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Global Digital Twin Market By Type(Product, System, Process), By Application(Predictive Maintenance, Others), By End-User(Automotive & Transportation, Healthcare, Retail, and others ), By Region–Forecast & Opportunities to 2026

Report Description

The global digital twin market accounted for a value of USD 3.9 billion in 2019. The market is projected to register growth at a CAGR of 40.2% during forecast period.

COVID-19 has impacted the digital twin market significantly. The growth of end-use industries is immensely affected due to spread of corona virus. The demand for various products is showing negative trend. The supply chain has been disrupted and companies are unable to meet timeline of finished product delivery. The major end-user industries such as transportation & automotive, energy & power and aerospace & defense have seen significant decline in their respective products. The digitization is likely to resume growth post COVID-19 and demand of digital twin market is likely to witness boost from 2021.

Definition:

A digital twin can be defined as a replica of an object or living thing. It is a digital replica of actual places, people, physical assets, processes and systems. The digital representation gives dynamics and elements of how IoT devise functions and operates.

Market Dynamics (Drivers/Opportunities):

The corona virus is spreading across the world and healthcare and pharmaceutical sector is combating with corona virus. The healthcare segment is using digital twin system for monitoring patient’s health. This is likely to drive growth in digital twin market during forecast period.

Many companies have started providing different solution. They are developing software solution in order to reduce errors in medication and these companies are adopting a digital twin solution for the same. Patients can be monitored using this system to provide efficacy and better accuracy. This is likely to drive growth in digital twin system during forecast period.

Market Insights, by Type

On the basis of type, the digital twin market is segmented into product digital twin, system digital twin and process digital twin. The system digital twin segment is estimated to account for largest market share during forecast period. The demand and use of digital twin system is increasing rapidly around the globe. In various applications such as defense and aerospace and automotive industry are using digital twin system at large scale. The automotive and transportation companies such as Tesla motors etc are implementing systems digital twin systems in their facility. This is likely to drive growth in system digital market during forecast period.

Market Insights, by End-Use

On the basis of end-use, the digital twin market is segmented into aerospace & defense, automotive & transportation, healthcare, home & commercial, oil & gas, energy & utilities, telecommunication, agriculture, retail and others. The automotive & transportation segment accounted for largest market share in 2019. It is estimated to register growth at highest CAGR of 40.0% during forecast period. The adoption of digital twin system in this sector for designing and simulation is increasing rapidly. This industry is adopting digital twin systems for their end-to-end operations. This drives growth in automotive & transportation market during forecast period.

Regional Insights

Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The demand and adoption of digital twin system is increasing in various countries of this region. Countries such as India, China and Japan have taken various initiatives to promote use of various IoT systems in industries. the rise in urbanization and industrialization has increased the adoption of IoT systems. This is likely to drive growth in this region during forecast period.

Key Companies & Market Share Insights

The key market players in digital twin systems are General Electric, IBM, PTC, Microsoft, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, Swim AI, ABB, Emerson, Honeywell, Schineider and Dassault System.

Segments Covered in the Report

This report forecasts The Global Digital Twin System Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global digital twin system market report on the basis of type and end-use.

Digital Twin Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  3. Executive Summary
    • Market Snapshot
  4. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Digital Twin Market, By Type, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Product Digital Twin
  • System Digital Twin
  • Process Digital Twin
  1. Digital Twin Market, By End User, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Aerospace & Defense
  • Automotive & Transportation
  • Healthcare
  • Home & Commercial
  • Oil & Gas
  • Energy & Utilities
  • Telecommunication
  • Agriculture
  • Retail
  1. Digital Twin Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Type
    • By End-User
    • By Country
      • USA
        • By End-User
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Type
      • By End-User
      • By Country
        • Brazil
          • By End-User
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Type
        • By End-User
        • By Country
          • UK
            • By End-User
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Type
          • By End-User
          • By Country
            • China
              • By End-User
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Type
            • By End-User
            • By Country
              • Saudi Arabia
                • By End-User
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Dassault System
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • General Electric
    • IBM
    • PTC
    • Microsoft
    • Siemens AG
    • Ansys
    • SAP
    • Oracle
    • Robert Bosch
    • Swim AI
    • ABB
    • Emerson
    • Honeywell
    • Schineider
  2. Appendix
    • Interrelated Market

 

 

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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