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Digital Twin Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023

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Digital twin Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts upto 2023

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.

 

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Table Of Content

Scope

Table of Contents

1 Industry Outlook 9

1.1 Industry Overview 9

1.2 Industry Trends 10

1.3 PEST Analysis 11

2 Report Outline 12

2.1 Report Scope 12

2.2 Report Summary 13

2.3 Research Methodology 14

2.4 Report Assumptions 15

3 Market Snapshot 16

3.1 Total Addressable Market 16

3.2 Segmented Addressable Market 17

4 Market Outlook 18

4.1 Overview 18

4.2 Porter 5 (Five) Forces 19

5 Market Characteristics 20

5.1 Evolution 20

5.2 Ecosystem 21

5.3 Market Segmentation 22

5.4 Market Dynamics 23

5.4.1 5.4.1 Drivers 24

5.4.1.1 Digitalization- a strategy to enhance productivity 24

5.4.1.2 Early warning, prediction, and optimization 24

5.4.1.3 Virtual marketing promotions 24

5.4.2 5.4.2 Restraints 24

5.4.2.1 Delay in implementing 3D design technologies 24

5.4.2.2 Interoperability and security 24

5.4.3 5.4.3 Opportunities 24

5.4.3.1 Cognitive digital twin 24

5.4.3.2 Expanding the boundaries of product design technologies 25

5.5 DRO-Impact Analysis 26

5.5.1 5.6 Market Trends 27

6 Deployment Type: Market Size and Analysis 28

6.1 Overview 28

6.2 Cloud 28

6.3 On-premises 29

6.4 Hybrid 30

7 Digital twin type: Market Size and Analysis 31

7.1 Overview 31

7.2 Part twin 31

7.3 Product twin 32

7.4 Process twin 32

7.5 System twin 33

8 Applications: Market Size and Analysis 34

8.1 Overview 34

8.2 Business optimization 35

8.3 Operations Optimization 35

8.4 Asset Performance Management 36

8.5 Edge Computing 37

8.6 Cyber Security 38

8.7 Others 38

9 Industries: Market Size and Analysis 40

9.1 Overview 40

9.2 Manufacturing 41

9.3 Power 42

9.4 Oil & Gas 43

9.5 Aviation 43

9.6 Smart cities 44

9.7 BFSI 45

9.8 Healthcare 45

9.9 Others 46

10 Regions: Market Size and Analysis 48

10.1 Overview 48

10.2 Americas 48

10.2.1 Overview 48

10.2.2 The US 50

10.2.3 Canada 50

10.2.4 Brazil 51

10.2.5 Mexico 51

10.2.6 Others 51

10.3 Europe 52

10.3.1 Overview 52

10.3.2 The UK 53

10.3.3 Germany 54

10.3.4 Russia 54

10.3.5 Switzerland 54

10.3.6 Poland 54

10.3.7 Czech Republic 55

10.3.8 Sweden 55

10.3.9 Others 55

10.4 Asia Pacific 56

10.4.1 Overview 56

10.4.2 China 57

10.4.3 Japan 57

10.4.4 South Korea 58

10.4.5 Australia 58

10.4.6 Singapore 58

10.4.7 India 59

10.4.8 Others 59

10.5 Rest of the World 60

10.5.1 Overview 60

10.5.2 South Africa 61

10.5.3 Iran 61

10.5.4 Qatar 62

10.5.5 Others 62

11 Vendors Profile 63

11.1 IBM Corp. 63

11.1.1 Overview 63

11.1.2 Business Unit 64

11.1.3 Geographic Revenue 65

11.1.4 Business Focus 66

11.1.5 SWOT Analysis 66

11.1.6 Business Strategy 67

11.2 Siemens Ltd. 68

11.2.1 Overview 68

11.2.2 Business Units 69

11.2.3 Geographic Revenue 70

11.2.4 Business Focus 70

11.2.5 SWOT Analysis 71

11.2.6 Business Strategies 71

11.3 AT & T Inc. 73

11.3.1 Overview 73

11.3.2 Business units 73

11.3.3 Geographic revenue 75

11.3.4 Business focus 75

11.3.5 SWOT analysis 75

11.3.6 Business strategies 76

11.4 Infosys Limited 77

11.4.1 Overview 77

11.4.2 Business Units 77

11.4.3 Geographic Revenue 78

11.4.4 Business Focus 79

11.4.5 SWOT Analysis 79

11.4.6 Business Strategy 80

11.5 General Electric 81

11.5.1 Overview 81

11.5.2 Business Units 81

11.5.3 Geographic Revenue 81

11.5.4 Business Focus 81

11.5.5 SWOT Analysis 81

11.5.6 Business Strategy 82

12 Companies to Watch for 83

12.1 Concirrus 83

12.1.1 Overview: 83

12.1.2 Product Offering 83

12.2 DIGITAL TWIN 83

12.2.1 Overview 83

12.2.2 Product Offering 83

12.3 TwinThread, LLC 84

12.3.1 Overview 84

12.3.2 Product Offering 84

12.4 SimScale GmbH 84

12.4.1 Overview 84

12.4.2 Product Offering 85

13 Competitive Landscape 86

13.1 Competitor Comparison Analysis 86

Annexure 87

Abbreviations 87

 


