Digital Twin Market: Information by Type (Digital Twin Prototype, Digital Twin Instance), End-User (Aerospace and Defense, Home and Commercial, Healthcare), and Region — Forecast till 2029

Mar 18, 2020   Global Statistics Representing Digital Twin Market Scenario A digital twin can be defined as a replica of a physical object or also as a system that is designed to analyze and study the actual behavior of the object under different circumstances for maintenance purposes. The object whose digital twin is to be made can vary from a small object to a city, which is primarily used to test changes that will later be made to the actual equipment. The concept of a digital twin is advantageous in vario...
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Global Statistics Representing Digital Twin Market Scenario

A digital twin can be defined as a replica of a physical object or also as a system that is designed to analyze and study the actual behavior of the object under different circumstances for maintenance purposes. The object whose digital twin is to be made can vary from a small object to a city, which is primarily used to test changes that will later be made to the actual equipment. The concept of a digital twin is advantageous in various ways. It offers a real-time perspective of the current scenario to reduce product defects and maintenance costs.

The concept, digital twin, is classified into three types, namely, Digital twin Prototype (DTP), Digital Twin Instance (DTI), and the Digital Twin Aggregate (DTA). The use of a digital twin increases product reliability and improves productivity. It incorporates 3D graphics and data modeling to create an exact replica of the real-world situation. Digital twin technology is rapidly emerging as an Industry 4.0 technology. A digital twin can be used at the component level, asset level, system level, and process level. It allows virtual troubleshooting and removal of restraints in production in order to enhance supply chains. The global digital twin market is expected to witness a high growth rate during the forecast period owing to its multiple benefits.

Features of Digital Twin Technology

The digital twin concept is relatively, and technological developments have led to the utilization of various high-end platforms and solutions for innovative troubleshooting. The digital twin concept is emerging as a growing trend among key companies to provide effective solutions. It uses 3D graphics, data modeling, and analytics to create a virtual representation through the use of sensors, cameras, and other equipment.

The digital twin has been rapidly solving complex problems for solution providers by monitoring training, communication, and strategy. It is now being used in almost all sectors to create a virtual model of the object and analyze overall performance. The digital twin concept is revolutionizing business by connecting to IoT devices. It demonstrates behavioral patterns identical to the real device, therefore showcasing the features offered by it and saving millions in maintenance costs. The digital twin concept is slowly and steadily modernizing sports, cities, farming, and can be currently placed in its growth phase.

Digital Twin Technology Requires Sophisticated Base Technologies

Technological advancements, such as the emergence of IoT and cloud computing, are rapidly driving market growth as these technologies serve as the base for the implementation of the digital twin concept. Developing healthcare and automotive infrastructure across the globe is further bolstering market growth as these sectors are rapidly deploying digital twins to test new scenarios. Digital twin structure, along with simulation, is driving significant changes in the sector. The early adoption of new technologies in the automotive, transportation and aerospace and aviation sectors is an indication of successful market growth. The reduction of downtime in the automation industry by using a digital twin is expected to drive market growth successfully.

The high cost of implementing complex technologies is a significant restraining factor in the growth of the digital twin market. The lack of a skilled workforce is hampering SMEs to deploy digital twin infrastructure that can negatively impact market growth. However, government initiatives encouraging upgradation of all industry verticals, the spread of IoT and the increasing number of defects to products are compelling manufacturers to test and analyze the defects for timely and accurate resolution. Such scenarios are expected to generate growth opportunities for key players in the market. The Digital Twin Prototype (DTP) is expected to witness the highest growth rate during the forecast period owing to the increasing trend of creating a 3D representation of a physical object for troubleshooting. The high rate of adoption of digital twin prototype in infrastructure and healthcare is expected to propel the market economy. Automobile and aviation industries are also expected to emerge as system integrators.

Both SMEs and Large Enterprises Adopt Digital Twin Technology

Prominent end-users of the global digital twin market include the aerospace and defense, automotive and transportation, commercial, healthcare, energy and utilities sectors. The rapid growth of digital twin technology in all these sectors is attributed to their increasing adoption of Artificial Intelligence, block chain, machine learning, big data analytics, and 5G technologies. The commercial, healthcare, and transportation sectors are expected to witness rapid growth due to various research and development happenings associated with the increased productivity of such sectors. The industrial revolution, urbanization, and globalization are expected to further aid market growth.

