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Global Digital Twin Market 2017-2021

About Digital Twin

Digital twins integrate technologies such as machine learning, M2M, artificial intelligence (AI), predictive analytics, and sensor telemetry to create digital clones of physical machines and idealized digital simulation models that evolve based on the data collected from real-world instances. Digital twins are digital copies of physical assets including all their modeled characteristics and behaviors. This can also include the effects of aging and repeated usage on a physical object over a period of time. A digital twin is designed by 3D modeling a physical object, which is activated using sensors that have data collected from sensors of the physical object.

Technavio’s analysts forecast the global digital twin market to grow at a CAGR of 32.73% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global digital twin market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of hardware and software products used to develop and implement digital twin technology, which is deployed on-premises and on the cloud.

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Digital Twin Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • General Electric
  • Microsoft
  • PTC
  • Siemens
Other prominent vendors
  • Oracle
  • IBM
  • ANSYS
  • Bosch Software Innovations
  • SAP
Market driver
  • Developments in sensor technologies and communication devices
  • For a full, detailed list, view our report
Market challenge
  • High costs of implementation
  • For a full, detailed list, view our report
Market trend
  • Industrial Internet revolution
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?


Press Release

Technavio Announces the Publication of its Research Report – Global Digital Twin Market 2017-2021

Technavio recognizes the following companies as the key players in the global digital twin market: General Electric, Microsoft, PTC, and Siemens

Other Prominent Vendors in the market are: Oracle, IBM, ANSYS, Bosch Software Innovations, and SAP.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Industrial Internet revolution. IIoT is a combination of big data analytics and IoT. It offers huge opportunities to organizations across sectors such as agriculture, healthcare, manufacturing, mining, oil and gas, and transportation. Currently, these sectors account for 60% of the global economy. Industrial Internet has created new job opportunities and a shift toward the integration of digital and human workforces.”

According to the report, one of the major drivers for this market is Developments in sensor technologies and communication devices. Innovations in science and engineering, as well as advances in technology related to sensors, has led to the development of different types of sensors. As these sensors have various advantages such as low power consumption and prices, their demand is increasing. IT has become an integral part of industrial automation because of automation of several industrial processes. Opportunities for IT players will be significant as industries embrace IoT.

Further, the report states that one of the major factors hindering the growth of this market is High costs of implementation. The initial investment in IoT infrastructure is huge. The high cost of deployment and implementation of M2M and IoT can act as a growth inhibitor for some organizations, especially SMEs. IoT implementation takes longer, and most IT projects come with a lengthy project lifetime from system planning to retirement. M2M systems generally have a lifetime of more than 10 years. The setup and building phase alone can take a year or more.

Companies Mentioned

General Electric, Microsoft, PTC, and Siemens, Oracle, IBM, ANSYS, Bosch Software Innovations, and SAP.

  • Executive summary
  • Scope of the report
  • Research methodology
  • Introduction
    • Market outline
  • Market landscape
    • Market ecosystem
      • Table Parent market
      • Table Global IT spending market: Overview
    • Market characteristics
      • Table Market characteristics
    • Market segmentation analysis
      • Table Market segments
  • Market sizing
    • Market definition
      • Table Market definition - Inclusions and exclusions checklist
    • Market sizing 2016
      • Table Market size 2016
      • Table Validation techniques employed for market sizing 2016
    • Market size and forecast 2016-2021
      • Table Global digital twin market - Market size and forecast 2016-2021 ($ bn)
      • Table Global digital twin market - Year-over-year growth 2017-2021 (%)
  • Five forces analysis
    • Table Five forces analysis 2016
    • Table Five forces analysis 2021
    • Bargaining power of buyers
      • Table Bargaining power of buyers
    • Bargaining power of suppliers
      • Table Bargaining power of suppliers
    • Threat of new entrants
      • Table Threat of new entrants
    • Threat of substitutes
      • Table Threat of substitutes
    • Threat of rivalry
      • Table Threat of rivalry
    • Market condition
      • Table Market condition - Five forces
  • Market segmentation by deployment
    • Segmentation by deployment
      • Table Deployment - Market share 2016-2021 (% of revenue)
    • Comparison by deployment
      • Table Comparison by deployment
    • On-premises - Market size and forecast 2016- 2021
      • Table On-premises - Market size and forecast 2016-2021 ($ bn)
      • Table On-premises - Year-over-year growth 2017-2021 (%)
    • Cloud-based - Market size and forecast 2016- 2021
      • Table Cloud-based - Market size and forecast 2016-2021 ($ bn)
      • Table Cloud-based - Year-over-year growth 2017-2021 (%)
    • Market opportunity by deployment
      • Table Market opportunity by deployment
  • Customer landscape
  • Market segmentation by end-user
    • Segmentation by end-user
      • Table End-user - Market share 2016-2021 (% of revenue)
    • Comparison by end-user
      • Table Comparison by end-user
    • Aerospace - Market size and forecast 2016-2021
      • Table Aerospace - Market size and forecast 2016-2021 ($ bn)
      • Table Aerospace - Year-over-year growth 2017-2021 (%)
    • Automotive - Market size and forecast 2016-2021
      • Table Automotive - Market size and forecast 2016-2021 ($ bn)
      • Table Automotive - Year-over-year growth 2017-2021 (%)
    • Energy - Market size and forecast 2016-2021
      • Table Energy - Market size and forecast 2016-2021 ($ bn)
      • Table Energy - Year-over-year growth 2017-2021 (%)
    • Home automation - Market size and forecast 2016-2021
      • Table Home automation - Market size and forecast 2016-2021 ($ bn)
      • Table Home automation - Year-over-year growth 2017-2021 (%)
    • Manufacturing - Market size and forecast 2016- 2021
      • Table Manufacturing - Market size and forecast 2016-2021 ($ bn)
      • Table Manufacturing - Year-over-year growth 2017-2021 (%)
    • Others - Market size and forecast 2016-2021
      • Table Others - Market size and forecast 2016-2021 ($ bn)
      • Table Others - Year-over-year growth 2017-2021 (%)
    • Market opportunity by end-user
      • Table Market opportunity by end-user
  • Regional landscape
    • Geographical segmentation
      • Table Global - Market share by geography 2016-2021 (%)
    • Regional comparison
      • Table Regional comparison
    • Americas - Market size and forecast 2016-2021
      • Table Americas - Market size and forecast 2016-2021 ($ bn)
      • Table Americas - Year-over-year growth 2017-2021 (%)
      • Table Top 3 countries in Americas
    • EMEA - Market size and forecast 2016-2021
      • Table EMEA - Market size and forecast 2016-2021 ($ bn)
      • Table EMEA - Year-over-year growth 2017-2021 (%)
      • Table Top 3 countries in EMEA
    • APAC - Market size and forecast 2016-2021
      • Table APAC - Market size and forecast 2016-2021 ($ bn)
      • Table APAC - Year-over-year growth 2017-2021 (%)
      • Table Top 3 countries in APAC
    • Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
  • Market trends
    • Industrial Internet revolution
    • Evolution of IIoT
    • Growing adoption of cloud-based services
  • Vendor landscape
    • Competitive scenario
  • Vendor analysis
    • Vendors covered
    • Vendor profiles
  • Appendix
    • List of abbreviations
  • Explore Technavio

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