The global digital twin market is expected to register an incremental growth of USD 16.44 billion, witnessing a CAGR of almost 38% during 2020-2024, according to latest market research analysis by Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the digital twin market in optimistic, probable, and pessimistic forecast scenarios.
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Technavio has announced its latest market research report titled Global Digital Twin Market 2020-2024 (Graphic: Business Wire)
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The digital twin market will witness a Neutral impact during the forecast period owing to the extensive rise of COVID-19 pandemic. Furthermore, as per Technavio’s pandemic-focused research highlights, the market growth is likely to Increase compared to 2019.
Digital Twin Market 2020-2024: Vendor Analysis
The market is fragmented. Key players in the market have been launching several initiatives and introducing innovative products and services to cater to a larger target audience during the pandemic. With a rapidly shifting focus toward creating a digital marketplace to provide a convenient platform for stakeholders in the supply chain, several companies in the market are resorting to move their businesses online along with existing brick-and-mortar channels.
Major Digital Twin market participants are
- ANSYS Inc.
- General Electric Co.
- International Business Machines Corp.
- Johnson Controls International Plc
- Kongsberg Gruppen ASA
- Microsoft Corp.
- PTC Inc.
- Robert Bosch GmbH
- SAP SE
- ScaleOut Software Inc.
- Siemens AG
- Wipro Ltd.
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Digital Twin Market 2020-2024: Segmentation
Digital Twin Market is segmented as below:
-
Deployment
- On-premise
- Cloud
-
End-User
- Manufacturing
- Energy and utilities
- Aerospace and defense
- Automotive
- Healthcare
- Other end-user
Manufacturing companies are increasingly deploying digital twin solutions in their functions because of the wide array of benefits offered by these solutions.
-
Geography
- APAC
- Europe
- North America
- South America
- MEA
North America region will account for the highest incremental growth during the forecast period due to the increasing demand for digital twins in the automobile and aerospace industries.
The digital twin market is driven by industry 4.0 and industrial IoT and the use of AI in digital twin, as per Technavio’s pandemic impact-focused research study. Furthermore, Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, and significant developments in vendor operations and government regulations in Information Technology industry.
For gaining more insights about the impact of COVID-19 pandemic on related reports, check out Technavio’s Information Technology section
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Table of Contents:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Manufacturing – Market size and forecast 2019-2024
- Energy and utilities – Market size and forecast 2019-2024
- Aerospace and defense – Market size and forecast 2019-2024
- Automotive – Market size and forecast 2019-2024
- Healthcare – Market size and forecast 2019-2024
- Other end-user – Market size and forecast 2019-2024
- Market opportunity by End-user
Market Segmentation by Deployment
- Market segments
- Comparison by Deployment
- On-premise – Market size and forecast 2019-2024
- Cloud – Market size and forecast 2019-2024
- Market opportunity by Deployment
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ANSYS Inc.
- General Electric Co.
- International Business Machines Corp.
- Kongsberg Gruppen ASA
- Microsoft Corp.
- PTC Inc.
- SAP SE
- ScaleOut Software Inc.
- Siemens AG
- Wipro Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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