Microsoft Corp.
  • Oracle Corp.
  • PTC Inc.
  • SAP SE
  • Siemens AG
  • Wipro Ltd.

appendix

  • Report scope
  • Currency conversion rates for the US dollar
  • Research methodology
  • Abreviations list

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