Global digital twin market, By Type (Part twin, Product twin, Process twin & System twin); By deployment type (Cloud, On-premises & Hybrid) By Application (Business optimization, Operations optimization, Asset performance management, Edge computing, Cyber security and others), Drivers, Opportunities, Restraints, Trends, and Forecast to 2023

  • 88
    Pages

  • 26
    Tables

  • 52
    Charts

  • 4/20
    Regions/ Countries

  • 9
    Companies

  • 10
    Enquiry Hours

Overview:

Globalization has made companies to focus more on digitalization both in the business and consumer market places. Over the past few years, IoT has been reaching milestones in the world of technology and it has paved the path for the evolution of various new technologies for enterprises. Digital twin is one such technology which is changing the industry dynamics. Digital twin refers to simulation modules of a physical object.

This technology is capable of supporting conceptualization, comparison, and collaboration for high-end innovations and problem-solving. Further, the technology provides real-time status and working conditions of the physical objects by accessing data from the sensors installed in the objects. Industry players benefit from this technology in terms of efficiency, higher productivity, lean manufacturing, and cost-effectiveness.

Digital twin works on a simulation platform connected to a predictive analytics platform and it integrates several manufacturing assets, underlying parts, and system processes in real-time with the help of sensors and communicates to the operator in a simulation module. The system senses data from a wide range of devices/machines and analyzes the work. Digital twin is currently used for reducing operational loss, designing and repairing of airplanes and turbines, controlling supply chain loss in a manufacturing plant, and others.

Market Revenue and Segmentation Analysis:

The digital twin market is expected to grow at a CAGR of 24.7% during the forecast period 2017-2023. The market is analyzed based on digital twin types, verticals, deployment type, applications, and regions. The digital twin types considered are product twin, part twin, process twin, and system twin, wherein the process and systems twins are at a high demand in the end-user industries owing to its wide functionalities. The deployment type segment includes, cloud-based, on-premises, and hybrid.  Currently, cloud deployment is expected to contribute a major share followed by the on-premises and hybrid during the forecast period 2017-2023.

The applications covered are business optimization, operation optimization, asset performance management, edge computing, cyber security, and others. The business and process optimizations are set to bring the innovations in the digital twin technology as they control supply chain loss and offer better lean manufacturing capabilities and data driven solutions to improve the productivity.

Regions and Vertical Analysis:

The regions covered in report are Americas, Europe, Asia Pacific, and ROW. Among these, Americas is expected to grow at a higher CAGR during the forecast period 2017-2023. The US, Canada, the UK, Germany, and Japan are expected to adopt more digital twin technologies, and Brazil, Switzerland, and Poland are the emerging countries for the digital twin technology adoption owing to the policy changes for the development of their manufacturing capabilities and the rising trend for spending on industrial digital technologies.

Digital twin is used across industries, such as manufacturing, power, oil & gas, BFSI, healthcare, aviation, smart cities, and others. The manufacturing industry could receive a wide range of benefits from digital twin, from product designing to monitoring the plant operations, load forecasting, fleet dispatch, monitoring production losses, and expected delays in the production and others. In aviation and power industries, digital twin is used to monitor the working of machines such as propellers, turbines, and others. Predictive diagnostics, asset condition monitoring, and finding new revenue streams are the popular functions of digital twin in the end-user industries.

Benefits and Vendors

The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape. Digital twin technology is expected to change the way industries work by 2030 with its wide range of capabilities. The report covers an in-depth analysis of Infosys, General Electric, Siemens, AT & T, IBM, and others.

The study offers a comprehensive analysis of the “Global Digital Twin Market”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.

 