The early adoption of advanced technologies in these industries will increase global revenue generation due to reduced maintenance costs and downtime errors. The military and the energy and utilities sectors are also expected to showcase promising growth rates in the global digital twin market in the coming years. The adoption of digital twins in aerospace and defense can cut down maintenance and repair costs by helping build aircraft that last longer. It also enables efficient fleet management and physical testing of equipment. Poor data integrity and aging systems in aircraft and defense sectors slow down the market; therefore, effective techniques need to be deployed in order to test equipment in case of any defects that may hamper productivity. Airline companies are, therefore, looking forward to utilizing 5G, big data technologies, and blockchain, which create a base for digital twins and deploy smart error resolutions. Furthermore, subsequent deals, partnerships, and collaborations among various key companies are anticipated to fuel the rapid growth of the global digital twin market.

Prominent Players Drive North America’s Digital Twin Market

North America is forecast to dominate the global twin market during the forecast period owing to the early adoption of technology in the region and the presence of key software companies. The U.S., Canada, and Mexico have some leading global market players that have adopted large-scale cloud technologies and are keeping with the latest upgradations. Some small scale industries that are still following the legacy systems are expected to witness sluggish growth. However, North America’s leading position in almost all sectors has led it to become one of the first regions to adopt digital twin technology to enhance productivity.

Europe Requires Digital Twin Technology to Decrease Maintenance Costs

Government initiatives, personnel safety, and regulatory norms in the EU are expected to bolster the market of new technologies in the coming years. The construction, manufacturing, aerospace industry, and telecom sectors are rapidly growing in the U.K., Germany, Spain, and France, among others. These industries are brimming with product damage, repairs, software troubleshooting, and others. Therefore, the region is expected to witness a rise in demand for digital twin technologies to monitor and correct unwanted errors and issues. Therefore, owing to this, the European market is expected to witness a high growth rate during the forecast period.

Technological Developments Propel Asia-Pacific’s Digital Twin Market

Asia-Pacific’s digital twin market is expected to excel during the forecast period. The region shelters some technologically advanced regions such as China, South Korea, and Japan. Rapid innovations and successful trails have led the region to become one of the leading technology experts in the international market. There is no doubt that APAC will demonstrate ground-breaking results in digital twin market revenue generation.

Architectural Requirements Drive LAMEA’s Digital Twin Market

Latin America, the Middle East, and Africa are witnessing significant developments in industrial and commercial infrastructure in recent years. Cities are being converted into smart cities. Brazil, and Dubai, among others, are emerging as industrial hubs with sophisticated architecture and buildings. The logistics and transportation sector of the Middle East is rapidly developing. Egypt and Morocco are the fastest developing North African nations. Such projects will rapidly increase the demand for digital twin technology to test and analyze products and services. Government initiatives, foreign investments, and public-private partnerships in these regions are anticipated to propel market growth in LAMEA during the forecast period successfully.

Recent Developments

In February 2019, ANSYS, a software company launched ANSYS Twin Builder that can optimize product operations and accelerate product development

In March 2019, Siemens signed an agreement with a German company Saab Medav Technologies GmbH, for noise, vibration, and harshness (NVH) end-of-line quality testing. This collaboration was aimed at improving quality testing for Siemens digital twin

Digital Twin Market: Key Players

Some of the key players operating in the global digital twin market include General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM.AI, and among others

Digital Twin Market Segmentation

By Type

  • Digital Twin Prototype (DTP)
  • Digital Twin Instance (DTI)
  • Digital Twin Aggregate (DTA)

By End-User

  • Aerospace and Defense
  • Automotive and Transportation
  • Home and Commercial
  • Healthcare
  • Energy and Utilities
  • Oil and Gas
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Frequently Asked Questions (FAQs)

The high cost of implementing complex technologies, high rate of adoption of digital twin prototype in infrastructure and healthcare are the key factors expected to drive Digital Twin Market during the forecast period.
Aerospace and Defense Segment is expected to be the leading segment in Digital Twin Market during the forecast period.
North America is expected to hold the highest market share in Digital Twin Market.
General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM.AI are the top players in Digital Twin Market.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.

