Digital Twin Market By Type (Process Digital Twin, Product Digital Twin, System Digital Twin, Others), By Application (Performance Monitoring, Inventory Management, Predictive Maintenance, Business Optimization, Others), By Industry Verticals (Aerospace & Defense, Residential, Automotive & Transportation, Healthcare, Retail, Oil & Gas, Agriculture, Energy & Utilities, Others) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

The global digital twin market was valued at US$ 3.76 Bn in the year 2018 and expected to reach US$ 57.38 Bn by year 2027, expanding at a CAGR of 37.1% during the forecast from 2019 to 2027. Digital twin is a virtual replica of the physical system that continually adapt the environmental changes and deliver the best business outcome in real time. It is an ideal way to analyze, access, and structure the complex-product related data. Internet of Things (IoT) makes digital twin feasible because it is now possible to collect large volume of data from wider range of products across the world. Because of same, the rapid adoption of IoT is an important factor accelerating the adoption of digital twin. Other technologies such as artificial intelligence, augmented & virtual reality, cloud computing, and APIs & open standards are enabling digital twin significantly.

Healthcare Segment is predicted to flourish at a Rapid Pace during the Forecast Period

Healthcare is expected to be the most lucrative sector that register a CAGR of nearly 40% during the forecast period. The researchers have explored new potential of digital twin technology to study body parts modelling along with drug modelling. It helps doctor in analyzing the effect of invasive tests and new therapies on human body in virtual manner. Moreover, a dynamic shift towards patient monitoring in UK, Germany, the U.S., and other countries is prominently driving the segment growth in the coming years. A recent survey conducted by Becker’s Healthcare, revealed that 92% of the healthcare consumers consider improved patient experience as their top priority. Additionally, strategic partnerships between healthcare solution developers and digital twin vendors is embracing significant impact of digital twin technology on healthcare sector. For instance, in August 2018, Sim&Cure, a healthcare software developer, in partnership with ANSYS has developed a digital twin for the treatment of brain aneurysms.

North America held the Largest Revenue Share in the year 2018

In 2018, North America dominated the global digital twin market with around 35% of overall market revenue share. The region is constrained with technically advanced countries coupled with significant presence of market leaders such as IBM Corp., Microsoft Corp., General Electric, and more are some of the leading factors guiding the prominent regional growth. Europe stood second in the digital twin market with approximately 25% of the revenue share. On the contrary, Asia Pacific is emerging as the most opportunistic region owing to favorable government policies for adoption of IoT and digital twin.

Key Players & Competitive Landscape:

The global digital twin market is highly fragmented due to presence of several regional and multinational players. However, some of the companies such as IBM Corp., General Electric, Oracle Corp., SAP SE, and Microsoft Corp. have their monopoly in the market. Being leaders of existing and emerging digital technologies, they acquire approximately 50% of the market share. High spending on R&D by market leaders along with emergence of new entrants has turned the market into highly competitive.

Some of the major market players listed in the global digital twin market report include ABB Group, IBM Corporation, Microsoft Corporation, Oracle Corporation, General Electric Company, Rockwell Automation, SAP SE, Siemens AG, Infosys Ltd., Dassault Systemes, Ansys Inc., Accenture Plc. and Autodesk Inc. among others.

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The research study titled digital twin market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides all round view of the global digital twin market based on type, application, industry verticals, and geography. Key segments covered in the report are as follows:

Key questions answered in this report

• What was the global market size of digital twin in 2017 & 2018?
• What is estimated forecast and market projections up to 2027?
• Which is largest regional market for digital twin?
• Which type has the largest penetration in digital twin market?
• Which is the most lucrative application of digital twin?
• Which are the predominant trends shaping the global digital twin market?
• Which is the most promising, attractive, and less-explored region in the global digital twin market?
• Who are the leading vendors in the global digital twin market?
• What are the premiere strategies adopted by the leading vendors in the global digital twin market?