NEW YORK, Sept. 28, 2022 /PRNewswire/ -- The "Digital Twin Market by End-user, Deployment, and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the digital twin market between 2020 and 2025 is USD 24.80 billion. Also, the market is expected to accelerate at a CAGR of 39.48% during the forecast period. To estimate the size of the market, Technavio has considered various factors including the implementation of Industry 4.0 initiatives, GDP growth, IT budgets allocated by central and state governments across major markets and others.
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Key Market Dynamics:
- Market Driver
- Market Challenges
The market is driven by the rising popularity of Industry 4.0 and Industrial IoT. Industry 4.0 is a new industrial paradigm that primarily focuses on digitalization. It aims at improving interconnectivity, automation, and real-time data of manufacturing facilities. It is changing the existing IT landscape of industrial companies by implementing IIoT which promotes the use of smart sensors and actuators in manufacturing processes. Industry 4.0 initiatives are also introducing innovative production methodologies using advanced technologies, such as cloud, IoT, analytics, digital twin, digital scanning, AI, and cybersecurity.
Digital twin technology is at the center of the Industry 4.0 initiatives development that embrace automation, real-time data exchange, and smart manufacturing processes. The technology allows companies to create a virtual replica of their products and processes and empowers them to take the necessary decisions in advance. Hence, industries have been actively using digital twins for their asset and product lifecycle management. All these factors are expected to drive the growth of the global digital twin market during the forecast period.
However, the high cost of deployment and complex architecture of digital twin will challenge the growth of the market. The implementation of a digital twin requires significant investment in technology platforms, infrastructure development, and maintenance. It requires companies to invest heavily in IoT platforms, sensors, software, infrastructure, and security solutions. Moreover, digital twin has a complex architecture, and managing this complex infrastructure requires a considerable IT workforce. Many such operational and capital challenges are reducing the growth potential of the market.
Market Segmentation Analysis:
The digital twin market report is segmented by end-user (manufacturing, energy and utilities, aerospace and defense, automotive, and others), deployment (on-premise and cloud), and geography (North America, Europe, APAC, MEA, and South America).
The manufacturing industry is the key end-user in the market. The segment is driven by the benefits associated with the implementation of digital twin solutions such as optimized manufacturing plant operations, remote maintenance and repair of machines, easy control over complex processes and systems and subsystems, and efficient product monitoring and maintenance.
Similarly, by deployment, the market growth will be significant in the on-premise segment over the forecast period. The increasing demand for on-premise solutions in the aerospace, automobile, and manufacturing sectors is driving the growth of the segment.
The market will observe maximum growth in North America. About 42% of the overall market growth is expected to originate from this region over the forecast period. The increasing demand for digital twin solutions in the automobile and aerospace industries is driving the growth of the regional market.
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Some of the Key Companies Mentioned in the Report:
- General Electric Co.
- Honeywell International Inc.
- International Business Machines Corp.
- Kongsberg Gruppen ASA
- Microsoft Corp.
- Oracle Corp.
- PTC Inc.
- SAP SE
- Siemens AG
- Wipro Ltd.
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Digital Twin Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 39.48% |
Market growth 2021-2025 |
USD 24.80 billion |
Market structure |
Fragmented |
YoY growth (%) |
35.21 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, UK, Germany, China, Japan, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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 inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents:
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Impact of COVID-19 on IT sector
- 2.3 Value chain analysis
- Exhibit 03: Value chain analysis: IT consulting and other services
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by End-user
- 5.1 Market segments
- Exhibit 15: End user - Market share 2020-2025 (%)
- 5.2 Comparison by End user
- Exhibit 16: Comparison by End user
- 5.3 Manufacturing - Market size and forecast 2020-2025
- Exhibit 17: Manufacturing - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Manufacturing - Year-over-year growth 2020-2025 (%)
- 5.4 Energy and utilities - Market size and forecast 2020-2025
- Exhibit 19: Energy and utilities - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: Energy and utilities - Year-over-year growth 2020-2025 (%)
- 5.5 Aerospace and defense - Market size and forecast 2020-2025
- Exhibit 21: Aerospace and defense - Market size and forecast 2020-2025 ($ million)
- Exhibit 22: Aerospace and defense - Year-over-year growth 2020-2025 (%)
- 5.6 Automotive - Market size and forecast 2020-2025
- Exhibit 23: Automotive - Market size and forecast 2020-2025 ($ million)