Global Statistics Representing Digital Twin Market Scenario

A digital twin can be defined as a replica of a physical object or also as a system that is designed to analyze and study the actual behavior of the object under different circumstances for maintenance purposes. The object whose digital twin is to be made can vary from a small object to a city, which is primarily used to test changes that will later be made to the actual equipment. The concept of a digital twin is advantageous in various ways. It offers a real-time perspective of the current scenario to reduce product defects and maintenance costs.

The concept, digital twin, is classified into three types, namely, Digital twin Prototype (DTP), Digital Twin Instance (DTI), and the Digital Twin Aggregate (DTA). The use of a digital twin increases product reliability and improves productivity. It incorporates 3D graphics and data modeling to create an exact replica of the real-world situation. Digital twin technology is rapidly emerging as an Industry 4.0 technology. A digital twin can be used at the component level, asset level, system level, and process level. It allows virtual troubleshooting and removal of restraints in production in order to enhance supply chains. The global digital twin market is expected to witness a high growth rate during the forecast period owing to its multiple benefits.

Features of Digital Twin Technology

The digital twin concept is relatively, and technological developments have led to the utilization of various high-end platforms and solutions for innovative troubleshooting. The digital twin concept is emerging as a growing trend among key companies to provide effective solutions. It uses 3D graphics, data modeling, and analytics to create a virtual representation through the use of sensors, cameras, and other equipment.

The digital twin has been rapidly solving complex problems for solution providers by monitoring training, communication, and strategy. It is now being used in almost all sectors to create a virtual model of the object and analyze overall performance. The digital twin concept is revolutionizing business by connecting to IoT devices. It demonstrates behavioral patterns identical to the real device, therefore showcasing the features offered by it and saving millions in maintenance costs. The digital twin concept is slowly and steadily modernizing sports, cities, farming, and can be currently placed in its growth phase.

Digital Twin Technology Requires Sophisticated Base Technologies

Technological advancements, such as the emergence of IoT and cloud computing, are rapidly driving market growth as these technologies serve as the base for the implementation of the digital twin concept. Developing healthcare and automotive infrastructure across the globe is further bolstering market growth as these sectors are rapidly deploying digital twins to test new scenarios. Digital twin structure, along with simulation, is driving significant changes in the sector. The early adoption of new technologies in the automotive, transportation and aerospace and aviation sectors is an indication of successful market growth. The reduction of downtime in the automation industry by using a digital twin is expected to drive market growth successfully.

The high cost of implementing complex technologies is a significant restraining factor in the growth of the digital twin market. The lack of a skilled workforce is hampering SMEs to deploy digital twin infrastructure that can negatively impact market growth. However, government initiatives encouraging upgradation of all industry verticals, the spread of IoT and the increasing number of defects to products are compelling manufacturers to test and analyze the defects for timely and accurate resolution. Such scenarios are expected to generate growth opportunities for key players in the market. The Digital Twin Prototype (DTP) is expected to witness the highest growth rate during the forecast period owing to the increasing trend of creating a 3D representation of a physical object for troubleshooting. The high rate of adoption of digital twin prototype in infrastructure and healthcare is expected to propel the market economy. Automobile and aviation industries are also expected to emerge as system integrators.

Both SMEs and Large Enterprises Adopt Digital Twin Technology

Prominent end-users of the global digital twin market include the aerospace and defense, automotive and transportation, commercial, healthcare, energy and utilities sectors. The rapid growth of digital twin technology in all these sectors is attributed to their increasing adoption of Artificial Intelligence, block chain, machine learning, big data analytics, and 5G technologies. The commercial, healthcare, and transportation sectors are expected to witness rapid growth due to various research and development happenings associated with the increased productivity of such sectors. The industrial revolution, urbanization, and globalization are expected to further aid market growth.

