デジタルツイン市場:用途別(予知保全、業務最適化、性能監視、在庫管理)、産業別(自動車・運輸、ヘルスケア、エネルギー・公益事業)、企業別、地域別 - 2028年までの世界予測Digital Twin Market by Application(Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Industry(Automotive & Transportation, Healthcare, Energy & Utilities), Enterprise and Geography - Global Forecast to 2028 デジタルツイン市場は、2023年の101億米ドルから2028年には1,101億米ドルに成長すると予測され、予測期間中の年平均成長率は61.3%である。デジタルツイン市場の成長は、主にヘルスケア産業におけるデジタルツイン... もっと見る
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サマリーデジタルツイン市場は、2023年の101億米ドルから2028年には1,101億米ドルに成長すると予測され、予測期間中の年平均成長率は61.3%である。デジタルツイン市場の成長は、主にヘルスケア産業におけるデジタルツインの需要拡大と、予知保全への注目の高まりによってもたらされる。"ヘルスケア産業向けデジタルツイン市場は予測期間中最高のCAGRで成長する見込み" ヘルスケア産業向けデジタルツイン市場は、予測期間中に最も高いCAGRで成長する見込みです。デジタルツインは、医療における患者の転帰と医療提供を改善する計り知れない可能性を提供する。物理的な資産、プロセス、あるいは個人の仮想レプリカを作成することで、医療提供者は貴重な洞察を得て、ワークフローを最適化し、意思決定を強化することができる。デジタル・ツインは、リアルタイムのモニタリング、予測分析、個別化治療を可能にし、より効果的で効率的な医療行為につながる。さらに、ヘルスケア産業におけるデジタルツイン市場の成長を促進する上で、技術的進歩が重要な役割を果たしている。モノのインターネット(IoT)デバイス、クラウドコンピューティング、人工知能、ビッグデータ解析の普及により、膨大なヘルスケア関連データの収集と処理が容易になった。このデータを活用してデジタルツインモデルを構築・改良することで、医療従事者はさまざまなシナリオをシミュレーション・テストし、潜在的な問題を特定し、的を絞った介入策を練ることができる。 "予測メンテナンス分野が予測期間を通じてデジタルツイン市場を支配する見込み" 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規模を占めると予測されている。予知保全は、コスト削減と運用効率の面で大きなメリットをもたらす。デジタルツイン技術を活用することで、組織は資産の性能をリアルタイムで継続的に監視できる。これにより、異常を検出し、潜在的な機器の故障を特定し、メンテナンス活動のスケジュールを積極的に立てることができる。企業は、コストのかかる故障やダウンタイムに発展する前にメンテナンスの必要性に対処することで、混乱を最小限に抑え、資産の利用率を最適化し、全体的なメンテナンスコストを削減することができる。さらに、予知保全は、モノのインターネット(IoT)デバイスやセンサーの採用が拡大していることとうまく整合している。これらの接続されたデバイスは、資産の性能、環境条件、使用パターンに関する膨大なデータを生成する。デジタル・ツインを活用することで、組織はこのデータを統合・分析し、資産の健全性に関する洞察を得て、故障確率を予測し、予防措置を処方することができる。このデータ主導のアプローチにより、メンテナンススケジュールの最適化、計画外ダウンタイムの削減、資産の信頼性向上が可能になります。 "北米地域のデジタルツイン市場は2023年から2028年にかけて最高のCAGRを記録する" 北米のデジタルツイン市場は、予測期間中に最も高いCAGRで成長すると予測されている。北米には強固な技術インフラがあり、デジタルツインソリューション市場は成熟している。この地域には、多数の技術企業、研究機関、革新的新興企業があり、様々な産業でデジタルツイン技術を積極的に開発・導入している。高度な技術、専門知識、研究開発への投資が可能であることから、北米はデジタルツイン市場のフロントランナーとして位置づけられている。さらに北米は、製造業、ヘルスケア、自動車、航空宇宙、防衛など、デジタルツイン技術に大きく依存する主要産業で強い存在感を示している。これらの産業は、オペレーションの最適化、製品開発の改善、メンテナンスプロセスの強化、イノベーションの推進においてデジタルツインの価値を認識している。これらの産業におけるデジタルツインの採用増加は、地域市場の成長に大きく貢献すると予想される。 プライマリの内訳 二次調査を通じ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・検証するにあたり、デジタルツイン市場分野の主要な業界専門家に広範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ある: - 企業タイプ別ティア1:45%、ティア2:25%、ティア3:30 - 役職別Cレベル幹部:40%、取締役:25%、その他:35 - 地域別北米:40%、欧州:25%、アジア太平洋地域:20%、その他の地域: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)などである。 デジタルツイン市場は、企業、アプリケーション、産業、地域に区分されている。デジタルツイン市場は、北米、ヨーロッパ、アジア太平洋地域、その他の地域で調査されています。 レポートを購入する理由 本レポートは、デジタルツインおよび関連セグメントの最も近いおおよその収益に関する情報を提供し、市場リーダー/新規参入者に役立ちます。本レポートは、利害関係者が競争状況を理解し、市場での地位を強化し、適切な市場参入戦略を計画するためのより多くの洞察を得るのに役立ちます。また、本レポートは、関係者が市場の脈動を理解し、主要な市場促進要因、阻害要因、機会、および課題に関する情報を提供するのに役立ちます。 本レポートでは、以下のポイントに関する洞察を提供しています: - 主な促進要因(製造業におけるコスト削減とサプライチェーンオペレーションの改善を目的としたデジタルツイン重視の高まり、医療業界からのデジタルツイン需要の増加、予知保全への注目の高まり)、阻害要因(デジタルツイン技術の導入に伴う高額な投資、サイバー攻撃に対するデジタルツインの脆弱性)、機会(高度なリアルタイムデータ分析重視の高まり、インダストリー4.0の原則の採用の増加、人間中心のデジタルツインの開発)、課題(データ収集と数学的モデルに関連する複雑さ、熟練した労働力の不足、デジタルツインが提供する費用対効果に関する認識)。 - 製品開発/イノベーション:デジタルツイン市場における今後の技術、研究開発活動、新製品発売に関する詳細な洞察。 - 市場開発:有利な市場に関する包括的な情報 - 本レポートでは、さまざまな地域のデジタルツイン市場を分析しています。 - 市場の多様化:デジタルツイン市場における新製品、未開拓の地域、最近の開発、投資に関する詳細な情報を提供します。 - 競合評価:General Electric社(米国)、Microsoft社(米国)、Siemens社(ドイツ)、Amazon Web Services社(米国)、ANSYS社(米国)、Dassault Systèmes社(フランス)、PTC社(米国)、Robert Bosch社(ドイツ)などの主要企業の市場シェア、成長戦略、製品提供などを詳細に評価。 目次1 INTRODUCTION 281.1 STUDY OBJECTIVES 28 1.2 MARKET DEFINITION 29 1.3 MARKET SCOPE 29 1.3.1 MARKETS COVERED 29 FIGURE 1 DIGITAL TWIN MARKET SEGMENTATION 29 1.3.2 INCLUSIONS AND EXCLUSIONS 30 1.3.3 GEOGRAPHICAL SCOPE 30 1.3.4 YEARS CONSIDERED 31 1.4 CURRENCY CONSIDERED 31 1.5 LIMITATIONS 31 1.6 STAKEHOLDERS 32 1.7 SUMMARY OF CHANGES 32 1.7.1 IMPACT OF RECESSION 32 2 RESEARCH METHODOLOGY 33 2.1 RESEARCH DATA 33 FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN 34 2.1.1 SECONDARY AND PRIMARY RESEARCH 34 FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH 35 2.1.2 SECONDARY DATA 36 2.1.2.1 List of 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 Key data from primary sources 38 2.1.3.3 Key industry insights 39 2.1.3.4 Breakdown of primaries 39 2.2 MARKET SIZE ESTIMATION 40 2.2.1 BOTTOM-UP APPROACH 40 2.2.1.1 Approach to capture 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 capture market size using top-down 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 MARKET BREAKDOWN AND DATA TRIANGULATION 43 FIGURE 7 DATA TRIANGULATION METHODOLOGY 43 2.4 RESEARCH ASSUMPTIONS 44 2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON DIGITAL TWIN MARKET 45 2.6 RESEARCH LIMITATIONS 45 2.7 RISK ASSESSMENT 46 3 EXECUTIVE SUMMARY 47 FIGURE 8 PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST MARKET SHARE OF DIGITAL TWIN MARKET, BY APPLICATION, IN 2028 48 FIGURE 9 SMALL & MEDIUM ENTERPRISES TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 49 FIGURE 10 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 50 FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST MARKET SHARE IN 2022 51 4 PREMIUM INSIGHTS 52 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN DIGITAL TWIN MARKET 52 FIGURE 12 RISING ADOPTION OF DIGITAL TWIN SOLUTIONS BY MANUFACTURING FIRMS TO FUEL MARKET GROWTH 52 4.2 DIGITAL TWIN MARKET, BY APPLICATION 53 FIGURE 13 PREDICTIVE MAINTENANCE SEGMENT TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 53 4.3 DIGITAL TWIN MARKET IN NORTH AMERICA, BY INDUSTRY AND COUNTRY 54 FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO SECURE LARGEST MARKET SHARE OF NORTH AMERICAN MARKET IN 2028 54 4.4 DIGITAL TWIN MARKET, BY INDUSTRY 55 FIGURE 15 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO CAPTURE LARGEST MARKET SHARE IN 2023 55 4.5 DIGITAL TWIN MARKET, BY COUNTRY 55 FIGURE 16 CHINA TO REGISTER HIGHEST CAGR IN GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD 55 5 MARKET OVERVIEW 56 5.1 INTRODUCTION 56 5.2 MARKET DYNAMICS 56 FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 57 5.2.1 DRIVERS 57 5.2.1.1 Growing use of digital twin technology to reduce costs and improve supply chain operations 57 5.2.1.2 Surging demand for digital twin technology from healthcare industry 58 5.2.1.3 Increasing adoption of predictive maintenance model across industries 58 FIGURE 18 DIGITAL TWIN MARKET: IMPACT OF DRIVERS 59 5.2.2 RESTRAINTS 60 5.2.2.1 High capital requirement to implement digital twin technology 60 5.2.2.2 Susceptibility of digital twin technology to cyberattacks 60 FIGURE 19 DIGITAL TWIN MARKET: IMPACT OF RESTRAINTS 61 5.2.3 OPPORTUNITIES 61 5.2.3.1 Surging demand