デジタルツイン市場:企業、アプリケーション(予知保全、業務最適化)、産業(航空宇宙、自動車・輸送、ヘルスケア、インフラ、エネルギー・公益事業)、地域別 - 2027年までの世界予測Digital Twin Market by Enterprise, Application (Predictive Maintenance, Business optimization), Industry (Aerospace, Automotive & Transportation, Healthcare, Infrastructure, Energy & Utilities) and Geography - Global Forecast to 2027 デジタルツイン市場は、2022年の69億米ドルから2027年には735億米ドルまで、予測期間中に60.6%のCAGRで成長すると見込まれています。製造業において、コスト削減とサプライチェーン業務の改善のためにデジタルツ... もっと見る
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サマリーデジタルツイン市場は、2022年の69億米ドルから2027年には735億米ドルまで、予測期間中に60.6%のCAGRで成長すると見込まれています。製造業において、コスト削減とサプライチェーン業務の改善のためにデジタルツインが重視されるようになり、デジタルツイン市場を牽引しています。また、ヘルスケア業界からのデジタルツインに対する需要も増加しており、デジタルツイン市場はさらに加速すると予想されます。また、デジタルツイン技術の導入に伴う高い投資額や、デジタルツインがサイバー攻撃を受けやすいことが、市場の主な阻害要因となっています。「ヘルスケア産業向けデジタルツイン市場は、予測期間中に高いCAGRで成長すると予想される ヘルスケア業界向けデジタルツイン市場は、予測期間中に最も高いCAGRで成長すると予想されています。ヘルスケア分野では、様々なバイタル、病状、薬物や治療への反応、周囲のエコシステムに関する個人からの継続的なデータを取得する患者のデジタルツインが使用されています。各患者の過去およびリアルタイムのデータは、MLアルゴリズムが将来の健康問題を予測する際に役立ちます。このモデルは、患者のライフスタイル、毎日の食習慣、血糖値データに基づいて、処方、食習慣の改善、医療相談などのアラートを患者に発します。デジタルツインは、複数のIoMT(Internet of Medical Things)デバイスから得られる膨大な量のリッチデータに基づいて、AIを搭載したモデルを用いて、よりオーダーメイドで優れた治療計画を生成します。各患者のユニークなデジタルツインからの洞察を用いて、適切な治療法を決定し、所定の処置の成功を予測し、慢性疾患を管理することができるかもしれません。 「予測メンテナンス分野は、予測期間を通してデジタルツイン市場を支配すると予想されます。 予測保守アプリケーションは、予測期間を通じてデジタルツイン市場の最大の規模を占めると予想されます。デジタルツインは、リアルタイムのデータ収集に基づいて故障を予測し、可能であれば部品のジャストインタイム修理を可能にすることができます。この方法は、故障寸前の部品を交換するだけでなく、予定外のメンテナンスや人件費を削減することで、部品の寿命を延ばすことができます。航空宇宙分野では、ジェットエンジンの予知解析や故障診断にデジタルツインが活用されています。デジタルツインは、エンジンやその他のシステムの予定外のダウンタイムを削減するために、航空宇宙分野で使用されています。同様に、ビルメンテナンス事業では、デジタルツインを使うことで、換気システムの特定の部品がいつ、どれくらいの期間稼働し、予測通りの動作をするか、例えばフィルターの交換が不可欠かどうかなどを正確に予測することができます。これにより、技術者のスケジュールを最適化し、必要な交換部品を数週間前に自動発注することが可能になります。 "北米地域のデジタルツイン市場、2022年から2027年にかけて最高のCAGRを記録" 北米のデジタルツイン市場は、予測期間中に最も高いCAGRで成長すると予想されます。さらに、北米は予測期間を通じてデジタルツイン市場の最大のシェアを占めると予想される。北米は、2021年のデジタルツイン市場の~38%を占めている。同地域は、デジタルツイン技術の主要なプロバイダーであると同時にユーザーでもあり、同市場のデジタルツインプロバイダーに十分な成長機会を提供するものと期待されている。この地域は、開発および技術導入の面で最も急速に成長している地域の1つです。IoTとIIoTの分野における研究開発の増加や、製品製造における効率的でコスト効率の高い技術への需要の高まりも、この地域の市場成長を後押ししています。さらに、生産活動に関するリアルタイムのデータと可視性を得る必要性から、上記の産業における自動化および実現技術の採用が進んでいます。この地域の成長を促進する主な要因は、コスト削減とサプライチェーンの改善を目的とした製造業におけるデジタルツインの重視の高まりと、製造プロセスのイノベーションを推進するためのメーカーによるR&D投資です。 プライマリーの内訳 二次調査によって収集したいくつかのセグメントとサブセグメントの市場規模を決定し、検証する過程において、デジタルツインマーケットスペースの主要な業界専門家との広範囲な一次インタビューを実施した。本レポートの主要参加者の内訳は以下の通りです。 - 企業タイプ別企業タイプ別:Tier 1 45%、Tier 2 25%、Tier 3 - 30 - 役職別役職別:Cレベル経営者-50%、役員-30%、その他-20 - 地域別:北米45%、欧州35%、アジア太平洋地域10%、その他地域10 デジタルツイン市場の主要プレイヤーは、General Electric(米国)、Microsoft(米国)、Siemens(ドイツ)、Amazon Web Services(米国)、ANSYS(米国)、Dassault Systèmes(フランス)、PTC(米国)、Robert Bosch(ドイツ)、Oracle(米国)、DNV(ノルウェー)、Autodesk(米国)、SAP(ドイツ)である。Emerson(米国)、ABB(スイス)、Honeywell(米国)、IBM(米国)、Johnson Controls(アイルランド)、Schneider Electric(フランス)、Software AG(ドイツ)、NavVis(ドイツ)、Bentley Systems(米国)、Altair(米国)、SWIM AI(米国)、River Logic(米国)、AndRITZ(オーストリア)、など。調査対象となる中小企業/新興企業は、Sight Machine(米国)、Sensat(英国)、Cosmo Tech(フランス)、Artemis Technologies(アイルランド)、FEops(ベルギー)、Pratiti Technologies(インド)、QiO Technologies(英国)、VEERUM(カナダ)、Datumix(米国)、synavision(ドイツ)、Petra Sata Science(オーストラリア)、MEIK LABS(米国)、DigitalTwin Technology(ドイツ)、TWAICE Technologies(ドイツ)、Allvision Io(米国)、Hash(イギリス)である。 調査対象範囲 本レポートでは、デジタルツイン市場の成長に影響を与えるドライバー、阻害要因、課題、機会などの主要な要因に関する詳細情報を記載しています。また、技術動向、貿易データ、特許分析なども掲載しています。この調査レポートは、企業、アプリケーション、産業、地域に基づいてデジタル市場を分類しています。主要な業界プレイヤーの詳細な分析は、彼らのビジネスの概要、提供する製品/ソリューション、新製品の発売、取引(合併、買収、パートナーシップ、協力、アライアンス、コラボレーション、協定、契約、投資)、その他(拡張)を含む採用した主要戦略、およびCOVID-19インパクトオンデジタルツイン市場に関する洞察を提供するために実施されています。 レポート購入の主なメリット 本レポートは、本市場のリーダー/新規参入者に以下のような点で役立つと思われます。 1.本レポートは、デジタルツインマーケットを包括的にセグメント化し、異なる地域にわたるすべてのサブセグメントの最も近い市場規模projectionforを提供します。 2.本レポートは、ステークホルダーが市場の鼓動を理解するのに役立ち、市場成長のための主要なドライバー、阻害要因、課題、および機会に関する情報を提供します。 3.このレポートは、ステークホルダーが競合他社betterを理解し、ビジネスにおける地位を向上させるために多くの洞察を得るのに役立つだろう。競争環境のセクションでは、競合他社のエコシステム、製品の開発および発売、パートナーシップ、M&Aを含みます。 4.上位25社の分析は、onmarketシェア/ランクだけでなく、asthe製品のフットプリントは、これらの主要なプレーヤーの市場のポジショニングをstakeholdersvisualizeに役立つだろうに基づいています。 5.また、特許分析、貿易データ、価格分析、今後数年間で市場を形成する技術動向についても取り上げています。 目次1 INTRODUCTION 281.1 STUDY OBJECTIVES 28 1.2 DEFINITION 28 1.2.1 INCLUSIONS AND EXCLUSIONS 29 1.3 STUDY SCOPE 30 1.3.1 MARKETS COVERED 30 FIGURE 1 DIGITAL TWIN MARKET: SEGMENTATION 30 1.3.2 REGIONAL SCOPE 30 1.3.3 YEARS CONSIDERED 31 1.4 CURRENCY 31 1.5 LIMITATIONS 31 1.6 STAKEHOLDERS 32 2 RESEARCH METHODOLOGY 33 2.1 RESEARCH DATA 33 FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN 34 2.1.1 SECONDARY DATA AND PRIMARY RESEARCH 34 FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH 35 2.1.2 SECONDARY DATA 36 2.1.2.1 Major secondary sources 36 2.1.2.2 Key data from secondary sources 36 2.1.3 PRIMARY DATA 37 2.1.3.1 Primary interviews with experts 37 2.1.3.2 Primary sources 38 2.1.3.3 Key industry insights 39 2.1.3.4 Breakdown of primary interviews 39 2.2 MARKET SIZE ESTIMATION 40 2.2.1 BOTTOM-UP APPROACH 40 2.2.1.1 Approach to arrive at market size using bottom-up analysis (demand side) 40 FIGURE 4 BOTTOM-UP APPROACH 41 2.2.2 TOP-DOWN APPROACH 41 2.2.2.1 Approach to arrive at market size using bottom-up analysis (supply side) 41 FIGURE 5 TOP-DOWN APPROACH 41 FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE) REVENUE GENERATED BY COMPANIES IN DIGITAL TWIN MARKET 42 2.3 DATA TRIANGULATION 42 FIGURE 7 DIGITAL TWIN MARKET: DATA TRIANGULATION 43 2.4 ASSUMPTIONS 44 2.5 LIMITATIONS 44 2.6 RISK ASSESSMENT 45 3 EXECUTIVE SUMMARY 46 FIGURE 8 PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST SHARE OF DIGITAL TWIN MARKET, BY APPLICATION, DURING FORECAST PERIOD 47 FIGURE 9 SMALL & MEDIUM ENTERPRISES SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 47 FIGURE 10 HEALTHCARE INDUSTRY TO REGISTER HIGHEST CAGR IN DIGITAL TWIN MARKET FROM 2022 TO 2027 48 FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF DIGITAL TWIN MARKET IN 2021 49 4 PREMIUM INSIGHTS 50 4.1 DIGITAL TWIN MARKET OVERVIEW 50 FIGURE 12 RISING EMPHASIS ON DIGITAL TWIN IN MANUFACTURING TO FUEL MARKET GROWTH 50 4.2 DIGITAL TWIN MARKET, BY APPLICATION 50 FIGURE 13 PREDICTIVE MAINTENANCE APPLICATION TO HOLD LARGEST SHARE OF DIGITAL TWIN MARKET DURING FORECAST PERIOD 50 4.3 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY AND COUNTRY 51 FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO ACCOUNT FOR LARGEST SHARE OF NORTH AMERICA DIGITAL TWIN MARKET IN 2022 51 4.4 DIGITAL TWIN MARKET, BY INDUSTRY 52 FIGURE 15 HEALTHCARE INDUSTRY TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 52 4.5 DIGITAL TWIN MARKET, BY COUNTRY 52 FIGURE 16 US TO DOMINATE GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD 52 5 MARKET OVERVIEW 53 5.1 INTRODUCTION 53 5.2 MARKET DYNAMICS 53 FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 54 5.2.1 DRIVERS 55 FIGURE 18 IMPACT OF DRIVERS ON DIGITAL TWIN MARKET 55 5.2.1.1 Rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain operations 55 5.2.1.2 Increasing demand for digital twin from healthcare industry 56 5.2.1.3 Growing focus of industries on predictive maintenance 57 5.2.2 RESTRAINTS 58 FIGURE 19 IMPACT OF RESTRAINTS ON DIGITAL TWIN MARKET 58 5.2.2.1 High investments associated with implementation of digital twin technology 58 5.2.2.2 Susceptibility of digital twin to cyberattacks 59 5.2.3 OPPORTUNITIES 60 FIGURE 20 IMPACT OF OPPORTUNITIES ON DIGITAL TWIN MARKET 60 5.2.3.1 Rising emphasis on advanced real-time data analytics 60 5.2.3.2 Increasing adoption of Industry 4.0 principles 61 5.2.3.3 Development of human-centered digital twins 62 5.2.4 CHALLENGES 62 FIGURE 21 IMPACT OF CHALLENGES ON DIGITAL TWIN MARKET 62 5.2.4.1 Complexities associated with data collection and mathematical models 63 5.2.4.2 Shortage of skilled workforce and limited awareness regarding cost-saving benefits offered by digital twins 63 5.3 VALUE CHAIN ANALYSIS 64 FIGURE 22 VALUE CHAIN ANALYSIS: DIGITAL TWIN MARKET 64 5.3.1 PLANNING AND REVISING FUNDS 64 5.3.2 RESEARCH AND DEVELOPMENT 65 5.3.3 SOFTWARE DESIGN, FRAMEWORK, AND DEVELOPMENT 65 5.3.4 PRODUCTS/SOLUTIONS PROVIDERS 65 5.3.5 END-USER INDUSTRIES AND AFTER-SALES SERVICE PROVIDERS 65 5.4 ECOSYSTEM 66 FIGURE 23 DIGITAL TWIN ECOSYSTEM 66 TABLE 1 LIST OF COMPANIES AND THEIR ROLE IN DIGITAL TWIN ECOSYSTEM 67 5.5 PRICING ANALYSIS 68 5.5.1 AVERAGE SELLING PRICE, BY APPLICATION (KEY PLAYERS) 68 FIGURE 24 AVERAGE SELLING PRICES OF PRODUCTS/SOLUTIONS, BY TOP THREE REGION (KEY PLAYERS) 69 TABLE 2 AVERAGE SELLING PRICES OF PRODUCTS/SOLUTIONS, BY TOP THREE REGION (KEY PLAYERS) 69 5.5.2 AVERAGE SELLING PRICE TREND 70 FIGURE 25 DIGITAL TWIN MARKET: DIGITAL TWIN SOLUTION BUDGET TREND 71 5.6 TRENDS IMPACTING CUSTOMERS’ BUSINESSES 71 FIGURE 26 REVENUE SHIFT IN DIGITAL TWIN MARKET 72 5.7 TECHNOLOGY TRENDS 72 FIGURE 27 DIGITAL TWIN AND RELATED TECHNOLOGIES 73 5.7.1 IOT AND IIOT 73 5.7.2 ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML) 74 5.7.3 EXTENDED REALITY: AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY 75 5.7.4 5G 75 5.7.5 CLOUD COMPUTING AND EDGE COMPUTING 76 5.7.6 BLOCKCHAIN 76 5.8 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS 78 FIGURE 28 PORTER’S FIVE FORCES ANALYSIS 78 TABLE 3 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS 78 5.8.1 THREAT OF NEW ENTRANTS 79 5.8.2 THREAT OF SUBSTITUTES 79 5.8.3 BARGAINING POWER OF BUYERS 79 5.8.4 BARGAINING POWER OF SUPPLIERS 80 5.8.5 INTENSITY OF COMPETITIVE RIVALRY 80 5.9 KEY STAKEHOLDERS & BUYING CRITERIA 81 5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 81 FIGURE 29 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES 81 TABLE 4 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES (%) 81 5.9.2 BUYING CRITERIA 82 FIGURE 30 KEY BUYING CRITERIA FOR TOP THREE END-USER INDUSTRIES 82 TABLE 5 KEY BUYING CRITERIA FOR TOP THREE END-USER INDUSTRIES 82 5.10 CASE STUDIES 83 5.10.1 USE CASE: AEROSPACE 83 TABLE 6 INTEGRATING DIGITAL TWIN WITH AI-BASED PREDICTIVE MAINTENANCE INTO AIRCRAFT FLEETS 83 5.10.2 USE CASE: AUTOMOTIVE 84 TABLE 7 OPTIMIZATION OF AUTOMATED GUIDED VEHICLE LOGISTICS WITH DIGITAL TWIN PLATFORM 84 5.10.3 USE CASE: ENERGY & UTILITIES 85 TABLE 8 DOOSAN OPTIMIZED ENERGY OUTPUT IN WIND FARMS WITH AZURE DIGITAL TWINS 85 5.10.4 USE CASE: HEALTHCARE 86 TABLE 9 DIGITAL TWIN OF HUMAN BODY AND BODY ORGANS IMPROVES DRUG TREATMENT 86 5.10.5 USE CASE: INFRASTRUCTURE 87 TABLE 10 TEMPLE UNIVERSITY USED SMART BUILDING DIGITAL TWIN FOR OPTIMIZING OPERATIONS ACROSS UNIVERSITY 87 5.11 TRADE ANALYSIS 87 5.11.1 IMPORT SCENARIO 88 5.11.1.1 Import scenario for digital twin ecosystem 88 FIGURE 31 IMPORT DATA FOR HS CODE 851769 FOR TOP COUNTRIES, 2017–2021 (USD MILLION) 88 5.11.2 EXPORT SCENARIO 89 5.11.2.1 Export scenario for digital twin market 89 FIGURE 32 EXPORT DATA FOR HS CODE 851769 FOR TOP COUNTRIES, 2017–2021 (USD MILLION) 89 5.12 PATENT ANALYSIS 90 TABLE 11 TOP 15 PATENT OWNERS IN LAST 10 YEARS (2012–2021) 90 TABLE 12 PATENTS FILED FOR DIGITAL TWIN, 2021 91 FIGURE 33 DIGITAL TWIN PATENTS FROM 2012 TO 2021 94 FIGURE 34 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2012–2021 95 5.13 KEY CONFERENCES & EVENTS TO BE HELD DURING 2022–2023 96 TABLE 13 DIGITAL TWIN MARKET: DETAILED LIST OF CONFERENCES & EVENTS 96 5.14 TARIFFS AND REGULATIONS 97 5.14.1 TARIFFS 97 TABLE 14 US: MFN TARIFFS FOR PRODUCTS WITH HS CODE 851769 (INCLUDING IOT & IIOT), BY KEY COUNTRY 97 TABLE 15 CHINA: FOR PRODUCTS WITH HS CODE 851769 (INCLUDING IOT & IIOT), BY KEY COUNTRY 98 5.14.1.1 Positive impact of tariffs on digital twin ecosystem 98 5.14.1.2 Negative impact of tariffs on digital twin ecosystem 98 5.14.2 REGULATIONS AND STANDARDS 99 5.14.2.1 Regulatory bodies, government agencies & other organizations 99 5.14.2.2 Major standards and regulations 99 FIGURE 35 VARIOUS STANDARDS & REGULATIONS FOR DIGITAL TWIN 99 TABLE 16 DIGITAL TWIN: STANDARDS AND REGULATIONS 99 6 DIGITAL TWIN MARKET, BY USAGE TYPE 102 6.1 INTRODUCTION 102 FIGURE 36 DIGITAL TWIN MARKET, BY USAGE TYPE 102 6.2 COMPONENT DIGITAL TWIN 103 6.3 PRODUCT DIGITAL TWIN 103 6.4 PROCESS DIGITAL TWIN 103 6.5 SYSTEM DIGITAL TWIN 104 7 DIGITAL TWIN MARKET, BY ENTERPRISE 105 7.1 INTRODUCTION 106 FIGURE 37 DIGITAL TWIN MARKET, BY ENTERPRISE 106 FIGURE 38 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 107 TABLE 17 DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 107 TABLE 18 DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 107 7.2 LARGE ENTERPRISES 108 7.2.1 LARGE ENTERPRISES USE DIGITAL TWIN FOR TRACKING ASSETS THROUGHOUT SUPPLY CHAIN 108 TABLE 19 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 109 TABLE 20 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 109 7.3 SMALL & MEDIUM-SIZED ENTERPRISES 110 7.3.1 SMES ADOPT DIGITAL TWIN TO GAIN COMPETITIVE ADVANTAGE OVER ESTABLISHED PLAYERS 110 TABLE 21 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 110 TABLE 22 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 111 8 DIGITAL TWIN MARKET, BY APPLICATION 112 8.1 INTRODUCTION 113 FIGURE 39 DIGITAL TWIN MARKET, BY APPLICATION 113 FIGURE 40 PREDICTIVE MAINTENANCE SEGMENT TO ACCOUNT FOR LARGEST SIZE OF DIGITAL TWIN MARKET DURING FORECAST PERIOD 114 TABLE 23 DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 114 TABLE 24 DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 115 8.2 PRODUCT DESIGN & DEVELOPMENT 115 8.2.1 DIGITAL TWIN HELPS IN PRODUCT DESIGN & DEVELOPMENT BY MONITORING KEY PERFORMANCE INDICATORS IN REAL TIME 115 TABLE 25 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 116 TABLE 26 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 116 8.3 PERFORMANCE MONITORING 117 8.3.1 PERFORMANCE MONITORING OPTIMIZES OPERATIONAL DOWNTIME, TRIGGERS PRE-EMPTIVE MAINTENANCE, AND MITIGATES COSTLY FAILURES 117 TABLE 27 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, 2018–2021 (USD MILLION) 117 TABLE 28 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 118 8.4 PREDICTIVE MAINTENANCE 118 8.4.1 DIGITAL TWIN PREDICTS FAILURES BASED ON REAL-TIME DATA COLLECTION 118 TABLE 29 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 119 TABLE 30 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 120 8.5 INVENTORY MANAGEMENT 120 8.5.1 DIGITAL TWINS AID END USERS IN INVENTORY OPTIMIZATION ACROSS ENTIRE NETWORK 120 TABLE 31 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 121 TABLE 32 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 122 8.6 BUSINESS OPTIMIZATION 122 8.6.1 BUSINESS OPTIMIZATION APPLICATION TO REGISTER HIGHEST GROWTH IN DIGITAL TWIN MARKET DURING FORECAST PERIOD 122 TABLE 33 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 123 TABLE 34 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 123 8.7 OTHER APPLICATIONS 124 TABLE 35 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY 2018–2021 (USD MILLION) 125 TABLE 36 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY 2022–2027 (USD MILLION) 125 9 DIGITAL TWIN MARKET, BY INDUSTRY 126 9.1 INTRODUCTION 127 FIGURE 41 DIGITAL TWIN MARKET, BY INDUSTRY 127 FIGURE 42 HEALTHCARE SEGMENT EXPECTED TO GROW AT HIGHEST CAGR IN DIGITAL TWIN MARKET DURING FORECAST PERIOD 128 TABLE 37 DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 128 TABLE 38 DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 129 9.2 AEROSPACE 130 9.2.1 AEROSPACE INDUSTRY LEVERAGES DIGITAL TWIN FOR PRODUCT DESIGNING & DEVELOPMENT, AND MAINTENANCE PURPOSES 130 TABLE 39 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 130 TABLE 40 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 131 TABLE 41 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 131 TABLE 42 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 131 9.3 AUTOMOTIVE & TRANSPORTATION 132 9.3.1 AUTOMOTIVE & TRANSPORTATION INDUSTRY USES DIGITAL TWIN FOR PRODUCT DESIGN & DEVELOPMENT 132 TABLE 43 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 133 TABLE 44 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 133 TABLE 45 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 133 TABLE 46 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 134 9.4 INFRASTRUCTURE 134 9.4.1 INITIATION OF SMART CITY PROJECTS TO PROPEL DIGITAL TWIN MARKET GROWTH 134 TABLE 47 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 135 TABLE 48 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 135 TABLE 49 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 136 TABLE 50 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 136 9.5 HEALTHCARE 137 9.5.1 GROWING TREND OF DIGITALIZATION IN HEALTHCARE TO BOOST ADOPTION OF DIGITAL TWIN TECHNOLOGY 137 TABLE 51 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 138 FIGURE 43 PREDICTIVE MAINTENANCE APPLICATION TO ACCOUNT FOR LARGEST SHARE OF DIGITAL TWIN MARKET FOR HEALTHCARE DURING FORECAST PERIOD 138 TABLE 52 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 139 TABLE 53 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 139 TABLE 54 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 139 9.6 ENERGY & UTILITIES 140 9.6.1 DIGITAL TWIN HELPS UTILITIES TO IMPROVE PRODUCTIVITY AND EMERGENCY RESPONSE 140 TABLE 55 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 141 TABLE 56 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 141 TABLE 57 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 141 TABLE 58 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 142 9.7 OIL & GAS 142 9.7.1 OIL & GAS INDUSTRY USES DIGITAL TWIN FOR PREDICTIVE MAINTENANCE 142 TABLE 59 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 143 TABLE 60 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 143 TABLE 61 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 143 TABLE 62 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 144 9.8 AGRICULTURE 144 9.8.1 FOCUS ON REAL-TIME MONITORING OF CROPS AND AGRICULTURAL MACHINES TO BOOST DIGITAL TWIN ADOPTION 144 TABLE 63 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 145 TABLE 64 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 145 TABLE 65 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 145 TABLE 66 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 146 9.9 TELECOMMUNICATIONS 146 9.9.1 5G COMMERCIALIZATION WOULD FUEL DEMAND FOR DIGITAL TWIN IN TELECOMMUNICATIONS 146 TABLE 67 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 147 TABLE 68 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 147 TABLE 69 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 147 TABLE 70 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 148 9.10 RETAIL 148 9.10.1 DIGITAL TWIN ENABLES TRACKING OF PRODUCT ACROSS SUPPLY CHAIN FOR INVENTORY MANAGEMENT 148 TABLE 71 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 149 TABLE 72 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 149 TABLE 73 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 149 TABLE 74 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 150 9.11 OTHER INDUSTRIES 150 TABLE 75 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 151 TABLE 76 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 152 TABLE 77 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 152 TABLE 78 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 152 10 REGIONAL ANALYSIS 153 10.1 INTRODUCTION 154 FIGURE 44 DIGITAL TWIN MARKET IN CHINA TO REGISTER HIGHEST CAGR FROM 2022 TO 2027 154 FIGURE 45 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 155 TABLE 79 DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 155 TABLE 80 DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 155 10.2 NORTH AMERICA 156 FIGURE 46 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT 157 TABLE 81 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 157 TABLE 82 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 158 TABLE 83 