The early adoption of advanced technologies in these industries will increase global revenue generation due to reduced maintenance costs and downtime errors. The military and the energy and utilities sectors are also expected to showcase promising growth rates in the global digital twin market in the coming years. The adoption of digital twins in aerospace and defense can cut down maintenance and repair costs by helping build aircraft that last longer. It also enables efficient fleet management and physical testing of equipment. Poor data integrity and aging systems in aircraft and defense sectors slow down the market; therefore, effective techniques need to be deployed in order to test equipment in case of any defects that may hamper productivity. Airline companies are, therefore, looking forward to utilizing 5G, big data technologies, and blockchain, which create a base for digital twins and deploy smart error resolutions. Furthermore, subsequent deals, partnerships, and collaborations among various key companies are anticipated to fuel the rapid growth of the global digital twin market.

Prominent Players Drive North America’s Digital Twin Market

North America is forecast to dominate the global twin market during the forecast period owing to the early adoption of technology in the region and the presence of key software companies. The U.S., Canada, and Mexico have some leading global market players that have adopted large-scale cloud technologies and are keeping with the latest upgradations. Some small scale industries that are still following the legacy systems are expected to witness sluggish growth. However, North America’s leading position in almost all sectors has led it to become one of the first regions to adopt digital twin technology to enhance productivity.

Europe Requires Digital Twin Technology to Decrease Maintenance Costs

Government initiatives, personnel safety, and regulatory norms in the EU are expected to bolster the market of new technologies in the coming years. The construction, manufacturing, aerospace industry, and telecom sectors are rapidly growing in the U.K., Germany, Spain, and France, among others. These industries are brimming with product damage, repairs, software troubleshooting, and others. Therefore, the region is expected to witness a rise in demand for digital twin technologies to monitor and correct unwanted errors and issues. Therefore, owing to this, the European market is expected to witness a high growth rate during the forecast period.

Technological Developments Propel Asia-Pacific’s Digital Twin Market

Asia-Pacific’s digital twin market is expected to excel during the forecast period. The region shelters some technologically advanced regions such as China, South Korea, and Japan. Rapid innovations and successful trails have led the region to become one of the leading technology experts in the international market. There is no doubt that APAC will demonstrate ground-breaking results in digital twin market revenue generation.

Architectural Requirements Drive LAMEA’s Digital Twin Market

Latin America, the Middle East, and Africa are witnessing significant developments in industrial and commercial infrastructure in recent years. Cities are being converted into smart cities. Brazil, and Dubai, among others, are emerging as industrial hubs with sophisticated architecture and buildings. The logistics and transportation sector of the Middle East is rapidly developing. Egypt and Morocco are the fastest developing North African nations. Such projects will rapidly increase the demand for digital twin technology to test and analyze products and services. Government initiatives, foreign investments, and public-private partnerships in these regions are anticipated to propel market growth in LAMEA during the forecast period successfully.

Recent Developments

In February 2019, ANSYS, a software company launched ANSYS Twin Builder that can optimize product operations and accelerate product development

In March 2019, Siemens signed an agreement with a German company Saab Medav Technologies GmbH, for noise, vibration, and harshness (NVH) end-of-line quality testing. This collaboration was aimed at improving quality testing for Siemens digital twin

Digital Twin Market: Key Players

Some of the key players operating in the global digital twin market include General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM.AI, and among others

Digital Twin Market Segmentation

By Type

  • Digital Twin Prototype (DTP)
  • Digital Twin Instance (DTI)
  • Digital Twin Aggregate (DTA)

By End-User

  • Aerospace and Defense
  • Automotive and Transportation
  • Home and Commercial
  • Healthcare
  • Energy and Utilities
  • Oil and Gas
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Frequently Asked Questions (FAQs)

The high cost of implementing complex technologies, high rate of adoption of digital twin prototype in infrastructure and healthcare are the key factors expected to drive Digital Twin Market during the forecast period.
Aerospace and Defense Segment is expected to be the leading segment in Digital Twin Market during the forecast period.
North America is expected to hold the highest market share in Digital Twin Market.
General Electric, IBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM.AI are the top players in Digital Twin Market.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.