Market Overview

Global Digital Twin Market Size is Projected to Reach USD 16.44 billion by 2024, Growing at a CAGR of Almost 38%

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The digital twin market is expected to grow by USD 16.44 billion, progressing at a CAGR of almost 38% during the forecast period. Download Free Sample Report

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Technavio has announced its latest market research report titled Global Digital Twin Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Digital Twin Market 2020-2024 (Graphic: Business Wire)

The industry 4.0 and industrial IoT is one of the major factors propelling market growth. However, factors such as the high cost of deployment and complex architecture of digital twin will hamper market growth.

More details: https://www.technavio.com/report/digital-twin-market-size-industry-analysis

Digital Twin Market: End-user Landscape

The rapid adoption of Industry 4.0 across the world is a major growth enabler for digital twin solutions in the manufacturing sector. Digital twin solutions will play an important role in product design, manufacturing process, and repair and maintenance. Manufacturing companies are increasingly deploying digital twin solutions in their functions because of the wide array of benefits offered by these solutions. The availability of cloud-based digital twin solutions has increased their adoption among SMEs, which was otherwise limited to large manufacturing companies because of high upfront costs.

Digital Twin Market: Geographic Landscape

North America was the largest digital twin market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing demand for digital twins in the automobile and aerospace industries will significantly drive digital twin market growth in this region over the forecast period. 41% of the market's growth will originate from North America during the forecast period. The US is a key market for digital twin in North America. Market growth in this region will be faster than the growth of the market in Europe.

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Companies Covered:

  • 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.

What our reports offer:

  • Market share assessments for the regional and country-level segments
  • Strategic recommendations for the new entrants
  • Covers market data for 2019, 2020, until 2024
  • Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
  • Strategic recommendations in key business segments based on the market estimations
  • Competitive landscaping mapping the key common trends
  • Company profiling with detailed strategies, financials, and recent developments
  • Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

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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