List Of Figure

Charts

 

CHART 1 PEST ANALYSIS OF GLOBAL DIGITAL TWIN MARKET 11

CHART 2 RESEARCH METHODOLOGY OF GLOBAL DIGITAL TWIN MARKET 14

CHART 3 GLOBAL LIVE STREAM MARKET REVENUE, 2017-2023 (USD BILLION) 16

CHART 4 GLOBAL DIGITAL TWIN MARKET REVENUE, 2017-2023 (USD BILLION) 17

CHART 5 PORTER 5 FORCES LIVE STREAM MARKET IN ASIA 19

CHART 6 EVOLUTION OF LIVE STREAM MARKET IN ASIA 20

CHART 7 ECOSYSTEM OF GLOBAL DIGITAL TWIN MARKET 21

CHART 8 MARKET SEGMENTATATION OF GLOBAL DIGITAL TWIN MARKET 22

CHART 9 MARKET DYNAMICS-DRIVERS, RESTRAINTS & OPPORTUNITIES 23

CHART 10 DRO-IMPACT ANALYSIS OF GLOBAL DIGITAL TWIN MARKET 26

CHART 11 CLOUD MARKET REVENUE, 2017-2023 (USD BILLION) 28

CHART 12 ON-PREMISES MARKET REVENUE, 2017-2023 (USD BILLION) 29

CHART 13 HYBRID MARKET REVENUE, 2017-2023 (USD BILLION) 30

CHART 14 PART TWIN MARKET REVENUE, 2017-2023 (USD BILLION) 31

CHART 15 PRODUCT TWIN REVENUE, 2017-2023 (USD BILLION) 32

CHART 16 PROCESS TWIN REVENUE, 2017-2023 (USD BILLION) 33

CHART 17 SYSTEM TWIN MARKET REVENUE, 2017-2023 (USD BILLION) 33

CHART 18 BUSINESS OPTIMIZATION REVENUE, 2017-2023 (USD BILLION) 35

CHART 19 OPERATIONS OPTIMIZATION MARKET REVENUE, 2017-2023 (USD BILLION) 36

CHART 20 ASSET PERFORMANCE MANAGEMENT REVENUE, 2017-2023 (USD BILLION) 36

CHART 21 EDGE COMPUTING MARKET REVENUE, 2017-2023 (USD BILLION) 37

CHART 22 CYBER SECURITY MARKET REVENUE, 2017-2023 (USD BILLION) 38

CHART 23 OTHERS MARKET REVENUE, 2017-2023 (USD BILLION) 38

CHART 24 MANUFACTURING MARKET REVENUE, 2017-2023 (USD BILLION) 41

CHART 25 POWER MARKET REVENUE, 2017-2023 (USD BILLION) 42

CHART 26 OIL & GAS MARKET REVENUE, 2017-2023 (USD BILLION) 43

CHART 27 AVIATION MARKET REVENUE, 2017-2023 (USD BILLION) 43

CHART 28 SMART CITIES MARKET REVENUE, 2017-2023 (USD BILLION) 44

CHART 29 BFSI MARKET REVENUE, 2017-2023 (USD BILLION) 45

CHART 30 HEALTHCARE MARKET REVENUE, 2017-2023 (USD BILLION) 45

CHART 31 OTHERS MARKET REVENUE, 2017-2023 (USD BILLION) 46

CHART 32 IBM: OVERVIEW SNAPSHOT 63

CHART 33 IBM: BUSINESS UNITS 64

CHART 34 IBM: GEOGRAPHIC REVENUE 65

CHART 35 IBM: SWOT ANALYSIS 66

CHART 36 SIEMENS COMPANY PROFILE: MARKET OUTLOOK 68

CHART 37 SIEMENS: BUSINESS UNITS 69

CHART 38 SIEMENS: GEOGRAPHIC REVENUE 70

CHART 39 SIEMENS: SWOT ANALYSIS 71

CHART 40 AT & T: OVERVIEW SNAPSHOT 73

CHART 41 AT & T: BUSINESS UNITS 73

CHART 42 AT & T: GEOGRAPHIC REVENUE 75

CHART 43 AT&T: SWOT ANALYSIS 75

CHART 44 INFOSYS: OVERVIEW SNAPSHOT 77

CHART 45 INFOSYS: BUSINESS UNITS 77

CHART 46 INFOSYS: GEOGRAPHIC REVENUE 78

CHART 47 INFOSYS: SWOT ANALYSIS 79

CHART 48 GENERAL ELECTRIC: OVERVIEW SNAPSHOT 81

CHART 49 GENERAL ELECTRIC: BUSINESS UNITS 81

CHART 50 GENERAL ELECTRIC: GEOGRAPHIC REVENUE 81

CHART 51 GENERAL ELECTRIC: SWOT ANALYSIS 81

CHART 52 GLOBAL DIGITAL TWIN: COMPETITIVE LANDSCAPE 86

 