for advanced real-time data analytics 61 5.2.3.2 Increasing adoption of Industry 4.0 principles 62 5.2.3.3 Development of human-centered digital twins 62 FIGURE 20 DIGITAL TWIN MARKET: IMPACT OF OPPORTUNITIES 63 5.2.4 CHALLENGES 63 5.2.4.1 Complexities associated with data collection and mathematical models 63 5.2.4.2 Shortage of skilled workforce 64 FIGURE 21 DIGITAL TWIN MARKET: IMPACT OF CHALLENGES 64 5.3 VALUE CHAIN ANALYSIS 65 FIGURE 22 DIGITAL TWIN MARKET: VALUE CHAIN ANALYSIS 65 5.4 ECOSYSTEM MAPPING 67 FIGURE 23 ECOSYSTEM ANALYSIS 67 TABLE 1 ROLE OF KEY PLAYERS IN DIGITAL TWIN ECOSYSTEM 68 5.5 PRICING ANALYSIS 69 5.5.1 DIGITAL TWIN PRICING, BY APPLICATION 69 FIGURE 24 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS OFFERED BY KEY COMPANIES, BY GEOGRAPHY 69 TABLE 2 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS, BY REGION 70 5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 71 FIGURE 25 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN DIGITAL TWIN MARKET 71 5.7 TECHNOLOGY ANALYSIS 71 5.7.1 IOT AND IIOT 72 5.7.2 AI AND ML 72 5.7.3 AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY 73 5.7.4 5G 73 5.7.5 CLOUD COMPUTING AND EDGE COMPUTING 74 5.7.6 BLOCKCHAIN 74 5.8 PORTER’S FIVE FORCES ANALYSIS 75 FIGURE 26 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS 75 5.8.1 THREAT OF NEW ENTRANTS 75 5.8.2 THREAT OF SUBSTITUTES 76 5.8.3 BARGAINING POWER OF BUYERS 76 5.8.4 BARGAINING POWER OF SUPPLIERS 77 5.8.5 INTENSITY OF COMPETITIVE RIVALRY 77 5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 78 5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 78 FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE INDUSTRIES 78 TABLE 3 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY INDUSTRY 78 5.9.2 BUYING CRITERIA 79 FIGURE 28 KEY BUYING CRITERIA OF TOP THREE INDUSTRIES 79 TABLE 4 KEY BUYING CRITERIA, BY END USER 79 5.10 CASE STUDY ANALYSIS 80 5.10.1 TEMPLE UNIVERSITY, US, USES DIGITAL TWIN TECHNOLOGY TO ENHANCE OPERATIONS ACROSS CAMPUS 80 5.10.2 FAURECIA ADOPTS 3DEXPERIENCE DIGITAL TWIN PLATFORM TO OPTIMIZE AGV INBOUND LOGISTICS 81 5.10.3 DOOSAN OPTIMIZES ENERGY OUTPUT IN WIND FARMS BY IMPLEMENTING AZURE DIGITAL TWINS 82 5.10.4 IBM INCORPORATES DIGITAL TWINS TO IMPROVE SPARE PART INVENTORY 83 5.10.5 USE HEALTHCARE PROFESSIONALS USE DIGITAL TWINS TO DEVELOP PERSONALIZED AND BETTER CARE PLANS 84 5.11 TRADE ANALYSIS 85 FIGURE 29 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION) 85 FIGURE 30 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION) 86 5.12 PATENT ANALYSIS 87 FIGURE 31 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2013–2022 87 TABLE 5 TOP 20 PATENT OWNERS IN LAST 10 YEARS, 2013–2022 87 FIGURE 32 NUMBER OF PATENTS GRANTED FROM 2013 TO 2022 88 TABLE 6 DIGITAL TWIN MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2021–2022 88 5.13 KEY CONFERENCES AND EVENTS, 2023–2024 90 TABLE 7 DIGITAL TWIN MARKET: LIST OF CONFERENCES AND EVENTS 90 5.14 TARIFFS AND REGULATORY LANDSCAPE 91 5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91 TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92 TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93 TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94 TABLE 11 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94 5.14.2 STANDARDS AND REGULATIONS RELATED TO DIGITAL TWIN TECHNOLOGY 95 TABLE 12 DIGITAL TWIN: STANDARDS AND REGULATIONS 95 6 DIGITAL TWIN ADOPTION IN DIFFERENT PROCESSES, COMPONENTS, PRODUCTS, AND SYSTEMS 97 6.1 INTRODUCTION 97 6.2 COMPONENT DIGITAL TWIN 97 6.3 PRODUCT DIGITAL TWIN 98 6.4 PROCESS DIGITAL TWIN 98 6.5 SYSTEM DIGITAL TWIN 99 7 DIGITAL TWIN MODELS 100 7.1 INTRODUCTION 100 7.2 PLATFORM AS A SERVICE (PAAS) 100 7.3 SOFTWARE AS A SERVICE (SAAS) 101 8 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE 102 8.1 INTRODUCTION 103 FIGURE 33 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 104 TABLE 13 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 104 TABLE 14 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 104 8.2 LARGE ENTERPRISES 105 8.2.1 RAPID DEPLOYMENT OF BLOCKCHAIN TECHNOLOGY IN HEALTHCARE SECTOR TO DRIVE MARKET 105 TABLE 15 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 106 TABLE 16 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 106 8.3 SMALL & MEDIUM ENTERPRISES (SMES) 107 8.3.1 SUBSCRIPTION-BASED DIGITAL TWIN SERVICES TO BOOST SEGMENTAL GROWTH 107 TABLE 17 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 107 TABLE 18 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 108 9 DIGITAL TWIN MARKET, BY APPLICATION 109 9.1 INTRODUCTION 110 FIGURE 34 DIGITAL TWIN MARKET, BY APPLICATION 110 FIGURE 35 PREDICTIVE MAINTENANCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 111 TABLE 19 DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 111 TABLE 20 DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 112 9.2 PRODUCT DESIGN & DEVELOPMENT 112 9.2.1 RISING FOCUS OF PRODUCT DESIGNERS TO VISUALIZE AND ANALYZE PRODUCTS VIRTUALLY TO BOOST SEGMENTAL GROWTH 112 TABLE 21 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 113 TABLE 22 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 113 9.3 PERFORMANCE MONITORING 114 9.3.1 GREATER EMPHASIS OF INDUSTRY PLAYERS ON MITIGATING COSTLY EQUIPMENT FAILURES TO DRIVE SEGMENTAL GROWTH 114 TABLE 23 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY 2019–2022 (USD MILLION) 115 TABLE 24 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 115 9.4 PREDICTIVE MAINTENANCE 116 9.4.1 GROWING FOCUS OF MANUFACTURING FIRMS ON COST SAVING TO CONTRIBUTE TO SEGMENTAL GROWTH 116 TABLE 25 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 117 TABLE 26 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 117 9.5 INVENTORY MANAGEMENT 118 9.5.1 INCREASING ADOPTION OF DIGITAL TWIN TO AVOID STOCKOUTS TO SUPPORT SEGMENTAL GROWTH 118 TABLE 27 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 119 TABLE 28 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 120 9.6 BUSINESS OPTIMIZATION 121 9.6.1 STRONG FOCUS ON COST-EFFECTIVE AND FASTER PRODUCTIVE DEVELOPMENT TO DRIVE SEGMENTAL GROWTH 121 TABLE 29 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 121 TABLE 30 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 122 9.7 OTHER APPLICATIONS 123 TABLE 31 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 123 TABLE 32 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 124 10 DIGITAL TWIN MARKET, BY INDUSTRY 125 10.1 INTRODUCTION 126 FIGURE 36 DIGITAL TWIN MARKET, BY INDUSTRY 126 FIGURE 37 HEALTHCARE SEGMENT TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD 127 TABLE 33 DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 127 TABLE 34 DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 128 10.2 AUTOMOTIVE & TRANSPORTATION 129 10.2.1 NEED TO OPTIMIZE AND ENHANCE TIME-CONSUMING PROCESSES IN VEHICLE MANUFACTURING TO BOOST ADOPTION OF DIGITAL TWINS 129 TABLE 35 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 130 TABLE 36 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 130 TABLE 37 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 131 TABLE 38 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 131 10.3 ENERGY & UTILITIES 132 10.3.1 RISING APPLICATION OF DIGITAL TWIN TECHNOLOGY IN WIND FARMS TO BENEFIT MARKET 132 TABLE 39 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 133 TABLE 40 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 133 TABLE 41 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 134 TABLE 42 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 134 10.4 INFRASTRUCTURE 135 10.4.1 SMART CITY PROJECTS AND SMART TRANSPORTATION INITIATIVES TO DRIVE MARKET 135 TABLE 43 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 135 TABLE 44 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 136 TABLE 45 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 136 TABLE 46 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 136 10.5 HEALTHCARE 137 10.5.1 DIGITAL TRANSFORMATION IN HEALTHCARE INDUSTRY TO DRIVE MARKET 137 TABLE 47 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 138 TABLE 48 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 138 TABLE 49 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 138 TABLE 50 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 139 10.6 AEROSPACE 139 10.6.1 PRESSING NEED FOR REAL-TIME TELEMETRY DATA TO AVOID DANGEROUS SITUATIONS TO ACCELERATE DEMAND FOR DIGITAL TWIN TECHNOLOGY 139 TABLE 51 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 140 TABLE 52 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 140 TABLE 53 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 141 TABLE 54 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 141 10.7 OIL & GAS 142 10.7.1 INCREASING USE OF DIGITAL TWIN OPTIMIZE OIL AND GAS PLANT OPERATIONS TO DRIVE MARKET 142 TABLE 55 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 142 TABLE 56 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 143 TABLE 57 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 143 TABLE 58 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 143 10.8 TELECOMMUNICATIONS 144 10.8.1 RISING IMPLEMENTATION OF DIGITAL TWIN SOLUTIONS TO ENHANCE NETWORK OPTIMIZATION AND 5G DEPLOYMENT TO STRENGTHEN MARKET 144 TABLE 59 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 144 TABLE 60 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 145 TABLE 61 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 145 TABLE 62 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 145 10.9 AGRICULTURE 146 10.9.1 INCREASED FOCUS ON REAL-TIME MONITORING OF CROPS AND DECISION-MAKING TO BOOST DIGITAL TWIN ADOPTION TO CONTRIBUTE TO MARKET GROWTH 146 TABLE 63 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 146 TABLE 64 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 147 TABLE 65 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 147 TABLE 66 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 147 10.10 RETAIL 148 10.10.1 SURGING ADOPTION OF DIGITAL TWIN SOLUTIONS TO IMPROVE CUSTOMER ENGAGEMENT AND SATISFACTION TO PROPEL MARKET 148 TABLE 67 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 148 TABLE 68 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 149 TABLE 69 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 149 TABLE 70 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 149 10.11 OTHER INDUSTRIES 150 TABLE 71 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 151 TABLE 72 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 151 TABLE 73 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 152 TABLE 74 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 152 11 REGIONAL ANALYSIS 153 11.1 INTRODUCTION 154 FIGURE 38 DIGITAL TWIN MARKET IN CHINA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028 154 FIGURE 39 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 155 TABLE 75 DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 155 TABLE 76 DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 155 11.2 NORTH AMERICA 156 11.3 NORTH AMERICA: RECESSION IMPACT 156 FIGURE 40 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT 157 TABLE 77 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 158 TABLE 78 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 158 TABLE 79 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 158 TABLE 80 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 159 TABLE 81 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 159 TABLE 82 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 159 11.3.1 US 160 11.3.1.1 Implementation of 3D models and digital technologies across several industries to drive market 160 11.3.2 CANADA 161 11.3.2.1 Lowest business tax burden to attract digital twin technology providers 161 11.3.3 MEXICO 161 11.3.3.1 Thriving automotive sector to support market growth 161 11.4 EUROPE 162 11.4.1 EUROPE: RECESSION IMPACT 162 FIGURE 41 EUROPE: DIGITAL TWIN MARKET SNAPSHOT 163 TABLE 83 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 164 TABLE 84 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 164 TABLE 85 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 164 TABLE 86 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 165 TABLE 87 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 165 TABLE 88 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 165 11.4.2 GERMANY 166 11.4.2.1 Increasing adoption of inclination of manufacturing firms toward automation to fuel market growth 166 11.4.3 FRANCE 167 11.4.3.1 Significant contribution of automotive and aerospace industries in technology adoption to drive market 167 11.4.4 UK 167 11.4.4.1 Steady development of renewable energy infrastructure and adoption of 5G and IoT to boost demand 167 11.4.5 REST OF EUROPE 168 11.5 ASIA PACIFIC 168 11.5.1 ASIA PACIFIC: RECESSION IMPACT 169 FIGURE 42 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT 170 TABLE 89 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 171 TABLE 90 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 171 TABLE 91 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 172 TABLE 92 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 