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 158 TABLE 84 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 159 TABLE 85 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 159 TABLE 86 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 159 10.2.1 US 160 10.2.1.1 Increasing demand from automotive and transportation industries drives digital twin market 160 10.2.2 CANADA 161 10.2.2.1 Growing adoption of renewables and advanced technologies to boost demand for digital twin 161 10.2.3 MEXICO 161 10.2.3.1 Government initiatives for developing automotive and energy & utilities industries to support digital twin market 161 10.3 EUROPE 162 FIGURE 47 EUROPE: DIGITAL TWIN MARKET SNAPSHOT 163 TABLE 87 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 164 TABLE 88 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 164 TABLE 89 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 164 TABLE 90 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 165 TABLE 91 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 165 TABLE 92 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 165 10.3.1 GERMANY 166 10.3.1.1 Rising production of EVs to support digital twin market expansion 166 10.3.2 FRANCE 167 10.3.2.1 Growing investments in vehicle manufacturing to boost demand for digital twins 167 10.3.3 UK 167 10.3.3.1 Steady development of renewable energy infrastructure and adoption of 5G and IoT to drive market growth 167 10.3.4 REST OF EUROPE 168 10.4 ASIA PACIFIC 168 FIGURE 48 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT 170 TABLE 93 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 171 TABLE 94 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 171 TABLE 95 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 171 TABLE 96 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 172 TABLE 97 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 172 TABLE 98 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 172 10.4.1 CHINA 173 10.4.1.1 Rapid adoption of Industry 4.0 principles to propel market growth in China 173 10.4.2 JAPAN 173 10.4.2.1 Heightened focus on incorporation of advanced technologies in manufacturing to fuel market growth 173 10.4.3 INDIA 174 10.4.3.1 Rising government initiatives for smart manufacturing to boost digital twin market in India 174 10.4.4 SOUTH KOREA 175 10.4.4.1 Increasing government investments in advanced manufacturing practices to spur market growth 175 10.4.5 REST OF ASIA PACIFIC 175 10.5 REST OF THE WORLD 176 FIGURE 49 REST OF THE WORLD: DIGITAL TWIN MARKET SNAPSHOT 176 TABLE 99 REST OF THE WORLD: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 177 TABLE 100 REST OF THE WORLD: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 177 TABLE 101 REST OF THE WORLD: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 177 TABLE 102 REST OF THE WORLD: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 178 TABLE 103 REST OF THE WORLD: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 178 TABLE 104 REST OF THE WORLD: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 178 10.5.1 SOUTH AMERICA 179 10.5.1.1 Surging adoption of IIoT in mining and other industries to drive digital twin market 179 10.5.2 MIDDLE EAST 179 TABLE 105 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 179 TABLE 106 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 180 10.5.2.1 Saudi Arabia 180 10.5.2.1.1 Implementation of advanced technologies in oil & gas and other industries to augment market growth 180 10.5.2.2 UAE 181 10.5.2.2.1 Government initiatives to promote smart manufacturing to increase demand for digital twin in UAE 181 10.5.2.3 Rest of the Middle East 181 10.5.3 AFRICA 182 10.5.3.1 Demand from energy & utilities industry to underpin market growth in Africa 182 11 COMPETITIVE LANDSCAPE 183 11.1 OVERVIEW 183 11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 183 TABLE 107 OVERVIEW OF STRATEGIES DEPLOYED BY DIGITAL TWIN COMPANIES 183 11.2.1 PRODUCT/SOLUTION PORTFOLIO 184 11.2.2 REGIONAL FOCUS 184 11.2.3 INDUSTRY FOOTPRINT 185 11.2.4 ORGANIC/INORGANIC PLAY 185 11.3 TOP COMPANY REVENUE ANALYSIS 185 FIGURE 50 DIGITAL TWIN MARKET: REVENUE ANALYSIS OF TOP COMPANIES, 2017–2021 185 11.4 MARKET SHARE ANALYSIS, 2021 186 TABLE 108 DEGREE OF COMPETITION, DIGITAL TWIN MARKET (2021) 186 11.5 COMPANY EVALUATION QUADRANT, 2021 188 11.5.1 STAR 188 11.5.2 EMERGING LEADER 189 11.5.3 PERVASIVE 189 11.5.4 PARTICIPANT 189 FIGURE 51 DIGITAL TWIN MARKET: COMPANY EVALUATION QUADRANT, 2021 190 11.6 STARTUP/SME EVALUATION QUADRANT, 2021 191 11.6.1 PROGRESSIVE COMPANIES 191 11.6.2 RESPONSIVE COMPANIES 191 11.6.3 DYNAMIC COMPANIES 191 11.6.4 STARTING BLOCKS 191 FIGURE 52 DIGITAL TWIN MARKET, STARTUPS/SME EVALUATION QUADRANT, 2021 192 11.7 DIGITAL TWIN MARKET: COMPANY FOOTPRINT (25 COMPANIES) 193 TABLE 109 COMPANY FOOTPRINT 193 TABLE 110 COMPANY INDUSTRY FOOTPRINT (25 COMPANIES) 194 TABLE 111 COMPANY ENTERPRISE FOOTPRINT (25 COMPANIES) 195 TABLE 112 COMPANY REGION FOOTPRINT (25 COMPANIES) 196 11.8 COMPETITIVE BENCHMARKING 197 TABLE 113 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUP/SMES 197 TABLE 114 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 199 11.9 COMPETITIVE SCENARIO AND TRENDS 200 11.9.1 PRODUCT LAUNCHES 200 TABLE 115 PRODUCT LAUNCHES, JANUARY 2022–MAY 2022 200 11.9.2 DEALS 201 TABLE 116 DEALS, JANUARY 2022–MAY 2022 201 11.9.3 OTHERS 203 TABLE 117 EXPANSIONS, APRIL 2022 203 12 COMPANY PROFILES 204 (Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) * 12.1 KEY PLAYERS 204 12.1.1 GENERAL ELECTRIC 204 TABLE 118 GENERAL ELECTRIC: BUSINESS OVERVIEW 205 FIGURE 53 GENERAL ELECTRIC: COMPANY SNAPSHOT 205 12.1.2 MICROSOFT 211 TABLE 119 MICROSOFT: BUSINESS OVERVIEW 211 FIGURE 54 MICROSOFT: COMPANY SNAPSHOT 212 12.1.3 SIEMENS 217 TABLE 120 SIEMENS: BUSINESS OVERVIEW 217 FIGURE 55 SIEMENS: COMPANY SNAPSHOT 218 12.1.4 AMAZON (AWS) 223 TABLE 121 AMAZON: BUSINESS OVERVIEW 223 FIGURE 56 AMAZON: COMPANY SNAPSHOT 224 12.1.5 DASSAULT SYSTÈMES 227 TABLE 122 DASSAULT SYSTÈMES: BUSINESS OVERVIEW 227 FIGURE 57 DASSAULT SYSTÈMES: COMPANY SNAPSHOT 228 12.1.6 ANSYS 232 TABLE 123 ANSYS: BUSINESS OVERVIEW 232 FIGURE 58 ANSYS: COMPANY SNAPSHOT 233 12.1.7 IBM 236 TABLE 124 IBM: BUSINESS OVERVIEW 236 FIGURE 59 IBM: COMPANY SNAPSHOT 237 12.1.8 PTC 241 TABLE 125 PTC: BUSINESS OVERVIEW 241 FIGURE 60 PTC: COMPANY SNAPSHOT 242 12.1.9 SAP 246 TABLE 126 SAP: BUSINESS OVERVIEW 246 FIGURE 61 SAP: COMPANY SNAPSHOT 247 12.1.10 ORACLE 250 TABLE 127 ORACLE: BUSINESS OVERVIEW 250 FIGURE 62 ORACLE: COMPANY