Please use symbol entry at top right of page to search

Digital Twin Market Size to grow by USD 32.32 billion from 2021 to 2026|Driven by Emergence of Industry 4.0 & Industrial IoT | Technavio

NEW YORK, May 17, 2022 /PRNewswire/ -- The digital twin market is set to grow by USD 32.32 billion from 2021 to 2026. However, the growth momentum will decelerate at a CAGR of 39.95% during the forecast period, according to Technavio. The digital twin market is fragmented and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. ANSYS Inc., Dassault Systemes SE, DNV Group AS, General Electric Co., Hexagon AB, Honeywell International Inc., International Business Machines Corp., Johnson Controls International Plc, Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch Stiftung GmbH, SAP SE, ScaleOut Software Inc., Siemens AG, Software AG, SWIM.AI INC., Veerum Inc., and Wipro Ltd. are some of the major market participants.

Technavio has announced its latest market research report titled Digital Twin Market by End-user, Deployment, and Geography - Forecast and Analysis 2021-2025

To know about the vendor offerings - Request a sample report.

Digital Twin Market 2022-2026: Scope

 Our digital twin market report covers the following areas:

  • Digital Twin Market size
  • Digital Twin Market trends
  • Digital Twin Market industry analysis

Digital Twin Market 2022-2026: Drivers & Challenges

The emergence of Industry 4.0 and industrial IoT will fuel the growth of the digital twin market size. Industry 4.0 initiatives are set to introduce 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 embraces automation, real-time data exchange, and smart manufacturing processes. Industries have been actively using digital twins for their asset and product lifecycle management. The technology allows companies to create a virtual replica of their products and processes and empowers them to take the necessary decisions in advance. 

However, the high cost of deployment and complex architecture of digital twin are the major challenges likely to hamper the growth of the digital twin market during the forecast period. The implementation of a digital twin requires significant investment in technology platforms, infrastructure development, and maintenance. Companies need to invest significantly in IoT platforms, sensors, software, infrastructure, and security solutions. In addition, the maintenance of the digital twin infrastructure for its seamless working requires significant investment in operations. A digital twin is a long-term project that will add to long-term variable costs. Hence, the high upfront cost and the complex infrastructure of the digital twin are expected to slow down the deployment of the digital twin during the forecast period.

To know about more drivers & challenges - Download a sample now!

Digital Twin Market 2022-2026: Segmentation Analysis

  • End-user
    • Manufacturing
    • Energy And Utilities
    • Aerospace And Defense
    • Automotive
    • Others
  • Deployment
    • On-premise
    • Cloud
  • Geography
    • North America
    • Europe
    • APAC
    • Middle East And Africa
    • South America

Digital Twin Market 2022-2026: Revenue Generating Segment & Regional Analysis

  • The digital twin market share growth by the manufacturing segment will be significant for revenue generation. The rapid adoption of Industry 4.0 across the world is a major growth enabler for digital twin solutions in the manufacturing sector. Digital twin solutions will play an important role in product design, manufacturing process, and repair and maintenance. These solutions are used to make digital replicas of products and manufacturing processes. They enable the smooth functioning of a manufacturing plant by identifying any points of failure and help enterprises in taking corrective measures in advance. 
  • 42% of the market's growth will originate from North America during the forecast period. The US is a key market for digital twins in North America. Market growth in this region will be faster than the growth of the market in Europe. The increasing demand for digital twins in the automobile and aerospace industries will facilitate the digital twin market growth in North America over the forecast period.

To know about the market contribution of each segment - Download a sample now!

The competitive scenario provided in the digital twin market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.Don't wait, Make a strategic approach & boost your business goals with our digital twin market forecast report - Buy Now!

Digital Twin Market 2022-2026: Key Highlights

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will assist digital twin market growth during the next five years
  • Estimation of the digital twin market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the digital twin market
  • Analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of digital twin market vendors

Related Reports:

  • The home security system market share is estimated to reach a value of USD 21.53 billion from 2021 to 2026 at an accelerating CAGR of 7.8%.  Download a sample now!
  • The healthcare RCM outsourcing market share in the US is expected to increase by USD 1.67 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.75%. Download a sample now!

