Digital Twin Market Size, Share & Trends Report

Digital Twin Market Size, Share & Trends Analysis Report By End Use (Automotive & Transport, Retail & Consumer Goods, Agriculture), By Region (Europe, North America, Asia Pacific), And Segment Forecasts, 2018 - 2025

  • Published Date: Dec, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-2-68038-494-9
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 80

Industry Insights

The global digital twin market size was valued at USD 2.26 billion in 2017 and is expected to expand at a CAGR of 38.2% from 2018 to 2025. Digital twins can be described as dynamic digital or virtual replicas of physical assets or products. The technology is being used across numerous end-use industries owing to its potential in improving production layout, reducing operational costs, enhancing productivity of the existing system, and reducing the Time to Market (TTM).

The key technologies and solutions that enabled the espousal of the technology include Artificial Intelligence (AI), Machine Learning (ML), and Internet-of-Things (IoT), among others. Factors, such as growing usage of connected devices across various organizations, increasing adoption of cloud platforms, and emergence of high-speed networking technologies, have allowed enterprises to opt for IoT solutions.

U.S. digital twin market

Given that IoT can help enterprises in leveraging digital twin platforms to boost their services and processes, the growing adoption of IoT particularly bodes well for the global market. On the other hand, the vulnerability of IoT and cloud platforms to cybercrimes and data security threats would restrain the market growth.

Several enterprises, particularly the small- and medium-sized, are still dependent on 2D drawings. If they do not gain adequate expertise in 3D drawings, they would be at the risk of losing their clients to their competitors holding expertise in 3D drawings, which would also hamper the market growth.

End-use Insights

On the basis of end use, the digital twin market can be segmented into manufacturing, agriculture, automotive and transport, energy and utilities, healthcare and life sciences, residential and commercial, and retail and consumer goods, among others. Residential and commercial segment accounted for the largest market share in 2017 as digital twins are used to optimize the urban sustainability by capturing the 3D and time-based implications of smart buildings. For instance, ‘Virtual Singapore’, a part of the smart nation initiative by the Singaporean government, can be considered as the world’s first digital twin of an existing city-state that paves the way for its citizens to engage in the digital economy in an effective manner.

The automotive and transport segment is anticipated to expand at a CAGR exceeding 40.0% over the forecast period. Rising demand for connected vehicles is expected to drive the segment in the coming years. Digital twins are deployed in the automobile sector for creating virtual models of a connected vehicle and capture the operational/behavioral data and evaluate the overall performance of the vehicle. The technology can also be used to provide complete customized services. The retail and consumer goods segment is also expected to witness a significant CAGR as companies leverage the technology to better understand the changing needs of consumers and customize the products, services, and operations accordingly for enhanced user experience.

Regional Insights

The North American and Europe regional markets together accounted for more than 50% of the global market share in 2017. These regions are among the early adopters of the latest technologies. While they are home to some of the most prominent tech giants, they also possess a unique research ecology. They are also witnessing a rising adoption of smart connected devices. Due to all these factors these two regions are expected to maintain their lead.

Global digital twin market

Asia Pacific is anticipated to expand at a CAGR exceeding 40.0% over the forecast period. Some of the emerging countries, such as Japan, China, and India, have undertaken several initiatives to encourage the implementation of IoT. This is augmenting the market growth. Moreover, the continued rollout of high-speed internet services, growing industrialization, and declining average selling prices of sensors and modules in the region are expected to drive the market further.

Digital Twin Market Share Insights

ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG are some of the leading companies in the market. These companies are coming up with innovative applications for the digital twin technology as part of the efforts to gain a competitive edge over their rivals. For instance, General Electric is using the technology to assess the operating life and determine the optimal maintenance intervals for critical jet engine components. These companies are trying to advance the technology to improve the success rates of product innovation and enhance the organizational productivity by up to 25% or more.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2014 - 2016

Forecast period

2018 - 2025

Market representation

Revenue in USD Million and CAGR from 2018 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Country scope

U.S., Canada, U.K., Germany, France, China, India, Japan, Brazil, and Mexico

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For the purpose of this study, Grand View Research has segmented the global digital twin market report on the basis of end use and region:

  • End-use Outlook (Revenue, USD Million, 2014 - 2025)

    • Manufacturing

    • Agriculture

    • Automotive & Transport

    • Energy & Utilities

    • Healthcare & Life Sciences

    • Residential & Commercial

    • Retail & Consumer Goods

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

Key questions answered by the report
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