SNAPSHOT 251 12.1.11 ROBERT BOSCH 254 TABLE 128 ROBERT BOSCH: BUSINESS OVERVIEW 254 FIGURE 63 ROBERT BOSCH: COMPANY SNAPSHOT 255 12.2 OTHER KEY PLAYERS 258 12.2.1 SWIM AI 258 12.2.2 EMERSON 259 12.2.3 ABB 260 12.2.4 HONEYWELL 261 12.2.5 SCHNEIDER ELECTRIC 262 12.2.6 NAVVIS 263 12.2.7 DNV 264 12.2.8 AUTODESK 265 12.2.9 ANDRITZ 266 12.2.10 SOFTWARE AG 267 12.2.11 BENTLEY SYSTEMS 268 12.2.12 RIVER LOGIC 269 12.2.13 ALTAIR 270 12.2.14 JOHNSON CONTROLS 271 *Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies. 13 ADJACENT AND RELATED MARKET 272 13.1 IOT SENSORS MARKET 272 13.2 INTRODUCTION 272 FIGURE 64 SNAPSHOT OF KEY NETWORK TECHNOLOGIES IN IOT SENSORS MARKET 273 FIGURE 65 WIRELESS NETWORK TECHNOLOGY SEGMENT TO LEAD IOT SENSORS MARKET FROM 2021 TO 2026 273 TABLE 129 IOT SENSORS MARKET, BY NETWORK TECHNOLOGY, 2017–2020 (USD MILLION) 274 TABLE 130 IOT SENSORS MARKET, BY NETWORK TECHNOLOGY, 2021–2026 (USD MILLION) 274 13.3 WIRED 275 FIGURE 66 ETHERNET SEGMENT TO HOLD LARGEST SIZE OF IOT SENSORS MARKET FOR WIRED TECHNOLOGY FROM 2021 TO 2026 275 TABLE 131 IOT SENSORS MARKET FOR WIRED TECHNOLOGY, BY TYPE, 2017–2020 (USD MILLION) 275 TABLE 132 IOT SENSORS MARKET FOR WIRED TECHNOLOGY, BY TYPE, 2021–2026 (USD MILLION) 276 13.4 WIRELESS 276 TABLE 133 IOT SENSORS MARKET FOR WIRELESS TECHNOLOGY, BY TYPE, 2017–2020 (USD MILLION) 277 TABLE 134 IOT SENSORS MARKET FOR WIRELESS TECHNOLOGY, BY TYPE, 2021–2026 (USD MILLION) 278 14 APPENDIX 279 14.1 INSIGHTS OF INDUSTRY EXPERTS 279 14.2 DISCUSSION GUIDE 280 14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 282 14.4 AVAILABLE CUSTOMIZATIONS 284 14.5 RELATED REPORTS 284 14.6 AUTHOR DETAILS 285
SummaryThe digital twin market is expected to grow from USD 6.9 billion in 2022 to USD 73.5 billion by 2027, at a CAGR of 60.6% during the forecast period. rising emphasis on digital twins in manufacturing industries to reduce cost and improve supply chain operationsis driving the market for digital twin. Owing toincreasing demand for digital twin from healthcare industry, the market for digital twin is expected accelerate further. Furthermore, high investments associated with implementation of digital twin technology; and susceptibility of digital twin to cyberattacks are major restraints to the market. Table of Contents1 INTRODUCTION 281.1 STUDY OBJECTIVES 28 1.2 DEFINITION 28 1.2.1 INCLUSIONS AND EXCLUSIONS 29 1.3 STUDY SCOPE 30 1.3.1 MARKETS COVERED 30 FIGURE 1 DIGITAL TWIN MARKET: SEGMENTATION 30 1.3.2 REGIONAL SCOPE 30 1.3.3 YEARS CONSIDERED 31 1.4 CURRENCY 31 1.5 LIMITATIONS 31 1.6 STAKEHOLDERS 32 2 RESEARCH METHODOLOGY 33 2.1 RESEARCH DATA 33 FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN 34 2.1.1 SECONDARY DATA AND PRIMARY RESEARCH 34 FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH 35 2.1.2 SECONDARY DATA 36 2.1.2.1 Major secondary sources 36 2.1.2.2 Key data from secondary sources 36 2.1.3 PRIMARY DATA 37 2.1.3.1 Primary interviews with experts 37 2.1.3.2 Primary sources 38 2.1.3.3 Key industry insights 39 2.1.3.4 Breakdown of primary interviews 39 2.2 MARKET SIZE ESTIMATION 40 2.2.1 BOTTOM-UP APPROACH 40 2.2.1.1 Approach to arrive at market size using bottom-up analysis (demand side) 40 FIGURE 4 BOTTOM-UP APPROACH 41 2.2.2 TOP-DOWN APPROACH 41 2.2.2.1 Approach to arrive at market size using bottom-up analysis (supply side) 41 FIGURE 5 TOP-DOWN APPROACH 41 FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE) REVENUE GENERATED BY COMPANIES IN DIGITAL TWIN MARKET 42 2.3 DATA TRIANGULATION 42 FIGURE 7 DIGITAL TWIN MARKET: DATA TRIANGULATION 43 2.4 ASSUMPTIONS 44 2.5 LIMITATIONS 44 2.6 RISK ASSESSMENT 45 3 EXECUTIVE SUMMARY 46 FIGURE 8 PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST SHARE OF DIGITAL TWIN MARKET, BY APPLICATION, DURING FORECAST PERIOD 47 FIGURE 9 SMALL & MEDIUM ENTERPRISES SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 47 FIGURE 10 HEALTHCARE INDUSTRY TO REGISTER HIGHEST CAGR IN DIGITAL TWIN MARKET FROM 2022 TO 2027 48 FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF DIGITAL TWIN MARKET IN 2021 49 4 PREMIUM INSIGHTS 50 4.1 DIGITAL TWIN MARKET OVERVIEW 50 FIGURE 12 RISING EMPHASIS ON DIGITAL TWIN IN MANUFACTURING TO FUEL MARKET GROWTH 50 4.2 DIGITAL TWIN MARKET, BY APPLICATION 50 FIGURE 13 PREDICTIVE MAINTENANCE APPLICATION TO HOLD LARGEST SHARE OF DIGITAL TWIN MARKET DURING FORECAST PERIOD 50 4.3 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY AND COUNTRY 51 FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO ACCOUNT FOR LARGEST SHARE OF NORTH AMERICA DIGITAL TWIN MARKET IN 2022 51 4.4 DIGITAL TWIN MARKET, BY INDUSTRY 52 FIGURE 15 HEALTHCARE INDUSTRY TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 52 4.5 DIGITAL TWIN MARKET, BY COUNTRY 52 FIGURE 16 US TO DOMINATE GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD 52 5 MARKET OVERVIEW 53 5.1 INTRODUCTION 53 5.2 MARKET DYNAMICS 53 FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 54 5.2.1 DRIVERS 55 FIGURE 18 IMPACT OF DRIVERS ON DIGITAL TWIN MARKET 55 5.2.1.1 Rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain operations 55 5.2.1.2 Increasing demand for digital twin from healthcare industry 56 5.2.1.3 Growing focus of industries on predictive maintenance 57 5.2.2 RESTRAINTS 58 FIGURE 19 IMPACT OF RESTRAINTS ON DIGITAL TWIN MARKET 58 5.2.2.1 High investments associated with implementation of digital twin technology 58 5.2.2.2 Susceptibility of digital twin to cyberattacks 59 5.2.3 OPPORTUNITIES 60 FIGURE 20 IMPACT OF OPPORTUNITIES ON DIGITAL TWIN MARKET 60 5.2.3.1 Rising emphasis on advanced real-time data analytics 60 5.2.3.2 Increasing adoption of Industry 4.0 principles 61 5.2.3.3 Development of human-centered digital twins 62 5.2.4 CHALLENGES 62 FIGURE 21 IMPACT OF CHALLENGES ON DIGITAL TWIN MARKET 62 5.2.4.1 Complexities associated with data collection and mathematical models 63 5.2.4.2 Shortage of skilled workforce and limited awareness regarding cost-saving benefits offered by digital twins 63 5.3 VALUE CHAIN ANALYSIS 64 FIGURE 22 VALUE CHAIN ANALYSIS: DIGITAL TWIN MARKET 64 5.3.1 PLANNING AND REVISING FUNDS 64 5.3.2 RESEARCH AND DEVELOPMENT 65 5.3.3 SOFTWARE DESIGN, FRAMEWORK, AND DEVELOPMENT 65 5.3.4 PRODUCTS/SOLUTIONS PROVIDERS 65 5.3.5 END-USER INDUSTRIES AND AFTER-SALES SERVICE PROVIDERS 65 5.4 ECOSYSTEM 66 FIGURE 23 DIGITAL TWIN ECOSYSTEM 66 TABLE 1 LIST OF COMPANIES AND THEIR ROLE IN DIGITAL TWIN ECOSYSTEM 67 5.5 PRICING ANALYSIS 68 5.5.1 AVERAGE SELLING PRICE, BY APPLICATION (KEY PLAYERS) 68 FIGURE 24 AVERAGE SELLING PRICES