- Exhibit 24: Automotive - Year-over-year growth 2020-2025 (%)
- 5.7 Others - Market size and forecast 2020-2025
- Exhibit 25: Others - Market size and forecast 2020-2025 ($ million)
- Exhibit 26: Others - Year-over-year growth 2020-2025 (%)
- 5.8 Market opportunity by End user
- Exhibit 27: Market opportunity by End user
6 Market Segmentation by Deployment
- 6.1 Market segments
- Exhibit 28: Deployment - Market share 2020-2025 (%)
- 6.2 Comparison by Deployment
- Exhibit 29: Comparison by Deployment
- 6.3 On-premise - Market size and forecast 2020-2025
- Exhibit 30: On-premise - Market size and forecast 2020-2025 ($ million)
- Exhibit 31: On-premise - Year-over-year growth 2020-2025 (%)
- 6.4 Cloud - Market size and forecast 2020-2025
- Exhibit 32: Cloud - Market size and forecast 2020-2025 ($ million)
- Exhibit 33: Cloud - Year-over-year growth 2020-2025 (%)
- 6.5 Market opportunity by Deployment
- Exhibit 34: Market opportunity by Deployment
7 Customer landscape
8 Geographic Landscape
- 8.1 Geographic segmentation
- Exhibit 36: Market share by geography 2020-2025 (%)
- 8.2 Geographic comparison
- Exhibit 37: Geographic comparison
- 8.3 North America - Market size and forecast 2020-2025
- Exhibit 38: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 39: North America - Year-over-year growth 2020-2025 (%)
- 8.4 Europe - Market size and forecast 2020-2025
- Exhibit 40: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 41: Europe - Year-over-year growth 2020-2025 (%)
- 8.5 APAC - Market size and forecast 2020-2025
- Exhibit 42: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 43: APAC - Year-over-year growth 2020-2025 (%)
- 8.6 MEA - Market size and forecast 2020-2025
- Exhibit 44: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 45: MEA - Year-over-year growth 2020-2025 (%)
- 8.7 South America - Market size and forecast 2020-2025
- Exhibit 46: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 47: South America - Year-over-year growth 2020-2025 (%)
- 8.8 Key leading countries
- 8.9 Market opportunity by geography
- Exhibit 49: Market opportunity by geography
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- Exhibit 50: Impact of drivers and challenges
- 9.3 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 51: Vendor landscape
- 10.3 Landscape disruption
- Exhibit 52: Landscape disruption
- Exhibit 53: Industry risks
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 54: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 55: Market positioning of vendors
- 11.3 General Electric Co.
- Exhibit 56: General Electric Co. - Overview
- Exhibit 57: General Electric Co. - Business segments
- Exhibit 58: General Electric Co. - Key news
- Exhibit 59: General Electric Co. - Key offerings
- Exhibit 60: General Electric Co. - Segment focus
- 11.4 Honeywell International Inc.
- Exhibit 61: Honeywell International Inc. - Overview
- Exhibit 62: Honeywell International Inc. - Business segments
- Exhibit 63: Honeywell International Inc. - Key news
- Exhibit 64: Honeywell International Inc. - Key offerings
- Exhibit 65: Honeywell International Inc. - Segment focus
- 11.5 International Business Machines Corp.
- Exhibit 66: International Business Machines Corp. - Overview
- Exhibit 67: International Business Machines Corp. - Business segments
- Exhibit 68: International Business Machines Corp. - Key news
- Exhibit 69: International Business Machines Corp. - Key offerings
- Exhibit 70: International Business Machines Corp. - Segment focus
- 11.6 Kongsberg Gruppen ASA
- Exhibit 71: Kongsberg Gruppen ASA - Overview
- Exhibit 72: Kongsberg Gruppen ASA - Business segments
- Exhibit 73: Kongsberg Gruppen ASA - Key news
- Exhibit 74: Kongsberg Gruppen ASA - Key offerings
- Exhibit 75: Kongsberg Gruppen ASA - Segment focus
- 11.7 Microsoft Corp.
- Exhibit 76: Microsoft Corp. - Overview
- Exhibit 77: Microsoft Corp. - Business segments
- Exhibit 78: Microsoft Corp. - Key news
- Exhibit 79: Microsoft Corp. - Key offerings
- Exhibit 80: Microsoft Corp. - Segment focus
- 11.8 Oracle Corp.
- Exhibit 81: Oracle Corp. - Overview
- Exhibit 82: Oracle Corp. - Business segments
- Exhibit 83: Oracle Corp. - Key offerings
- Exhibit 84: Oracle Corp. - Segment focus
- 11.9 PTC Inc.
- Exhibit 85: PTC Inc. - Overview
- Exhibit 86: PTC Inc. - Business segments
- Exhibit 87: PTC Inc. - Key news
- Exhibit 88: PTC Inc. - Key offerings
- Exhibit 89: PTC Inc. - Segment focus
- 11.10 SAP SE
- Exhibit 90: SAP SE - Overview
- Exhibit 91: SAP SE - Business segments
- Exhibit 92: SAP SE - Key news
- Exhibit 93: SAP SE - Key offerings
- Exhibit 94: SAP SE - Segment focus
- 11.11 Siemens AG
- Exhibit 95: Siemens AG - Overview
- Exhibit 96: Siemens AG - Business segments
- Exhibit 97: Siemens AG - Key news
- Exhibit 98: Siemens AG - Key offerings
- Exhibit 99: Siemens AG - Segment focus
- 11.12 Wipro Ltd.
- Exhibit 100: Wipro Ltd. - Overview
- Exhibit 101: Wipro Ltd. - Business segments
- Exhibit 102: Wipro Ltd. - Key news
- Exhibit 103: Wipro Ltd. - Key offerings
- Exhibit 104: Wipro Ltd. - Segment focus
12 Appendix
- 12.1 Scope of the report
- 12.2 Currency conversion rates for US$
- Exhibit 105: Currency conversion rates for US$
- 12.3 Research methodology
- Exhibit 106: Research Methodology
- Exhibit 107: Validation techniques employed for market sizing
- Exhibit 108: Information sources
- 12.4 List of abbreviations
- Exhibit 109: List of abbreviations
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