List Of Table

Tables

 

TABLE 1 GLOBAL DIGITAL TWIN MARKET REVENUE BY DEPLOYMENT TYPE, 2017-2023 (USD BILLION) 28

TABLE 2 GLOBAL DIGITAL TWIN MARKET GROWTH BY DEPLOYMENT TYPE, 2017-2023 (Y-O-Y) % 28

TABLE 3 GLOBAL DIGITAL TWIN MARKET REVENUE BY TYPE, 2017-2023 (USD BILLION) 31

TABLE 4 GLOBAL DIGITAL TWIN MARKET GROWTH BY DEVICE TYPE, 2017-2023 (Y-O-Y) % 31

TABLE 5 GLOBAL DIGITAL TWIN MARKET REVENUE BY USE-CASE, 2017-2023 (USD BILLION) 34

TABLE 6 GLOBAL DIGITAL TWIN MARKET GROWTH BY USE-CASE, 2017-2023 (Y-O-Y) % 34

TABLE 7 GLOBAL DIGITAL TWIN MARKET REVENUE BY INDUSTRIES, 2017-2023 (USD BILLION) 40

TABLE 8 GLOBAL DIGITAL TWIN MARKET GROWTH BY INDUSTRIES, 2017-2023 (Y-O-Y) % 41

TABLE 9 GLOBAL DIGITAL TWIN MARKET REVENUE BY REGION, 2017-2023 (USD BILLION) 48

TABLE 10 GLOBAL DIGITAL TWIN MARKET GROWTH BY REGION, 2017-2023 (Y-O-Y) % 48

TABLE 11 GLOBAL DIGITAL TWIN MARKET REVENUE BY INDUSTRIES, 2017-2023 (USD MILLION) 48

TABLE 12 GLOBAL DIGITAL TWIN MARKET GROWTH BY INDUSTRIES, 2017-2023 (Y-O-Y) % 49

TABLE 13 GLOBAL DIGITAL TWIN TYPE IN AMERICAS MARKET REVENUE BY REGION, 2017-2023 (USD MILLION) 49

TABLE 14 GLOBAL DIGITAL TWIN TYPE IN AMERICAS MARKET GROWTH BY REGION, 2017-2023 (Y-O-Y) % 49

TABLE 15 GLOBAL DIGITAL TWIN MARKET REVENUE IN EUROPE, 2017-2023 (USD MILLION) 52

TABLE 16 GLOBAL DIGITAL TWIN MARKET GROWTH IN EUROPE, 2017-2023 (Y-O-Y) % 52

TABLE 17 GLOBAL DIGITAL TWIN TYPE MARKET REVENUE IN EUROPE, 2017-2023 (USD MILLION) 53

TABLE 18 GLOBAL DIGITAL TWIN TYPE MARKET GROWTH IN EUROPE, 2017-2023 (Y-O-Y) % 53

TABLE 19 GLOBAL DIGITAL TWIN MARKET REVENUE BY INDUSTRIES, 2017-2023 (USD MILLION) 56

TABLE 20 GLOBAL DIGITAL TWIN MARKET GROWTH BY INDUSTRIES, 2017-2023 (Y-O-Y) % 56

TABLE 21 GLOBAL DIGITAL TWIN TYPE MARKET REVENUE IN APAC, 2017-2023 (USD MILLION) 57

TABLE 22 GLOBAL DIGITAL TWIN TYPE MARKET GROWTH IN APAC, 2017-2023 (Y-O-Y) % 57

TABLE 23 GLOBAL DIGITAL TWIN MARKET REVENUE BY INDUSTRIES, 2017-2023 (USD MILLION) 60

TABLE 24 GLOBAL DIGITAL TWIN MARKET GROWTH BY INDUSTRIES, 2017-2023 (Y-O-Y) % 60

TABLE 25 GLOBAL DIGITAL TWIN TYPE MARKET REVENUE IN ROW, 2017-2023 (USD MILLION) 60

TABLE 26 GLOBAL DIGITAL TWIN TYPE MARKET GROWTH IN ROW, 2017-2023 (Y-O-Y) % 61

 

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Products and Companies


Companies

Infosys, General Electric, Siemens, AT & T, IBM, and others