172 TABLE 93 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 173 TABLE 94 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 173 11.5.2 CHINA 173 11.5.2.1 Increasing adoption of automation technologies to propel market 173 11.5.3 JAPAN 174 11.5.3.1 Rising use of IoT devices to create opportunities for digital twin technology providers 174 11.5.4 INDIA 174 11.5.4.1 Make in India and Digital India initiatives undertaken by governments to drive market 174 11.5.5 SOUTH KOREA 175 11.5.5.1 Government-led R&D initiatives in IoT technology to boost adoption of digital twins 175 11.5.6 REST OF ASIA PACIFIC 175 11.6 ROW 176 11.6.1 ROW: RECESSION IMPACT 176 FIGURE 43 ROW: DIGITAL TWIN MARKET SNAPSHOT 177 TABLE 95 ROW: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 177 TABLE 96 ROW: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 178 TABLE 97 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 178 TABLE 98 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 179 TABLE 99 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 179 TABLE 100 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 179 11.6.2 SOUTH AMERICA 180 11.6.2.1 Surging adoption of IIoT in mining and other industries to drive market 180 11.6.3 MIDDLE EAST 180 TABLE 101 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 180 TABLE 102 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 181 11.6.3.1 Saudi Arabia 181 11.6.3.1.1 Growing focus of oil & gas companies on safe and efficient operations to boost demand for digital twin solutions 181 11.6.3.2 UAE 182 11.6.3.2.1 Inclination of industry players toward smart manufacturing to drive market 182 11.6.3.3 Rest of Middle East 182 11.6.4 AFRICA 183 11.6.4.1 Increasing demand for telecom and power supply devices to fuel market growth 183 12 COMPETITIVE LANDSCAPE 184 12.1 OVERVIEW 184 12.2 KEY PLAYER STRATEGIES ADOPTED BY MAJOR PLAYERS 184 TABLE 103 OVERVIEW OF STRATEGIES ADOPTED BY DIGITAL TWIN PROVIDERS 184 12.3 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022 186 FIGURE 44 SEGMENTAL REVENUE OF KEY PLAYERS, 2018–2022 186 12.4 MARKET SHARE ANALYSIS, 2022 186 TABLE 104 DIGITAL TWIN MARKET: DEGREE OF COMPETITION 187 FIGURE 45 MARKET SHARE ANALYSIS, 2022 187 12.5 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022 189 12.5.1 STARS 189 12.5.2 EMERGING LEADERS 189 12.5.3 PERVASIVE PLAYERS 189 12.5.4 PARTICIPANTS 189 FIGURE 46 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022 190 12.6 DIGITAL TWIN MARKET: COMPANY FOOTPRINT 191 TABLE 105 COMPANY FOOTPRINT 191 TABLE 106 INDUSTRY FOOTPRINT 192 TABLE 107 ENTERPRISE FOOTPRINT 193 TABLE 108 REGION FOOTPRINT 194 12.7 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 195 12.7.1 PROGRESSIVE COMPANIES 195 12.7.2 RESPONSIVE COMPANIES 195 12.7.3 DYNAMIC COMPANIES 195 12.7.4 STARTING BLOCKS 195 FIGURE 47 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 196 12.8 DETAILED LIST OF KEY STARTUPS/SMES 197 TABLE 109 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUPS 197 TABLE 110 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 198 12.9 COMPETITIVE SCENARIOS AND TRENDS 199 12.9.1 PRODUCT LAUNCHES 199 TABLE 111 DIGITAL TWIN MARKET: PRODUCT LAUNCHES, 2020–2023 199 12.9.2 DEALS 201 TABLE 112 DIGITAL TWIN MARKET: DEALS, 2020–2023 201 12.9.3 OTHERS 204 TABLE 113 DIGITAL TWIN MARKET: OTHERS, 2020–2023 204 13 COMPANY PROFILES 205 (Business overview, Products/Solutions/Services offered, Recent Developments, MNM view)* 13.1 KEY PLAYERS 205 13.1.1 GENERAL ELECTRIC 205 TABLE 114 GENERAL ELECTRIC: BUSINESS OVERVIEW 206 FIGURE 48 GENERAL ELECTRIC: COMPANY SNAPSHOT 206 TABLE 115 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 207 13.1.2 MICROSOFT 213 TABLE 116 MICROSOFT: BUSINESS OVERVIEW 213 FIGURE 49 MICROSOFT: COMPANY SNAPSHOT 214 TABLE 117 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 214 13.1.3 SIEMENS 218 TABLE 118 SIEMENS: BUSINESS OVERVIEW 218 FIGURE 50 SIEMENS: COMPANY SNAPSHOT 219 TABLE 119 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 219 13.1.4 AMAZON WEB SERVICES, INC. (AWS) 224 TABLE 120 AMAZON WEB SERVICES, INC.: BUSINESS OVERVIEW 224 FIGURE 51 AMAZON WEB SERVICES, INC.: COMPANY SNAPSHOT 225 TABLE 121 AMAZON WEB SERVICES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 225 13.1.5 DASSAULT SYSTÈMES 229 TABLE 122 DASSAULT SYSTÈMES: BUSINESS OVERVIEW 229 FIGURE 52 DASSAULT SYSTÈMES: COMPANY SNAPSHOT 230 TABLE 123 DASSAULT SYSTÈMES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 230 13.1.6 ANSYS, INC. 235 TABLE 124 ANSYS, INC.: BUSINESS OVERVIEW 235 FIGURE 53 ANSYS, INC.: COMPANY SNAPSHOT 235 TABLE 125 ANSYS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 236 13.1.7 IBM CORPORATION 239 TABLE 126 IBM CORPORATION: BUSINESS OVERVIEW 239 FIGURE 54 IBM CORPORATION: COMPANY SNAPSHOT 240 TABLE 127 IBM CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 240 13.1.8 PTC 243 TABLE 128 PTC: BUSINESS OVERVIEW 243 FIGURE 55 PTC: COMPANY SNAPSHOT 244 TABLE 129 PTC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244 13.1.9 SAP SE 247 TABLE 130 SAP SE: BUSINESS OVERVIEW 247 FIGURE 56 SAP SE: COMPANY SNAPSHOT 248 TABLE 131 SAP SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 249 13.1.10 ORACLE 250 TABLE 132 ORACLE: BUSINESS OVERVIEW 250 FIGURE 57 ORACLE: COMPANY SNAPSHOT 251 TABLE 133 ORACLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 251 13.1.11 ROBERT BOSCH GMBH 254 TABLE 134 ROBERT BOSCH GMBH: BUSINESS OVERVIEW 254 FIGURE 58 ROBERT BOSCH GMBH: COMPANY SNAPSHOT 255 TABLE 135 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255 13.2 OTHER KEY PLAYERS 258 13.2.1 EMERSON ELECTRIC CO. 258 13.2.2 ABB 259 13.2.3 HONEYWELL INTERNATIONAL INC. 260 13.2.4 SCHNEIDER ELECTRIC 261 13.2.5 NAVVIS 262 13.2.6 DNV AS 263 13.2.7 AUTODESK INC. 264 13.2.8 ANDRITZ AG 265 13.2.9 SOFTWARE AG 266 13.2.10 BENTLEY SYSTEMS, INCORPORATED 267 13.2.11 RIVER LOGIC, INC. 268 13.2.12 ALTAIR ENGINEERING INC. 269 13.2.13 JOHNSON CONTROLS 270 13.2.14 NSTREAM 271 *Details on Business overview, Products/Solutions/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies. 14 ADJACENT AND RELATED MARKETS 272 14.1 INDUSTRIAL ROBOTICS MARKET 272 14.2 STUDY LIMITATIONS 272 14.3 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD 272 FIGURE 59 INDUSTRIAL ROBOTICS WITH PAYLOAD CAPACITY RANGING OF 16.01 TO 60.00 KG TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 273 TABLE 136 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (USD MILLION) 273 TABLE 137 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (USD MILLION) 274 