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TMCNet:  $35.8 Bn Digital Twin Market - Global Forecast to 2025

[August 07, 2019]

$35.8 Bn Digital Twin Market - Global Forecast to 2025

DUBLIN, Aug. 7, 2019 /PRNewswire/ -- The "Digital Twin Market by Technology, Type (Product, Process, and System), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas), and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

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The digital twin market was valued at USD 2.9 billion in 2018 and is projected to reach USD 35.8 billion by2025; it is expected to grow at a CAGR of 37.8% during the forecast period.

Declining time and cost of product development and unplanned downtime with the adoption of digital twin, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance are among the key driving factors for the digital twin market.

A digital twin is a virtual representation of any product, process, or system. It is based on massive, cumulative, real-time, real-world data measurements across an array of dimensions. However, it also utilizes the past or historical data for analyzing and taking/giving predictive analysis decisions based on previous patterns and scenarios These measurements can create an evolving profile of an object or process in the digital world that may provide important insights on system performance, leading to actions in the physical world such as a change in product design or manufacturing process.

The digital twin market is segmented into technology, type, industry, and geography. On the basis of technologies used, the digital twin market is segmented into IoT & IIoT, blockchain, artificial intelligence and machine learning, augmented reality, virtual reality and mixed reality, big data analytics, and 5G. On the basis of type, the digital twin market is segmented into product, process, and system. Digital twins are used in industries such as automotive & transportation, aerospace & defense, home & commercial, energy& utilities, healthcare, oil & gas, and others.

The value chain of the digital twin market comprises research, design & development; original equipment manufacturers (OEMs); solution/service/software providers; and end users. Among all, solution/service/software providers are the major contributors to the market value chain.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportnities in Digital Twin Market

4.2 Market, By Type
4.3 Market, By Country and Industry
4.4 Market, By Country (2019)

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Declining Time and Cost of Product Development and Unplanned Downtime With Adoption of Digital Twin
5.2.1.2 Increasing Adoption of Emerging Technologies Such as IoT and Cloud
5.2.1.3 Growing Use of Digital Twin for Predictive Maintenance
5.2.2 Restraints
5.2.2.1 Risks Associated With Data Security Due to the Use of IoT and Cloud Platforms
5.2.3 Opportunities
5.2.3.1 Promising Growth of Digital Twin Technology in Industries Such as Healthcare, Aerospace, and Automotive
5.2.3.2 Increasing Adoption of Industry 4.0 and Iiot
5.2.4 Challenges
5.2.4.1 Lack of Awareness Regarding Cost Benefits of Digital Twin Adoption
5.2.4.2 Lack of Skilled Workforce and Technical Knowledge
5.3 Value Chain Analysis
5.4 Case Studies
5.4.1 Aerospace & Defense
5.4.1.1 Nasa Uses Digital Twin for Its Space Station and Spacecraft
5.4.1.2 Lockheed Martin's Digiverse - the Complete Digital Twin of Everything
5.4.2 Automotive & Transportation
5.4.2.1 Man Truck Uses PTC's Thingworx Platform for Building Digital Twin
5.4.2.2 Allego Uses Microsoft's Azure Digital Twin Platform for E-Charging Solutions
5.4.3 Home & Commercial
5.4.3.1 Dassault Systems Along With the Government of Singapore is Building A Digital Twin of the Complete Country - Virtual Singapore
5.4.3.2 Cbre Uses Microsoft's Azure Digital Twin Platform for Cbre 360 Employee
5.4.4 Healthcare
5.4.4.1 John Hopkins Hospital Uses Ge's Digital Twin Platform for Building Digital Twin of Patient Pathways
5.4.4.2 Siemens Healthineers Develops Digital Twin of A Heart
5.4.5 Energy & Utilities
5.4.5.1 Ge Builds A Digital Twin of Wind Turbine
5.4.5.2 Ge's Digital Twin of A Power Plant
5.4.6 Oil & Gas
5.4.6.1 Ansys, PTC, Flowserve, National Instruments, and Hpe Built and Demonstrated Digital Twin of A Pump
5.4.6.2 Shel Together With Swiss Engineering Builds Digital Twin of A Test RigDigital Rig
5.4.7 Others
5.4.7.1 Siemens Plm Software and Bridg Together Build Digital Twin for Semiconductor Manufacturing Process
5.4.7.2 ABB Built Digital Twin of Electromagnetic Flowmeter to Be Used in Water & Wastewater Transport and Treatment

6 Technologies of Digital Twin
6.1 Introduction
6.2 IoT & Iiot
6.3 Blockchain
6.4 Artificial Intelligence and Machine Learning
6.5 Augmented Reality, Virtual Reality, and Mixed Reality
6.6 Big Data Analytics
6.7 5G

7 Digital Twin Market, By Type
7.1 Introduction
7.2 Product Digital Twin
7.2.1 Product Digital Twin to Witness Significant Growth in the Market
7.3 Process Digital Twin
7.3.1 Process Digital Twin Plays Significant Role in Digital Twin Market
7.4 System Digital Twin
7.4.1 System Digital Twin to Dominate Digital Twin Market During Forecast Period

8 Digital Twin Market, By Industry
8.1 Introduction
8.2 Aerospace & Defense
8.2.1 Aerospace & Defense to Witness Significant Growth in This Market
8.3 Automotive & Transportation
8.3.1 Automotive & Transportation to Dominate This Market During Forecast Period
8.4 Home and Commercial
8.4.1 North America to Dominate Market for Home and Commercial Industry During Forecast Period
8.5 Healthcare
8.5.1 Healthcare to Be Fastest-Growing Industry for Digital Twin Market
8.6 Energy & Utilities
8.6.1 Rising Digitization is Driving Energy & Utilities in Digital Twin Market Growth During Forecast Period
8.7 Oil & Gas
8.7.1 System Digital Twin to Digital Twin Market for Oil & Gas Industry
8.8 Others
8.8.1 APAC to Be Fastest-Growing Region of Digital Twin for Other Industries

9 Digital Twin Market, By Geography

Company Profiles

Key Players

  • General Electric
  • IBM
  • PTC
  • Microsoft Corporation
  • Siemens AG
  • Ansys
  • SAP
  • Oracle
  • Robert Bosch
  • Swim AI

Innovators

  • DNV GL
  • Sight Machine
  • Tibco Software Inc
  • Aucotec AG

Other Important Key Players

  • Wipro Limited
  • ABB
  • Dassault System
  • Honey Well
  • Schneider
  • Emerson

For more information about this report visit https://www.researchandmarkets.com/r/39iuyb

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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