Digital Twin Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 39.95%

Market growth 2022-2026

USD 32.32 billion

Market structure

Fragmented

YoY growth (%)

39.33

Performing market contribution

North America at 43%

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ANSYS Inc., Dassault Systemes SE, DNV Group AS, General Electric Co., Hexagon AB, Honeywell International Inc., International Business Machines Corp., Johnson Controls International Plc, Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch Stiftung GmbH, SAP SE, ScaleOut Software Inc., Siemens AG, Software AG, SWIM.AI INC., Veerum Inc., 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, 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

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2021
  • 3.4 Market outlook: Forecast for 2021-2026
    • Exhibit 14: Chart on Global - Market size and forecast 2021-2026 ($ million)
    • Exhibit 15: Data Table on Global - Market size and forecast 2021-2026 ($ million)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2021-2026 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 18: Five forces analysis - Comparison between 2021 and 2026
  • 4.2 Bargaining power of buyers
    • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers
    • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants
    • Exhibit 21: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes
    • Exhibit 22: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry
    • Exhibit 23: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition
    • Exhibit 24: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Deployment

  • 5.1 Market segments
    • Exhibit 25: Chart on Deployment - Market share 2021-2026 (%)
    • Exhibit 26: Data Table on Deployment - Market share 2021-2026 (%)
  • 5.2 Comparison by Deployment
    • Exhibit 27: Chart on Comparison by Deployment
    • Exhibit 28: Data Table on Comparison by Deployment
  • 5.3 On-premise - Market size and forecast 2021-2026
    • Exhibit 29: Chart on On-premise - Market size and forecast 2021-2026 ($ million)
    • Exhibit 30: Data Table on On-premise - Market size and forecast 2021-2026 ($ million)
    • Exhibit 31: Chart on On-premise - Year-over-year growth 2021-2026 (%)
    • Exhibit 32: Data Table on On-premise - Year-over-year growth 2021-2026 (%)
  • 5.4 Cloud - Market size and forecast 2021-2026
    • Exhibit 33: Chart on Cloud - Market size and forecast 2021-2026 ($ million)
    • Exhibit 34: Data Table on Cloud - Market size and forecast 2021-2026 ($ million)
    • Exhibit 35: Chart on Cloud - Year-over-year growth 2021-2026 (%)
    • Exhibit 36: Data Table on Cloud - Year-over-year growth 2021-2026 (%)
  • 5.5 Market opportunity by Deployment
    • Exhibit 37: Market opportunity by Deployment ($ million)

6 Market Segmentation by End-user

  • 6.1 Market segments
    • Exhibit 38: Chart on End-user - Market share 2021-2026 (%)
    • Exhibit 39: Data Table on End-user - Market share 2021-2026 (%)
  • 6.2 Comparison by End-user
    • Exhibit 40: Chart on Comparison by End-user
    • Exhibit 41: Data Table on Comparison by End-user
  • 6.3 Manufacturing - Market size and forecast 2021-2026
    • Exhibit 42: Chart on Manufacturing - Market size and forecast 2021-2026 ($ million)
    • Exhibit 43: Data Table on Manufacturing - Market size and forecast 2021-2026 ($ million)
    • Exhibit 44: Chart on Manufacturing - Year-over-year growth 2021-2026 (%)
    • Exhibit 45: Data Table on Manufacturing - Year-over-year growth 2021-2026 (%)
  • 6.4 Energy and utilities - Market size and forecast 2021-2026
    • Exhibit 46: Chart on Energy and utilities - Market size and forecast 2021-2026 ($ million)
    • Exhibit 47: Data Table on Energy and utilities - Market size and forecast 2021-2026 ($ million)
    • Exhibit 48: Chart on Energy and utilities - Year-over-year growth 2021-2026 (%)
    • Exhibit 49: Data Table on Energy and utilities - Year-over-year growth 2021-2026 (%)
  • 6.5 Aerospace and defense - Market size and forecast 2021-2026
    • Exhibit 50: Chart on Aerospace and defense - Market size and forecast 2021-2026 ($ million)
    • Exhibit 51: Data Table on Aerospace and defense - Market size and forecast 2021-2026 ($ million)
    • Exhibit 52: Chart on Aerospace and defense - Year-over-year growth 2021-2026 (%)
    • Exhibit 53: Data Table on Aerospace and defense - Year-over-year growth 2021-2026 (%)
  • 6.6 Automotive - Market size and forecast 2021-2026
    • Exhibit 54: Chart on Automotive - Market size and forecast 2021-2026 ($ million)
    • Exhibit 55: Data Table on Automotive - Market size and forecast 2021-2026 ($ million)
    • Exhibit 56: Chart on Automotive - Year-over-year growth 2021-2026 (%)
    • Exhibit 57: Data Table on Automotive - Year-over-year growth 2021-2026 (%)
  • 6.7 Others - Market size and forecast 2021-2026
    • Exhibit 58: Chart on Others - Market size and forecast 2021-2026 ($ million)
    • Exhibit 59: Data Table on Others - Market size and forecast 2021-2026 ($ million)
    • Exhibit 60: Chart on Others - Year-over-year growth 2021-2026 (%)
    • Exhibit 61: Data Table on Others - Year-over-year growth 2021-2026 (%)
  • 6.8 Market opportunity by End-user
    • Exhibit 62: Market opportunity by End-user ($ million)