TABLE 138 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (THOUSAND UNITS) 274 TABLE 139 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (THOUSAND UNITS) 274 14.4 UP TO 16.00 KG 275 14.4.1 HIGH ACCURACY AND FLEXIBILITY OF ROBOTS TO DRIVE DEMAND IN FOOD & BEVERAGES AND AUTOMOTIVE VERTICALS 275 TABLE 140 TYPES OF INDUSTRIAL ROBOTS WITH UP TO 16. OO KG PAYLOAD CAPACITY 276 14.5 16.01–60.00 KG 276 14.5.1 AUTOMOTIVE INDUSTRY TO OFFER LUCRATIVE OPPORTUNITIES FOR PLAYERS 276 TABLE 141 TYPES OF INDUSTRIAL ROBOTS WITH 16.01–60.00 KG PAYLOAD CAPACITY 277 14.6 60.01–225.00 KG 277 14.6.1 GROWING ADOPTION OF ROBOTS TO AUTOMATE ASSEMBLING AND PACKAGING OF CONSUMER ELECTRONICS TO DRIVE MARKET 277 TABLE 142 TYPES OF INDUSTRIAL ROBOTS WITH 60.01–225.00 KG PAYLOAD CAPACITY 278 14.7 MORE THAN 225.00 KG 278 14.7.1 STRONG FOCUS ON IMPROVING PRODUCTIVITY AND WORKPLACE SAFETY TO ACCELERATE MARKET GROWTH 278 TABLE 143 TYPES OF INDUSTRIAL ROBOTS WITH MORE THAN 225.00 KG PAYLOAD CAPACITY 279 15 APPENDIX 280 15.1 INSIGHTS FROM INDUSTRY EXPERTS 280 15.2 DISCUSSION GUIDE 281 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 283 15.4 AVAILABLE CUSTOMIZATIONS 285 15.5 RELATED REPORTS 285 15.6 AUTHOR DETAILS 286
SummaryThe digital twin market is expected to grow from USD 10.1 billion in 2023 to USD 110.1 billion by 2028, at a CAGR of 61.3% during the forecast period. The growth of the digital twin market is driven mainly by the growing demand for digital twin in the healthcare industry and the growing focus on predictive maintenance. Table of Contents1 INTRODUCTION 281.1 STUDY OBJECTIVES 28 1.2 MARKET DEFINITION 29 1.3 MARKET SCOPE 29 1.3.1 MARKETS COVERED 29 FIGURE 1 DIGITAL TWIN MARKET SEGMENTATION 29 1.3.2 INCLUSIONS AND EXCLUSIONS 30 1.3.3 GEOGRAPHICAL SCOPE 30 1.3.4 YEARS CONSIDERED 31 1.4 CURRENCY CONSIDERED 31 1.5 LIMITATIONS 31 1.6 STAKEHOLDERS 32 1.7 SUMMARY OF CHANGES 32 1.7.1 IMPACT OF RECESSION 32 2 RESEARCH METHODOLOGY 33 2.1 RESEARCH DATA 33 FIGURE 2 DIGITAL TWIN MARKET: RESEARCH DESIGN 34 2.1.1 SECONDARY AND PRIMARY RESEARCH 34 FIGURE 3 DIGITAL TWIN MARKET: RESEARCH APPROACH 35 2.1.2 SECONDARY DATA 36 2.1.2.1 List of 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 Key data from primary sources 38 2.1.3.3 Key industry insights 39 2.1.3.4 Breakdown of primaries 39 2.2 MARKET SIZE ESTIMATION 40 2.2.1 BOTTOM-UP APPROACH 40 2.2.1.1 Approach to capture 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 capture market size using top-down 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 MARKET BREAKDOWN AND DATA TRIANGULATION 43 FIGURE 7 DATA TRIANGULATION METHODOLOGY 43 2.4 RESEARCH ASSUMPTIONS 44 2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON DIGITAL TWIN MARKET 45 2.6 RESEARCH LIMITATIONS 45 2.7 RISK ASSESSMENT 46 3 EXECUTIVE SUMMARY 47 FIGURE 8 PREDICTIVE MAINTENANCE SEGMENT TO HOLD LARGEST MARKET SHARE OF DIGITAL TWIN MARKET, BY APPLICATION, IN 2028 48 FIGURE 9 SMALL & MEDIUM ENTERPRISES TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 49 FIGURE 10 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 50 FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST MARKET SHARE IN 2022 51 4 PREMIUM INSIGHTS 52 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN DIGITAL TWIN MARKET 52 FIGURE 12 RISING ADOPTION OF DIGITAL TWIN SOLUTIONS BY MANUFACTURING FIRMS TO FUEL MARKET GROWTH 52 4.2 DIGITAL TWIN MARKET, BY APPLICATION 53 FIGURE 13 PREDICTIVE MAINTENANCE SEGMENT TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 53 4.3 DIGITAL TWIN MARKET IN NORTH AMERICA, BY INDUSTRY AND COUNTRY 54 FIGURE 14 AUTOMOTIVE & TRANSPORTATION INDUSTRY AND US TO SECURE LARGEST MARKET SHARE OF NORTH AMERICAN MARKET IN 2028 54 4.4 DIGITAL TWIN MARKET, BY INDUSTRY 55 FIGURE 15 AUTOMOTIVE & TRANSPORTATION INDUSTRY TO CAPTURE LARGEST MARKET SHARE IN 2023 55 4.5 DIGITAL TWIN MARKET, BY COUNTRY 55 FIGURE 16 CHINA TO REGISTER HIGHEST CAGR IN GLOBAL DIGITAL TWIN MARKET DURING FORECAST PERIOD 55 5 MARKET OVERVIEW 56 5.1 INTRODUCTION 56 5.2 MARKET DYNAMICS 56 FIGURE 17 DIGITAL TWIN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 57 5.2.1 DRIVERS 57 5.2.1.1 Growing use of digital twin technology to reduce costs and improve supply chain operations 57 5.2.1.2 Surging demand for digital twin technology from healthcare industry 58 5.2.1.3 Increasing adoption of predictive maintenance model across industries 58 FIGURE 18 DIGITAL TWIN MARKET: IMPACT OF DRIVERS 59 5.2.2 RESTRAINTS 60 5.2.2.1 High capital requirement to implement digital twin technology 60 5.2.2.2 Susceptibility of digital twin technology to cyberattacks 60 FIGURE 19 DIGITAL TWIN MARKET: IMPACT OF RESTRAINTS 61 5.2.3 OPPORTUNITIES 61 5.2.3.1 Surging demand for advanced real-time data analytics 61 5.2.3.2 Increasing adoption of Industry 4.0 principles 62 5.2.3.3 Development of human-centered digital twins 62 FIGURE 20 DIGITAL TWIN MARKET: IMPACT OF OPPORTUNITIES 63 5.2.4 CHALLENGES 63 5.2.4.1 Complexities associated with data collection and mathematical models 63 5.2.4.2 Shortage of skilled workforce 64 FIGURE 21 DIGITAL TWIN MARKET: IMPACT OF CHALLENGES 64 5.3 VALUE CHAIN ANALYSIS 65 FIGURE 22 DIGITAL TWIN MARKET: VALUE CHAIN ANALYSIS 65 5.4 ECOSYSTEM MAPPING 67 FIGURE 23 ECOSYSTEM ANALYSIS 67 TABLE 1 ROLE OF KEY PLAYERS IN DIGITAL TWIN ECOSYSTEM 68 5.5 PRICING ANALYSIS 69 5.5.1 DIGITAL TWIN PRICING, BY APPLICATION 69 FIGURE 24 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS OFFERED BY KEY COMPANIES, BY GEOGRAPHY 69 TABLE 2 AVERAGE SELLING PRICE OF DIGITAL TWIN SOLUTIONS, BY REGION 70 5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 71 FIGURE 25 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN DIGITAL TWIN MARKET 71 5.7 TECHNOLOGY ANALYSIS 71 5.7.1 IOT AND IIOT 72 5.7.2 AI AND ML 72 5.7.3 AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY 73 5.7.4 5G 73 5.7.5 CLOUD COMPUTING AND EDGE COMPUTING 74 5.7.6 BLOCKCHAIN 74 5.8 PORTER’S FIVE FORCES ANALYSIS 75 FIGURE 26 DIGITAL TWIN MARKET: PORTER’S FIVE FORCES ANALYSIS 75 5.8.1 THREAT OF NEW ENTRANTS 75 5.8.2 THREAT OF SUBSTITUTES 76 5.8.3 BARGAINING POWER OF BUYERS 76 5.8.4 BARGAINING POWER OF SUPPLIERS 77 5.8.5 INTENSITY OF COMPETITIVE RIVALRY 77 5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 78 5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 78 FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE INDUSTRIES 78 TABLE 3 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY INDUSTRY 78 5.9.2 BUYING CRITERIA 79 FIGURE 28 KEY BUYING CRITERIA OF TOP THREE INDUSTRIES 79 TABLE 4 KEY BUYING CRITERIA, BY END