OF PRODUCTS/SOLUTIONS, BY TOP THREE REGION (KEY PLAYERS) 69 TABLE 2 AVERAGE SELLING PRICES OF PRODUCTS/SOLUTIONS, BY TOP THREE REGION (KEY PLAYERS) 69 5.5.2 AVERAGE SELLING PRICE TREND 70 FIGURE 25 DIGITAL TWIN MARKET: DIGITAL TWIN SOLUTION BUDGET TREND 71 5.6 TRENDS IMPACTING CUSTOMERS’ BUSINESSES 71 FIGURE 26 REVENUE SHIFT IN DIGITAL TWIN MARKET 72 5.7 TECHNOLOGY TRENDS 72 FIGURE 27 DIGITAL TWIN AND RELATED TECHNOLOGIES 73 5.7.1 IOT AND IIOT 73 5.7.2 ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML) 74 5.7.3 EXTENDED REALITY: AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY 75 5.7.4 5G 75 5.7.5 CLOUD COMPUTING AND EDGE COMPUTING 76 5.7.6 BLOCKCHAIN 76 5.8 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS 78 FIGURE 28 PORTER’S FIVE FORCES ANALYSIS 78 TABLE 3 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS 78 5.8.1 THREAT OF NEW ENTRANTS 79 5.8.2 THREAT OF SUBSTITUTES 79 5.8.3 BARGAINING POWER OF BUYERS 79 5.8.4 BARGAINING POWER OF SUPPLIERS 80 5.8.5 INTENSITY OF COMPETITIVE RIVALRY 80 5.9 KEY STAKEHOLDERS & BUYING CRITERIA 81 5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 81 FIGURE 29 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES 81 TABLE 4 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES (%) 81 5.9.2 BUYING CRITERIA 82 FIGURE 30 KEY BUYING CRITERIA FOR TOP THREE END-USER INDUSTRIES 82 TABLE 5 KEY BUYING CRITERIA FOR TOP THREE END-USER INDUSTRIES 82 5.10 CASE STUDIES 83 5.10.1 USE CASE: AEROSPACE 83 TABLE 6 INTEGRATING DIGITAL TWIN WITH AI-BASED PREDICTIVE MAINTENANCE INTO AIRCRAFT FLEETS 83 5.10.2 USE CASE: AUTOMOTIVE 84 TABLE 7 OPTIMIZATION OF AUTOMATED GUIDED VEHICLE LOGISTICS WITH DIGITAL TWIN PLATFORM 84 5.10.3 USE CASE: ENERGY & UTILITIES 85 TABLE 8 DOOSAN OPTIMIZED ENERGY OUTPUT IN WIND FARMS WITH AZURE DIGITAL TWINS 85 5.10.4 USE CASE: HEALTHCARE 86 TABLE 9 DIGITAL TWIN OF HUMAN BODY AND BODY ORGANS IMPROVES DRUG TREATMENT 86 5.10.5 USE CASE: INFRASTRUCTURE 87 TABLE 10 TEMPLE UNIVERSITY USED SMART BUILDING DIGITAL TWIN FOR OPTIMIZING OPERATIONS ACROSS UNIVERSITY 87 5.11 TRADE ANALYSIS 87 5.11.1 IMPORT SCENARIO 88 5.11.1.1 Import scenario for digital twin ecosystem 88 FIGURE 31 IMPORT DATA FOR HS CODE 851769 FOR TOP COUNTRIES, 2017–2021 (USD MILLION) 88 5.11.2 EXPORT SCENARIO 89 5.11.2.1 Export scenario for digital twin market 89 FIGURE 32 EXPORT DATA FOR HS CODE 851769 FOR TOP COUNTRIES, 2017–2021 (USD MILLION) 89 5.12 PATENT ANALYSIS 90 TABLE 11 TOP 15 PATENT OWNERS IN LAST 10 YEARS (2012–2021) 90 TABLE 12 PATENTS FILED FOR DIGITAL TWIN, 2021 91 FIGURE 33 DIGITAL TWIN PATENTS FROM 2012 TO 2021 94 FIGURE 34 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2012–2021 95 5.13 KEY CONFERENCES & EVENTS TO BE HELD DURING 2022–2023 96 TABLE 13 DIGITAL TWIN MARKET: DETAILED LIST OF CONFERENCES & EVENTS 96 5.14 TARIFFS AND REGULATIONS 97 5.14.1 TARIFFS 97 TABLE 14 US: MFN TARIFFS FOR PRODUCTS WITH HS CODE 851769 (INCLUDING IOT & IIOT), BY KEY COUNTRY 97 TABLE 15 CHINA: FOR PRODUCTS WITH HS CODE 851769 (INCLUDING IOT & IIOT), BY KEY COUNTRY 98 5.14.1.1 Positive impact of tariffs on digital twin ecosystem 98 5.14.1.2 Negative impact of tariffs on digital twin ecosystem 98 5.14.2 REGULATIONS AND STANDARDS 99 5.14.2.1 Regulatory bodies, government agencies & other organizations 99 5.14.2.2 Major standards and regulations 99 FIGURE 35 VARIOUS STANDARDS & REGULATIONS FOR DIGITAL TWIN 99 TABLE 16 DIGITAL TWIN: STANDARDS AND REGULATIONS 99 6 DIGITAL TWIN MARKET, BY USAGE TYPE 102 6.1 INTRODUCTION 102 FIGURE 36 DIGITAL TWIN MARKET, BY USAGE TYPE 102 6.2 COMPONENT DIGITAL TWIN 103 6.3 PRODUCT DIGITAL TWIN 103 6.4 PROCESS DIGITAL TWIN 103 6.5 SYSTEM DIGITAL TWIN 104 7 DIGITAL TWIN MARKET, BY ENTERPRISE 105 7.1 INTRODUCTION 106 FIGURE 37 DIGITAL TWIN MARKET, BY ENTERPRISE 106 FIGURE 38 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 107 TABLE 17 DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 107 TABLE 18 DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 107 7.2 LARGE ENTERPRISES 108 7.2.1 LARGE ENTERPRISES USE DIGITAL TWIN FOR TRACKING ASSETS THROUGHOUT SUPPLY CHAIN 108 TABLE 19 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 109 TABLE 20 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 109 7.3 SMALL & MEDIUM-SIZED ENTERPRISES 110 7.3.1 SMES ADOPT DIGITAL TWIN TO GAIN COMPETITIVE ADVANTAGE OVER ESTABLISHED PLAYERS 110 TABLE 21 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 110 TABLE 22 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 111 8 DIGITAL TWIN MARKET, BY APPLICATION 112 8.1 INTRODUCTION 113 FIGURE 39 DIGITAL TWIN MARKET, BY APPLICATION 113 FIGURE 40 PREDICTIVE MAINTENANCE SEGMENT TO ACCOUNT FOR LARGEST SIZE OF DIGITAL TWIN MARKET DURING FORECAST PERIOD 114 TABLE 23 DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 114 TABLE 24 DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 115 8.2 PRODUCT DESIGN & DEVELOPMENT 115 8.2.1 DIGITAL TWIN HELPS IN PRODUCT DESIGN & DEVELOPMENT BY MONITORING KEY PERFORMANCE INDICATORS IN REAL TIME 115 TABLE 25 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 116 TABLE 26 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 116 8.3 PERFORMANCE MONITORING 117 8.3.1 PERFORMANCE MONITORING OPTIMIZES OPERATIONAL DOWNTIME, TRIGGERS PRE-EMPTIVE MAINTENANCE, AND MITIGATES COSTLY FAILURES 117 TABLE 27 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, 2018–2021 (USD MILLION) 117 TABLE 28 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 118 8.4 PREDICTIVE MAINTENANCE 118 8.4.1 DIGITAL TWIN PREDICTS FAILURES BASED ON REAL-TIME DATA COLLECTION 118 TABLE 29 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 119 TABLE 30 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 120 8.5 INVENTORY MANAGEMENT 120 8.5.1 DIGITAL TWINS AID END USERS IN INVENTORY OPTIMIZATION ACROSS ENTIRE NETWORK 120 TABLE 31 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 121 TABLE 32 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 122 8.6 BUSINESS OPTIMIZATION 122 8.6.1 BUSINESS OPTIMIZATION APPLICATION TO REGISTER HIGHEST GROWTH IN DIGITAL TWIN MARKET DURING FORECAST PERIOD 122 TABLE 33 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 123 TABLE 34 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 123 8.7 OTHER APPLICATIONS 124 TABLE 35 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY 2018–2021 (USD MILLION) 125 TABLE 36 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY 2022–2027 (USD MILLION) 125 9 DIGITAL TWIN MARKET, BY INDUSTRY 126 9.1 INTRODUCTION 127 FIGURE 