7 Customer Landscape

  • 7.1 Customer landscape overview
    • Exhibit 63: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Geographic Landscape

  • 8.1 Geographic segmentation
    • Exhibit 64: Chart on Market share by geography 2021-2026 (%)
    • Exhibit 65: Data Table on Market share by geography 2021-2026 (%)
  • 8.2 Geographic comparison
    • Exhibit 66: Chart on Geographic comparison
    • Exhibit 67: Data Table on Geographic comparison
  • 8.3 North America - Market size and forecast 2021-2026
    • Exhibit 68: Chart on North America - Market size and forecast 2021-2026 ($ million)
    • Exhibit 69: Data Table on North America - Market size and forecast 2021-2026 ($ million)
    • Exhibit 70: Chart on North America - Year-over-year growth 2021-2026 (%)
    • Exhibit 71: Data Table on North America - Year-over-year growth 2021-2026 (%)
  • 8.4 Europe - Market size and forecast 2021-2026
    • Exhibit 72: Chart on Europe - Market size and forecast 2021-2026 ($ million)
    • Exhibit 73: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
    • Exhibit 74: Chart on Europe - Year-over-year growth 2021-2026 (%)
    • Exhibit 75: Data Table on Europe - Year-over-year growth 2021-2026 (%)
  • 8.5 APAC - Market size and forecast 2021-2026
    • Exhibit 76: Chart on APAC - Market size and forecast 2021-2026 ($ million)
    • Exhibit 77: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
    • Exhibit 78: Chart on APAC - Year-over-year growth 2021-2026 (%)
    • Exhibit 79: Data Table on APAC - Year-over-year growth 2021-2026 (%)
  • 8.6 Middle East and Africa - Market size and forecast 2021-2026
    • Exhibit 80: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
    • Exhibit 81: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
    • Exhibit 82: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • Exhibit 83: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
  • 8.7 South America - Market size and forecast 2021-2026
    • Exhibit 84: Chart on South America - Market size and forecast 2021-2026 ($ million)
    • Exhibit 85: Data Table on South America - Market size and forecast 2021-2026 ($ million)
    • Exhibit 86: Chart on South America - Year-over-year growth 2021-2026 (%)
    • Exhibit 87: Data Table on South America - Year-over-year growth 2021-2026 (%)
  • 8.8 US - Market size and forecast 2021-2026
    • Exhibit 88: Chart on US - Market size and forecast 2021-2026 ($ million)
    • Exhibit 89: Data Table on US - Market size and forecast 2021-2026 ($ million)
    • Exhibit 90: Chart on US - Year-over-year growth 2021-2026 (%)
    • Exhibit 91: Data Table on US - Year-over-year growth 2021-2026 (%)
  • 8.9 Germany - Market size and forecast 2021-2026
    • Exhibit 92: Chart on Germany - Market size and forecast 2021-2026 ($ million)
    • Exhibit 93: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
    • Exhibit 94: Chart on Germany - Year-over-year growth 2021-2026 (%)
    • Exhibit 95: Data Table on Germany - Year-over-year growth 2021-2026 (%)
  • 8.10 China - Market size and forecast 2021-2026
    • Exhibit 96: Chart on China - Market size and forecast 2021-2026 ($ million)
    • Exhibit 97: Data Table on China - Market size and forecast 2021-2026 ($ million)
    • Exhibit 98: Chart on China - Year-over-year growth 2021-2026 (%)
    • Exhibit 99: Data Table on China - Year-over-year growth 2021-2026 (%)
  • 8.11 UK - Market size and forecast 2021-2026
    • Exhibit 100: Chart on UK - Market size and forecast 2021-2026 ($ million)
    • Exhibit 101: Data Table on UK - Market size and forecast 2021-2026 ($ million)
    • Exhibit 102: Chart on UK - Year-over-year growth 2021-2026 (%)
    • Exhibit 103: Data Table on UK - Year-over-year growth 2021-2026 (%)
  • 8.12 India - Market size and forecast 2021-2026
    • Exhibit 104: Chart on India - Market size and forecast 2021-2026 ($ million)
    • Exhibit 105: Data Table on India - Market size and forecast 2021-2026 ($ million)
    • Exhibit 106: Chart on India - Year-over-year growth 2021-2026 (%)
    • Exhibit 107: Data Table on India - Year-over-year growth 2021-2026 (%)
  • 8.13 Market opportunity by geography
    • Exhibit 108: Market opportunity by geography ($ million)

9 Drivers, Challenges, and Trends

  • 9.1 Market drivers
  • 9.2 Market challenges
  • 9.3 Impact of drivers and challenges
    • Exhibit 109: Impact of drivers and challenges in 2021 and 2026
  • 9.4 Market trends