USER 79 5.10 CASE STUDY ANALYSIS 80 5.10.1 TEMPLE UNIVERSITY, US, USES DIGITAL TWIN TECHNOLOGY TO ENHANCE OPERATIONS ACROSS CAMPUS 80 5.10.2 FAURECIA ADOPTS 3DEXPERIENCE DIGITAL TWIN PLATFORM TO OPTIMIZE AGV INBOUND LOGISTICS 81 5.10.3 DOOSAN OPTIMIZES ENERGY OUTPUT IN WIND FARMS BY IMPLEMENTING AZURE DIGITAL TWINS 82 5.10.4 IBM INCORPORATES DIGITAL TWINS TO IMPROVE SPARE PART INVENTORY 83 5.10.5 USE HEALTHCARE PROFESSIONALS USE DIGITAL TWINS TO DEVELOP PERSONALIZED AND BETTER CARE PLANS 84 5.11 TRADE ANALYSIS 85 FIGURE 29 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION) 85 FIGURE 30 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 851769, BY COUNTRY, 2018–2022 (USD MILLION) 86 5.12 PATENT ANALYSIS 87 FIGURE 31 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR DIGITAL TWINS, 2013–2022 87 TABLE 5 TOP 20 PATENT OWNERS IN LAST 10 YEARS, 2013–2022 87 FIGURE 32 NUMBER OF PATENTS GRANTED FROM 2013 TO 2022 88 TABLE 6 DIGITAL TWIN MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2021–2022 88 5.13 KEY CONFERENCES AND EVENTS, 2023–2024 90 TABLE 7 DIGITAL TWIN MARKET: LIST OF CONFERENCES AND EVENTS 90 5.14 TARIFFS AND REGULATORY LANDSCAPE 91 5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91 TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92 TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93 TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94 TABLE 11 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94 5.14.2 STANDARDS AND REGULATIONS RELATED TO DIGITAL TWIN TECHNOLOGY 95 TABLE 12 DIGITAL TWIN: STANDARDS AND REGULATIONS 95 6 DIGITAL TWIN ADOPTION IN DIFFERENT PROCESSES, COMPONENTS, PRODUCTS, AND SYSTEMS 97 6.1 INTRODUCTION 97 6.2 COMPONENT DIGITAL TWIN 97 6.3 PRODUCT DIGITAL TWIN 98 6.4 PROCESS DIGITAL TWIN 98 6.5 SYSTEM DIGITAL TWIN 99 7 DIGITAL TWIN MODELS 100 7.1 INTRODUCTION 100 7.2 PLATFORM AS A SERVICE (PAAS) 100 7.3 SOFTWARE AS A SERVICE (SAAS) 101 8 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE 102 8.1 INTRODUCTION 103 FIGURE 33 DIGITAL TWIN MARKET FOR SMALL & MEDIUM ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 104 TABLE 13 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 104 TABLE 14 DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 104 8.2 LARGE ENTERPRISES 105 8.2.1 RAPID DEPLOYMENT OF BLOCKCHAIN TECHNOLOGY IN HEALTHCARE SECTOR TO DRIVE MARKET 105 TABLE 15 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 106 TABLE 16 LARGE ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 106 8.3 SMALL & MEDIUM ENTERPRISES (SMES) 107 8.3.1 SUBSCRIPTION-BASED DIGITAL TWIN SERVICES TO BOOST SEGMENTAL GROWTH 107 TABLE 17 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 107 TABLE 18 SMALL & MEDIUM ENTERPRISES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 108 9 DIGITAL TWIN MARKET, BY APPLICATION 109 9.1 INTRODUCTION 110 FIGURE 34 DIGITAL TWIN MARKET, BY APPLICATION 110 FIGURE 35 PREDICTIVE MAINTENANCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 111 TABLE 19 DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 111 TABLE 20 DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 112 9.2 PRODUCT DESIGN & DEVELOPMENT 112 9.2.1 RISING FOCUS OF PRODUCT DESIGNERS TO VISUALIZE AND ANALYZE PRODUCTS VIRTUALLY TO BOOST SEGMENTAL GROWTH 112 TABLE 21 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 113 TABLE 22 PRODUCT DESIGN & DEVELOPMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 113 9.3 PERFORMANCE MONITORING 114 9.3.1 GREATER EMPHASIS OF INDUSTRY PLAYERS ON MITIGATING COSTLY EQUIPMENT FAILURES TO DRIVE SEGMENTAL GROWTH 114 TABLE 23 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY 2019–2022 (USD MILLION) 115 TABLE 24 PERFORMANCE MONITORING: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 115 9.4 PREDICTIVE MAINTENANCE 116 9.4.1 GROWING FOCUS OF MANUFACTURING FIRMS ON COST SAVING TO CONTRIBUTE TO SEGMENTAL GROWTH 116 TABLE 25 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 117 TABLE 26 PREDICTIVE MAINTENANCE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 117 9.5 INVENTORY MANAGEMENT 118 9.5.1 INCREASING ADOPTION OF DIGITAL TWIN TO AVOID STOCKOUTS TO SUPPORT SEGMENTAL GROWTH 118 TABLE 27 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 119 TABLE 28 INVENTORY MANAGEMENT: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 120 9.6 BUSINESS OPTIMIZATION 121 9.6.1 STRONG FOCUS ON COST-EFFECTIVE AND FASTER PRODUCTIVE DEVELOPMENT TO DRIVE SEGMENTAL GROWTH 121 TABLE 29 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 121 TABLE 30 BUSINESS OPTIMIZATION: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 122 9.7 OTHER APPLICATIONS 123 TABLE 31 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 123 TABLE 32 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 124 10 DIGITAL TWIN MARKET, BY INDUSTRY 125 10.1 INTRODUCTION 126 FIGURE 36 DIGITAL TWIN MARKET, BY INDUSTRY 126 FIGURE 37 HEALTHCARE SEGMENT TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD 127 TABLE 33 DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 127 TABLE 34 DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 128 10.2 AUTOMOTIVE & TRANSPORTATION 129 10.2.1 NEED TO OPTIMIZE AND ENHANCE TIME-CONSUMING PROCESSES IN VEHICLE MANUFACTURING TO BOOST ADOPTION OF DIGITAL TWINS 129 TABLE 35 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 130 TABLE 36 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 130 TABLE 37 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 131 TABLE 38 AUTOMOTIVE & TRANSPORTATION: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 131 10.3 ENERGY & UTILITIES 132 10.3.1 RISING APPLICATION OF DIGITAL TWIN TECHNOLOGY IN WIND FARMS TO BENEFIT MARKET 132 TABLE 39 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 133 TABLE 40 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 133 TABLE 41 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 134 TABLE 42 ENERGY & UTILITIES: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 134 10.4 INFRASTRUCTURE 135 10.4.1 SMART CITY PROJECTS AND SMART TRANSPORTATION INITIATIVES TO DRIVE MARKET 135 TABLE 43 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 135 TABLE 44 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 136 TABLE 45 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 136 TABLE 46 INFRASTRUCTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 136 10.5 HEALTHCARE 137 10.5.1 DIGITAL TRANSFORMATION IN HEALTHCARE INDUSTRY TO DRIVE MARKET 137 TABLE 47 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 138 TABLE 48 HEALTHCARE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 