1     Industry Outlook  

1.1        Industry Overview

1.2        Industry Trends

1.3        PEST Analysis

2     Report Outline  

2.1        Report Scope

2.2        Report Summary

2.3        Research Methodology

2.4        Report Assumptions

3     Market Snapshot 

3.1        Total Addressable Market

3.2        Segmented Addressable Market

4     Market Outlook  

4.1        Overview

4.2        Porter 5 (Five) Forces

5     Market Characteristics 

5.1        Evolution

5.2        Ecosystem

5.3        Market Segmentation

5.4        Market Dynamics

5.4.1     5.4.1 Drivers

5.4.1.1    Digitalization- a strategy to enhance productivity

5.4.1.2    Early warning, prediction, and optimization

5.4.1.3    Virtual marketing promotions

5.4.2     5.4.2 Restraints

5.4.2.1    Delay in implementing 3D design technologies

5.4.2.2    Interoperability and security

5.4.3     5.4.3 Opportunities

5.4.3.1    Cognitive digital twin

5.4.3.2    Expanding the boundaries of product design technologies

5.5        DRO – Impact Analysis

5.5.1     5.6 Market Trends

6     Deployment Type: Market Size and Analysis 

6.1        Overview

6.2        Cloud

6.3        On-premises

6.4        Hybrid

7     Digital twin type: Market Size and Analysis 

7.1        Overview

7.2        Part twin

7.3        Product twin

7.4        Process twin

7.5        System twin

8     Applications: Market Size and Analysis 

8.1        Overview

8.2        Business optimization

8.3        Operations Optimization

8.4        Asset Performance Management

8.5        Edge Computing

8.6        Cyber Security

8.7        Others

9     Industries: Market Size and Analysis 

9.1        Overview

9.2        Manufacturing

9.3        Power

9.4        Oil & Gas

9.5        Aviation

9.6        Smart cities

9.7        BFSI

9.8        Healthcare

9.9        Others

10   Regions: Market Size and Analysis

10.1     Overview

10.2     Americas

10.2.1  Overview

10.2.2  The US

10.2.3  Canada

10.2.4  Brazil

10.2.5  Mexico

10.2.6  Others

10.3     Europe

10.3.1  Overview

10.3.2  The UK

10.3.3  Germany

10.3.4  Russia

10.3.5  Switzerland

10.3.6  Poland

10.3.7  Czech Republic

10.3.8  Sweden

10.3.9  Others

10.4     Asia Pacific

10.4.1  Overview

10.4.2  China

10.4.3  Japan

10.4.4  South Korea

10.4.5  Australia

10.4.6  Singapore

10.4.7  India

10.4.8  Others

10.5     Rest of the World

10.5.1  Overview

10.5.2  South Africa

10.5.3  Iran

10.5.4  Qatar

10.5.5  Others

11   Vendors Profile  

11.1     IBM Corp.

11.1.1  Overview

11.1.2  Business Unit

11.1.3  Geographic Revenue

11.1.4  Business Focus

11.1.5  SWOT Analysis

11.1.6  Business Strategy

11.2     Siemens Ltd.

11.2.1  Overview

11.2.2  Business Units

11.2.3  Geographic Revenue

11.2.4  Business Focus

11.2.5  SWOT Analysis

11.2.6  Business Strategies

11.3       AT & T Inc.

11.3.1  Overview

11.3.2  Business units

11.3.3  Geographic revenue

11.3.4  Business focus

11.3.5  SWOT analysis

11.3.6  Business strategies

11.4     Infosys Limited

11.4.1  Overview

11.4.2  Business Units

11.4.3  Geographic Revenue

11.4.4  Business Focus

11.4.5  SWOT Analysis

11.4.6  Business Strategy

11.5     General Electric

11.5.1  Overview

11.5.2  Business Units

11.5.3  Geographic Revenue

11.5.4  Business Focus

11.5.5  SWOT Analysis

11.5.6  Business Strategy

12   Companies to Watch for 

12.1     Concirrus

12.1.1  Overview:

12.1.2  Product Offering

12.2     DIGITAL TWIN

12.2.1  Overview

12.2.2  Product Offering

12.3     TwinThread, LLC

12.3.1  Overview

12.3.2  Product Offering

12.4     SimScale GmbH

12.4.1  Overview

12.4.2  Product Offering

13   Competitive Landscape  

13.1     Competitor Comparison Analysis

Annexure  

Abbreviations

Infoholic research works on a holistic 360° approach in order to deliver high quality, validated and reliable information in our market reports. The Market estimation and forecasting involves following steps:

  • Data Collation (Primary & Secondary)
  • In-house Estimation (Based on proprietary data bases and Models)
  • Market Triangulation
  • Forecasting

infoholic Research Methodology

Market related information is congregated from both primary and secondary sources.

Primary sources involved participants from all global stakeholders such as Solution providers, service providers, Industry associations, thought leaders etc. across levels such as CXOs, VPs and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.

Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.