10 Vendor Landscape

  • 10.1 Overview
  • 10.2 Vendor landscape
    • Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
  • 10.3 Landscape disruption
    • Exhibit 111: Overview on factors of disruption
  • 10.4 Industry risks
    • Exhibit 112: Impact of key risks on business

11 Vendor Analysis

  • 11.1 Vendors covered
    • Exhibit 113: Vendors covered
  • 11.2 Market positioning of vendors
    • Exhibit 114: Matrix on vendor position and classification
  • 11.3 General Electric Co.
    • Exhibit 115: General Electric Co. - Overview
    • Exhibit 116: General Electric Co. - Business segments
    • Exhibit 117: General Electric Co. - Key news
    • Exhibit 118: General Electric Co. - Key offerings
    • Exhibit 119: General Electric Co. - Segment focus
  • 11.4 Honeywell International Inc.
    • Exhibit 120: Honeywell International Inc. - Overview
    • Exhibit 121: Honeywell International Inc. - Business segments
    • Exhibit 122: Honeywell International Inc. - Key news
    • Exhibit 123: Honeywell International Inc. - Key offerings
    • Exhibit 124: Honeywell International Inc. - Segment focus
  • 11.5 International Business Machines Corp.
    • Exhibit 125: International Business Machines Corp. - Overview
    • Exhibit 126: International Business Machines Corp. - Business segments
    • Exhibit 127: International Business Machines Corp. - Key offerings
    • Exhibit 128: International Business Machines Corp. - Segment focus
  • 11.6 Kongsberg Gruppen ASA
    • Exhibit 129: Kongsberg Gruppen ASA - Overview
    • Exhibit 130: Kongsberg Gruppen ASA - Business segments
    • Exhibit 131: Kongsberg Gruppen ASA - Key news
    • Exhibit 132: Kongsberg Gruppen ASA - Key offerings
    • Exhibit 133: Kongsberg Gruppen ASA - Segment focus
  • 11.7 Microsoft Corp.
    • Exhibit 134: Microsoft Corp. - Overview
    • Exhibit 135: Microsoft Corp. - Business segments
    • Exhibit 136: Microsoft Corp. - Key news
    • Exhibit 137: Microsoft Corp. - Key offerings
    • Exhibit 138: Microsoft Corp. - Segment focus
  • 11.8 Oracle Corp.
    • Exhibit 139: Oracle Corp. - Overview
    • Exhibit 140: Oracle Corp. - Business segments
    • Exhibit 141: Oracle Corp. - Key news
    • Exhibit 142: Oracle Corp. - Key offerings
    • Exhibit 143: Oracle Corp. - Segment focus
  • 11.9 PTC Inc.
    • Exhibit 144: PTC Inc. - Overview
    • Exhibit 145: PTC Inc. - Business segments
    • Exhibit 146: PTC Inc. - Key offerings
    • Exhibit 147: PTC Inc. - Segment focus
  • 11.10 SAP SE
    • Exhibit 148: SAP SE - Overview
    • Exhibit 149: SAP SE - Business segments
    • Exhibit 150: SAP SE - Key news
    • Exhibit 151: SAP SE - Key offerings
    • Exhibit 152: SAP SE - Segment focus
  • 11.11 Siemens AG
    • Exhibit 153: Siemens AG - Overview
    • Exhibit 154: Siemens AG - Business segments
    • Exhibit 155: Siemens AG - Key news
    • Exhibit 156: Siemens AG - Key offerings
    • Exhibit 157: Siemens AG - Segment focus
  • 11.12 Wipro Ltd.
    • Exhibit 158: Wipro Ltd. - Overview
    • Exhibit 159: Wipro Ltd. - Business segments
    • Exhibit 160: Wipro Ltd. - Key news
    • Exhibit 161: Wipro Ltd. - Key offerings
    • Exhibit 162: Wipro Ltd. - Segment focus

12 Appendix

  • 12.1 Scope of the report
  • 12.2 Inclusions and exclusions checklist
    • Exhibit 163: Inclusions checklist
    • Exhibit 164: Exclusions checklist
  • 12.3 Currency conversion rates for US$
    • Exhibit 165: Currency conversion rates for US$
  • 12.4 Research methodology
    • Exhibit 166: Research methodology
    • Exhibit 167: Validation techniques employed for market sizing
    • Exhibit 168: Information sources
  • 12.5 List of abbreviations
    • Exhibit 169: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports, covering 800 technologies spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/digital-twin-market-size-to-grow-by-usd-32-32-billion-from-2021-to-2026driven-by-emergence-of-industry-4-0--industrial-iot--technavio-301547959.html

SOURCE Technavio

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.