138 TABLE 49 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 138 TABLE 50 HEALTHCARE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 139 10.6 AEROSPACE 139 10.6.1 PRESSING NEED FOR REAL-TIME TELEMETRY DATA TO AVOID DANGEROUS SITUATIONS TO ACCELERATE DEMAND FOR DIGITAL TWIN TECHNOLOGY 139 TABLE 51 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 140 TABLE 52 AEROSPACE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 140 TABLE 53 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 141 TABLE 54 AEROSPACE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 141 10.7 OIL & GAS 142 10.7.1 INCREASING USE OF DIGITAL TWIN OPTIMIZE OIL AND GAS PLANT OPERATIONS TO DRIVE MARKET 142 TABLE 55 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 142 TABLE 56 OIL & GAS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 143 TABLE 57 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 143 TABLE 58 OIL & GAS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 143 10.8 TELECOMMUNICATIONS 144 10.8.1 RISING IMPLEMENTATION OF DIGITAL TWIN SOLUTIONS TO ENHANCE NETWORK OPTIMIZATION AND 5G DEPLOYMENT TO STRENGTHEN MARKET 144 TABLE 59 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 144 TABLE 60 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 145 TABLE 61 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 145 TABLE 62 TELECOMMUNICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 145 10.9 AGRICULTURE 146 10.9.1 INCREASED FOCUS ON REAL-TIME MONITORING OF CROPS AND DECISION-MAKING TO BOOST DIGITAL TWIN ADOPTION TO CONTRIBUTE TO MARKET GROWTH 146 TABLE 63 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 146 TABLE 64 AGRICULTURE: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 147 TABLE 65 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 147 TABLE 66 AGRICULTURE: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 147 10.10 RETAIL 148 10.10.1 SURGING ADOPTION OF DIGITAL TWIN SOLUTIONS TO IMPROVE CUSTOMER ENGAGEMENT AND SATISFACTION TO PROPEL MARKET 148 TABLE 67 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 148 TABLE 68 RETAIL: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 149 TABLE 69 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 149 TABLE 70 RETAIL: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 149 10.11 OTHER INDUSTRIES 150 TABLE 71 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 151 TABLE 72 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 151 TABLE 73 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 152 TABLE 74 OTHER APPLICATIONS: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 152 11 REGIONAL ANALYSIS 153 11.1 INTRODUCTION 154 FIGURE 38 DIGITAL TWIN MARKET IN CHINA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028 154 FIGURE 39 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 155 TABLE 75 DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 155 TABLE 76 DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 155 11.2 NORTH AMERICA 156 11.3 NORTH AMERICA: RECESSION IMPACT 156 FIGURE 40 NORTH AMERICA: DIGITAL TWIN MARKET SNAPSHOT 157 TABLE 77 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 158 TABLE 78 NORTH AMERICA: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 158 TABLE 79 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 158 TABLE 80 NORTH AMERICA: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 159 TABLE 81 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 159 TABLE 82 NORTH AMERICA: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 159 11.3.1 US 160 11.3.1.1 Implementation of 3D models and digital technologies across several industries to drive market 160 11.3.2 CANADA 161 11.3.2.1 Lowest business tax burden to attract digital twin technology providers 161 11.3.3 MEXICO 161 11.3.3.1 Thriving automotive sector to support market growth 161 11.4 EUROPE 162 11.4.1 EUROPE: RECESSION IMPACT 162 FIGURE 41 EUROPE: DIGITAL TWIN MARKET SNAPSHOT 163 TABLE 83 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 164 TABLE 84 EUROPE: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 164 TABLE 85 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 164 TABLE 86 EUROPE: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 165 TABLE 87 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 165 TABLE 88 EUROPE: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 165 11.4.2 GERMANY 166 11.4.2.1 Increasing adoption of inclination of manufacturing firms toward automation to fuel market growth 166 11.4.3 FRANCE 167 11.4.3.1 Significant contribution of automotive and aerospace industries in technology adoption to drive market 167 11.4.4 UK 167 11.4.4.1 Steady development of renewable energy infrastructure and adoption of 5G and IoT to boost demand 167 11.4.5 REST OF EUROPE 168 11.5 ASIA PACIFIC 168 11.5.1 ASIA PACIFIC: RECESSION IMPACT 169 FIGURE 42 ASIA PACIFIC: DIGITAL TWIN MARKET SNAPSHOT 170 TABLE 89 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 171 TABLE 90 ASIA PACIFIC: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 171 TABLE 91 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 172 TABLE 92 ASIA PACIFIC: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 172 TABLE 93 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 173 TABLE 94 ASIA PACIFIC: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 173 11.5.2 CHINA 173 11.5.2.1 Increasing adoption of automation technologies to propel market 173 11.5.3 JAPAN 174 11.5.3.1 Rising use of IoT devices to create opportunities for digital twin technology providers 174 11.5.4 INDIA 174 11.5.4.1 Make in India and Digital India initiatives undertaken by governments to drive market 174 11.5.5 SOUTH KOREA 175 11.5.5.1 Government-led R&D initiatives in IoT technology to boost adoption of digital twins 175 11.5.6 REST OF ASIA PACIFIC 175 11.6 ROW 176 11.6.1 ROW: RECESSION IMPACT 176 FIGURE 43 ROW: DIGITAL TWIN MARKET SNAPSHOT 177 TABLE 95 ROW: DIGITAL TWIN MARKET, BY REGION, 2019–2022 (USD MILLION) 177 TABLE 96 ROW: DIGITAL TWIN MARKET, BY REGION, 2023–2028 (USD MILLION) 178 TABLE 97 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 178 TABLE 98 ROW: DIGITAL TWIN MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 179 TABLE 99 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2019–2022 (USD MILLION) 179 TABLE 100 ROW: DIGITAL TWIN MARKET, BY ENTERPRISE SIZE, 2023–2028 (USD MILLION) 179 11.6.2 SOUTH AMERICA 180 11.6.2.1 Surging adoption of IIoT in mining and other industries to drive market 180 11.6.3 MIDDLE EAST 180 TABLE 101 