41 DIGITAL TWIN MARKET, BY INDUSTRY 127 FIGURE 42 HEALTHCARE SEGMENT EXPECTED TO GROW AT HIGHEST CAGR IN DIGITAL TWIN MARKET DURING FORECAST PERIOD 128 TABLE 37 DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 128 TABLE 38 DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 129 9.2 AEROSPACE 130 9.2.1 AEROSPACE INDUSTRY LEVERAGES DIGITAL TWIN FOR PRODUCT DESIGNING & DEVELOPMENT, AND MAINTENANCE PURPOSES 130 TABLE 39 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 130 TABLE 40 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 131 TABLE 41 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 131 TABLE 42 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 131 9.3 AUTOMOTIVE & TRANSPORTATION 132 9.3.1 AUTOMOTIVE & TRANSPORTATION INDUSTRY USES DIGITAL TWIN FOR PRODUCT DESIGN & DEVELOPMENT 132 TABLE 43 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 133 TABLE 44 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 133 TABLE 45 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 133 TABLE 46 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 134 9.4 INFRASTRUCTURE 134 9.4.1 INITIATION OF SMART CITY PROJECTS TO PROPEL DIGITAL TWIN MARKET GROWTH 134 TABLE 47 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 135 TABLE 48 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 135 TABLE 49 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 136 TABLE 50 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 136 9.5 HEALTHCARE 137 9.5.1 GROWING TREND OF DIGITALIZATION IN HEALTHCARE TO BOOST ADOPTION OF DIGITAL TWIN TECHNOLOGY 137 TABLE 51 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 138 FIGURE 43 PREDICTIVE MAINTENANCE APPLICATION TO ACCOUNT FOR LARGEST SHARE OF DIGITAL TWIN MARKET FOR HEALTHCARE DURING FORECAST PERIOD 138 TABLE 52 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 139 TABLE 53 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 139 TABLE 54 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 139 9.6 ENERGY & UTILITIES 140 9.6.1 DIGITAL TWIN HELPS UTILITIES TO IMPROVE PRODUCTIVITY AND EMERGENCY RESPONSE 140 TABLE 55 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 141 TABLE 56 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 141 TABLE 57 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 141 TABLE 58 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 142 9.7 OIL & GAS 142 9.7.1 OIL & GAS INDUSTRY USES DIGITAL TWIN FOR PREDICTIVE MAINTENANCE 142 TABLE 59 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 143 TABLE 60 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 143 TABLE 61 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 143 TABLE 62 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 144 9.8 AGRICULTURE 144 9.8.1 FOCUS ON REAL-TIME MONITORING OF CROPS AND AGRICULTURAL MACHINES TO BOOST DIGITAL TWIN ADOPTION 144 TABLE 63 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 145 TABLE 64 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 145 TABLE 65 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 145 TABLE 66 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 146 9.9 TELECOMMUNICATIONS 146 9.9.1 5G COMMERCIALIZATION WOULD FUEL DEMAND FOR DIGITAL TWIN IN TELECOMMUNICATIONS 146 TABLE 67 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 147 TABLE 68 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 147 TABLE 69 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 147 TABLE 70 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 148 9.10 RETAIL 148 9.10.1 DIGITAL TWIN ENABLES TRACKING OF PRODUCT ACROSS SUPPLY CHAIN FOR INVENTORY MANAGEMENT 148 TABLE 71 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 149 TABLE 72 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 149 TABLE 73 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 149 TABLE 74 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 150 9.11 OTHER INDUSTRIES 150 TABLE 75 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 151 TABLE 76 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 152 TABLE 77 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 152 TABLE 78 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 152 10 REGIONAL ANALYSIS 153 10.1 INTRODUCTION 154 FIGURE 44 DIGITAL TWIN MARKET IN CHINA TO REGISTER HIGHEST CAGR FROM 2022 TO 2027 154 FIGURE 45 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 155 TABLE 79 DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 155 TABLE 80 DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 155 10.2 NORTH AMERICA 156 FIGURE 46 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT 157 TABLE 81 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 157 TABLE 82 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 158 TABLE 83 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 158 TABLE 84 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 159 TABLE 85 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 159 TABLE 86 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 159 10.2.1 US 160 10.2.1.1 Increasing demand from automotive and transportation industries drives digital twin market 160 10.2.2 CANADA 161 10.2.2.1 Growing adoption of renewables and advanced technologies to boost demand for digital twin 161 10.2.3 MEXICO 161 10.2.3.1 Government initiatives for developing automotive and energy & utilities industries to support digital twin market 161 10.3 EUROPE 162 FIGURE 47 EUROPE: DIGITAL TWIN MARKET SNAPSHOT 163 TABLE 87 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 164 TABLE 88 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 164 TABLE 89 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 164 TABLE 90 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 165 TABLE 91 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 165 TABLE 92 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 165 10.3.1 GERMANY 166 10.3.1.1 Rising production of EVs to support digital twin market expansion 166 10.3.2 FRANCE 167 10.3.2.1 Growing investments in vehicle manufacturing to boost demand for digital twins 167 10.3.3 UK 167 10.3.3.1 Steady development of renewable energy infrastructure and adoption of 5G and IoT to drive market growth 167 10.3.4 REST OF EUROPE 168 10.4 ASIA PACIFIC 168 FIGURE 48 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT 170 TABLE 93 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 171 TABLE 94 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 171 TABLE 95 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2018-2021 (USD MILLION) 171 TABLE 96 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 172 TABLE 97 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 172 TABLE 98 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 172 10.4.1 CHINA 173 10.4.1.1 Rapid adoption of Industry 4.0 principles to propel market growth in China 173 10.4.2 JAPAN 173 10.4.2.1 Heightened focus on incorporation of advanced technologies in manufacturing to fuel market growth 173 10.4.3 INDIA 174 10.4.3.1 Rising government initiatives for smart manufacturing to boost digital twin market in India 174 10.4.4 SOUTH KOREA 175 10.4.4.1 Increasing government investments in advanced manufacturing practices to spur market growth 175 10.4.5 REST OF ASIA PACIFIC 175 10.5 REST OF THE WORLD 176 FIGURE 49 REST OF THE WORLD: DIGITAL TWIN MARKET SNAPSHOT 176 TABLE 99 REST OF THE WORLD: DIGITAL TWIN MARKET, BY REGION, 2018–2021 (USD MILLION) 177 TABLE 100 REST OF THE WORLD: DIGITAL TWIN MARKET, BY REGION, 2022–2027 (USD MILLION) 177 TABLE 101 REST OF THE WORLD: DIGITAL TWIN MARKET, BY INDUSTRY, 2018–2021 (USD MILLION) 177 TABLE 102 REST OF THE WORLD: DIGITAL TWIN MARKET, BY INDUSTRY, 2022–2027 (USD MILLION) 178 TABLE 103 REST OF THE WORLD: DIGITAL TWIN MARKET, BY ENTERPRISE, 2018–2021 (USD MILLION) 178 TABLE 104 REST OF THE WORLD: DIGITAL TWIN MARKET, BY ENTERPRISE, 2022–2027 (USD MILLION) 178 10.5.1 SOUTH AMERICA 179 10.5.1.1 Surging adoption of IIoT in mining and other industries to drive digital twin market 179 10.5.2 MIDDLE EAST 179 TABLE 105 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 179 TABLE 106 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 180 10.5.2.1 Saudi Arabia 180 10.5.2.1.1 Implementation of advanced technologies in oil & gas and other industries to augment market growth 180 10.5.2.2 UAE 181 10.5.2.2.1 Government initiatives to promote smart manufacturing to increase demand for digital twin in UAE 181 10.5.2.3 Rest of the Middle East 181 10.5.3 AFRICA 182 10.5.3.1 Demand from energy & utilities industry to underpin market growth in Africa 182 11 COMPETITIVE LANDSCAPE 183 11.1 OVERVIEW 183 11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 183 TABLE 107 OVERVIEW OF STRATEGIES DEPLOYED BY DIGITAL TWIN COMPANIES 183 11.2.1 PRODUCT/SOLUTION PORTFOLIO 184 11.2.2 REGIONAL FOCUS 184 11.2.3 INDUSTRY FOOTPRINT 185 11.2.4 ORGANIC/INORGANIC PLAY 185 11.3 TOP COMPANY REVENUE ANALYSIS 185 FIGURE 50 DIGITAL TWIN MARKET: REVENUE ANALYSIS OF TOP COMPANIES, 2017–2021 185 11.4 MARKET SHARE ANALYSIS, 2021 186 TABLE 108 DEGREE OF COMPETITION, DIGITAL TWIN MARKET (2021) 186 11.5 COMPANY EVALUATION QUADRANT, 2021 188 11.5.1 STAR 188 11.5.2 EMERGING LEADER 189 11.5.3 PERVASIVE 189 11.5.4 PARTICIPANT 189 FIGURE 51 DIGITAL TWIN MARKET: COMPANY EVALUATION QUADRANT, 2021 190 11.6 STARTUP/SME EVALUATION QUADRANT, 2021 191 11.6.1 PROGRESSIVE COMPANIES 191 11.6.2 RESPONSIVE COMPANIES 191 11.6.3 DYNAMIC COMPANIES 191 11.6.4 STARTING BLOCKS 191 FIGURE 52 DIGITAL TWIN MARKET, STARTUPS/SME EVALUATION QUADRANT, 2021 192 11.7 DIGITAL TWIN MARKET: COMPANY FOOTPRINT (25 COMPANIES) 193 TABLE 109 COMPANY FOOTPRINT 193 TABLE 110 COMPANY INDUSTRY FOOTPRINT (25 COMPANIES) 194 TABLE 111 COMPANY ENTERPRISE FOOTPRINT (25 COMPANIES) 195 TABLE 112 COMPANY REGION FOOTPRINT (25 COMPANIES) 196 11.8 COMPETITIVE BENCHMARKING 197 TABLE 113 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUP/SMES 197 TABLE 114 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 199 11.9 COMPETITIVE SCENARIO AND TRENDS 200 11.9.1 PRODUCT LAUNCHES 200 TABLE 115 PRODUCT LAUNCHES, JANUARY 2022–MAY 2022 200 11.9.2 DEALS 201 TABLE 116 DEALS, JANUARY 2022–MAY 2022 201 11.9.3 OTHERS 203 TABLE 117 EXPANSIONS, APRIL 2022 203 12 COMPANY PROFILES 204 (Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) * 12.1 KEY PLAYERS 204 12.1.1 GENERAL ELECTRIC 204 TABLE 118 GENERAL ELECTRIC: BUSINESS OVERVIEW 205 FIGURE 53 GENERAL ELECTRIC: COMPANY SNAPSHOT 205 12.1.2 MICROSOFT 211 TABLE 119 MICROSOFT: BUSINESS OVERVIEW 211 FIGURE 54 MICROSOFT: COMPANY SNAPSHOT 212 12.1.3 SIEMENS 217 TABLE 120 SIEMENS: BUSINESS OVERVIEW 217 FIGURE 55 SIEMENS: COMPANY SNAPSHOT 218 12.1.4 AMAZON (AWS) 223 TABLE 121 AMAZON: BUSINESS OVERVIEW 223 FIGURE 56 AMAZON: COMPANY SNAPSHOT 224 12.1.5 DASSAULT SYSTÈMES 227 TABLE 122 DASSAULT SYSTÈMES: BUSINESS OVERVIEW 227 FIGURE 57 DASSAULT SYSTÈMES: COMPANY SNAPSHOT 228 12.1.6 ANSYS 232 TABLE 123 ANSYS: BUSINESS OVERVIEW 232 FIGURE 58 ANSYS: COMPANY SNAPSHOT 233 12.1.7 IBM 236 TABLE 124 IBM: BUSINESS OVERVIEW 236 FIGURE 59 IBM: COMPANY SNAPSHOT 237 12.1.8 PTC 241 TABLE 125 PTC: BUSINESS OVERVIEW 241 FIGURE 60 PTC: COMPANY SNAPSHOT 242 12.1.9 SAP 246 TABLE 126 SAP: BUSINESS OVERVIEW 246 FIGURE 61 SAP: COMPANY SNAPSHOT 247 12.1.10 ORACLE 250 TABLE 127 ORACLE: BUSINESS OVERVIEW 250 FIGURE 62 ORACLE: COMPANY SNAPSHOT 251 12.1.11 ROBERT BOSCH 254 TABLE 128 ROBERT BOSCH: BUSINESS OVERVIEW 254 FIGURE 63 ROBERT BOSCH: COMPANY SNAPSHOT 255 12.2 OTHER KEY PLAYERS 258 12.2.1 SWIM AI 258 12.2.2 EMERSON 259 12.2.3 ABB 260 12.2.4 HONEYWELL 261 12.2.5 SCHNEIDER ELECTRIC 262 12.2.6 NAVVIS 263 12.2.7 DNV 264 12.2.8 AUTODESK 265 12.2.9 ANDRITZ 266 12.2.10 SOFTWARE AG 267 12.2.11 BENTLEY SYSTEMS 268 12.2.12 RIVER LOGIC 269 12.2.13 ALTAIR 270 12.2.14 JOHNSON CONTROLS 271 *Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies. 13 ADJACENT AND RELATED MARKET 272 13.1 IOT SENSORS MARKET 272 13.2 INTRODUCTION 272 FIGURE 64 SNAPSHOT OF KEY NETWORK TECHNOLOGIES IN IOT SENSORS MARKET 273 FIGURE 65 WIRELESS NETWORK TECHNOLOGY SEGMENT TO LEAD IOT SENSORS MARKET FROM 2021 TO 2026 273 TABLE 129 IOT SENSORS MARKET, BY NETWORK TECHNOLOGY, 2017–2020 (USD MILLION) 274 TABLE 130 IOT SENSORS MARKET, BY NETWORK TECHNOLOGY, 2021–2026 (USD MILLION) 274 13.3 WIRED 275 FIGURE 66 ETHERNET SEGMENT TO HOLD LARGEST SIZE OF IOT SENSORS MARKET FOR WIRED TECHNOLOGY FROM 2021 TO 2026 275 TABLE 131 IOT SENSORS MARKET FOR WIRED TECHNOLOGY, BY TYPE, 2017–2020 (USD MILLION) 275 TABLE 132 IOT SENSORS MARKET FOR WIRED TECHNOLOGY, BY TYPE, 2021–2026 (USD MILLION) 276 13.4 WIRELESS 276 TABLE 133 IOT SENSORS MARKET FOR WIRELESS TECHNOLOGY, BY TYPE, 2017–2020 (USD MILLION) 277 TABLE 134 IOT SENSORS MARKET FOR WIRELESS TECHNOLOGY, BY TYPE, 2021–2026 (USD MILLION) 278 14 APPENDIX 279 14.1 INSIGHTS OF INDUSTRY EXPERTS 279 14.2 DISCUSSION GUIDE 280 14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 282 14.4 AVAILABLE CUSTOMIZATIONS 284 14.5 RELATED REPORTS 284 14.6 AUTHOR DETAILS 285
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