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 180 TABLE 102 MIDDLE EAST: DIGITAL TWIN MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 181 11.6.3.1 Saudi Arabia 181 11.6.3.1.1 Growing focus of oil & gas companies on safe and efficient operations to boost demand for digital twin solutions 181 11.6.3.2 UAE 182 11.6.3.2.1 Inclination of industry players toward smart manufacturing to drive market 182 11.6.3.3 Rest of Middle East 182 11.6.4 AFRICA 183 11.6.4.1 Increasing demand for telecom and power supply devices to fuel market growth 183 12 COMPETITIVE LANDSCAPE 184 12.1 OVERVIEW 184 12.2 KEY PLAYER STRATEGIES ADOPTED BY MAJOR PLAYERS 184 TABLE 103 OVERVIEW OF STRATEGIES ADOPTED BY DIGITAL TWIN PROVIDERS 184 12.3 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022 186 FIGURE 44 SEGMENTAL REVENUE OF KEY PLAYERS, 2018–2022 186 12.4 MARKET SHARE ANALYSIS, 2022 186 TABLE 104 DIGITAL TWIN MARKET: DEGREE OF COMPETITION 187 FIGURE 45 MARKET SHARE ANALYSIS, 2022 187 12.5 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022 189 12.5.1 STARS 189 12.5.2 EMERGING LEADERS 189 12.5.3 PERVASIVE PLAYERS 189 12.5.4 PARTICIPANTS 189 FIGURE 46 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022 190 12.6 DIGITAL TWIN MARKET: COMPANY FOOTPRINT 191 TABLE 105 COMPANY FOOTPRINT 191 TABLE 106 INDUSTRY FOOTPRINT 192 TABLE 107 ENTERPRISE FOOTPRINT 193 TABLE 108 REGION FOOTPRINT 194 12.7 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 195 12.7.1 PROGRESSIVE COMPANIES 195 12.7.2 RESPONSIVE COMPANIES 195 12.7.3 DYNAMIC COMPANIES 195 12.7.4 STARTING BLOCKS 195 FIGURE 47 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 196 12.8 DETAILED LIST OF KEY STARTUPS/SMES 197 TABLE 109 DIGITAL TWIN MARKET: DETAILED LIST OF KEY STARTUPS 197 TABLE 110 DIGITAL TWIN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 198 12.9 COMPETITIVE SCENARIOS AND TRENDS 199 12.9.1 PRODUCT LAUNCHES 199 TABLE 111 DIGITAL TWIN MARKET: PRODUCT LAUNCHES, 2020–2023 199 12.9.2 DEALS 201 TABLE 112 DIGITAL TWIN MARKET: DEALS, 2020–2023 201 12.9.3 OTHERS 204 TABLE 113 DIGITAL TWIN MARKET: OTHERS, 2020–2023 204 13 COMPANY PROFILES 205 (Business overview, Products/Solutions/Services offered, Recent Developments, MNM view)* 13.1 KEY PLAYERS 205 13.1.1 GENERAL ELECTRIC 205 TABLE 114 GENERAL ELECTRIC: BUSINESS OVERVIEW 206 FIGURE 48 GENERAL ELECTRIC: COMPANY SNAPSHOT 206 TABLE 115 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 207 13.1.2 MICROSOFT 213 TABLE 116 MICROSOFT: BUSINESS OVERVIEW 213 FIGURE 49 MICROSOFT: COMPANY SNAPSHOT 214 TABLE 117 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 214 13.1.3 SIEMENS 218 TABLE 118 SIEMENS: BUSINESS OVERVIEW 218 FIGURE 50 SIEMENS: COMPANY SNAPSHOT 219 TABLE 119 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 219 13.1.4 AMAZON WEB SERVICES, INC. (AWS) 224 TABLE 120 AMAZON WEB SERVICES, INC.: BUSINESS OVERVIEW 224 FIGURE 51 AMAZON WEB SERVICES, INC.: COMPANY SNAPSHOT 225 TABLE 121 AMAZON WEB SERVICES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 225 13.1.5 DASSAULT SYSTÈMES 229 TABLE 122 DASSAULT SYSTÈMES: BUSINESS OVERVIEW 229 FIGURE 52 DASSAULT SYSTÈMES: COMPANY SNAPSHOT 230 TABLE 123 DASSAULT SYSTÈMES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 230 13.1.6 ANSYS, INC. 235 TABLE 124 ANSYS, INC.: BUSINESS OVERVIEW 235 FIGURE 53 ANSYS, INC.: COMPANY SNAPSHOT 235 TABLE 125 ANSYS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 236 13.1.7 IBM CORPORATION 239 TABLE 126 IBM CORPORATION: BUSINESS OVERVIEW 239 FIGURE 54 IBM CORPORATION: COMPANY SNAPSHOT 240 TABLE 127 IBM CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 240 13.1.8 PTC 243 TABLE 128 PTC: BUSINESS OVERVIEW 243 FIGURE 55 PTC: COMPANY SNAPSHOT 244 TABLE 129 PTC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244 13.1.9 SAP SE 247 TABLE 130 SAP SE: BUSINESS OVERVIEW 247 FIGURE 56 SAP SE: COMPANY SNAPSHOT 248 TABLE 131 SAP SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 249 13.1.10 ORACLE 250 TABLE 132 ORACLE: BUSINESS OVERVIEW 250 FIGURE 57 ORACLE: COMPANY SNAPSHOT 251 TABLE 133 ORACLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 251 13.1.11 ROBERT BOSCH GMBH 254 TABLE 134 ROBERT BOSCH GMBH: BUSINESS OVERVIEW 254 FIGURE 58 ROBERT BOSCH GMBH: COMPANY SNAPSHOT 255 TABLE 135 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255 13.2 OTHER KEY PLAYERS 258 13.2.1 EMERSON ELECTRIC CO. 258 13.2.2 ABB 259 13.2.3 HONEYWELL INTERNATIONAL INC. 260 13.2.4 SCHNEIDER ELECTRIC 261 13.2.5 NAVVIS 262 13.2.6 DNV AS 263 13.2.7 AUTODESK INC. 264 13.2.8 ANDRITZ AG 265 13.2.9 SOFTWARE AG 266 13.2.10 BENTLEY SYSTEMS, INCORPORATED 267 13.2.11 RIVER LOGIC, INC. 268 13.2.12 ALTAIR ENGINEERING INC. 269 13.2.13 JOHNSON CONTROLS 270 13.2.14 NSTREAM 271 *Details on Business overview, Products/Solutions/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies. 14 ADJACENT AND RELATED MARKETS 272 14.1 INDUSTRIAL ROBOTICS MARKET 272 14.2 STUDY LIMITATIONS 272 14.3 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD 272 FIGURE 59 INDUSTRIAL ROBOTICS WITH PAYLOAD CAPACITY RANGING OF 16.01 TO 60.00 KG TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 273 TABLE 136 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (USD MILLION) 273 TABLE 137 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (USD MILLION) 274 TABLE 138 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2019–2022 (THOUSAND UNITS) 274 TABLE 139 INDUSTRIAL ROBOTICS MARKET, BY PAYLOAD, 2023–2028 (THOUSAND UNITS) 274 14.4 UP TO 16.00 KG 275 14.4.1 HIGH ACCURACY AND FLEXIBILITY OF ROBOTS TO DRIVE DEMAND IN FOOD & BEVERAGES AND AUTOMOTIVE VERTICALS 275 TABLE 140 TYPES OF INDUSTRIAL ROBOTS WITH UP TO 16. OO KG PAYLOAD CAPACITY 276 14.5 16.01–60.00 KG 276 14.5.1 AUTOMOTIVE INDUSTRY TO OFFER LUCRATIVE OPPORTUNITIES FOR PLAYERS 276 TABLE 141 TYPES OF INDUSTRIAL ROBOTS WITH 16.01–60.00 KG PAYLOAD CAPACITY 277 14.6 60.01–225.00 KG 277 14.6.1 GROWING ADOPTION OF ROBOTS TO AUTOMATE ASSEMBLING AND PACKAGING OF CONSUMER ELECTRONICS TO DRIVE MARKET 277 TABLE 142 TYPES OF INDUSTRIAL ROBOTS WITH 60.01–225.00 KG PAYLOAD CAPACITY 278 14.7 MORE THAN 225.00 KG 278 14.7.1 STRONG FOCUS ON IMPROVING PRODUCTIVITY AND WORKPLACE SAFETY TO ACCELERATE MARKET GROWTH 278 TABLE 143 TYPES OF INDUSTRIAL ROBOTS WITH MORE THAN 225.00 KG PAYLOAD CAPACITY 279 15 APPENDIX 280 15.1 INSIGHTS FROM INDUSTRY EXPERTS 280 15.2 DISCUSSION GUIDE 281 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 283 15.4 AVAILABLE CUSTOMIZATIONS 285 15.5 RELATED REPORTS 285 15.6 AUTHOR DETAILS 286
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