Pulished Date November, 2019
ID: 8954
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Digital Twin Market Analysis Report - Segmented By Type (Process, System and Product), By End- Industry (Aerospace & Defense, Energy & Utilities, Home & Commercial, Automotive & Transportation, Healthcare, Oil & Gas), By Region ((North America (U.S., Canada), Europe (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of EU), Asia Pacific (India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC), Latin America (Brazil, Mexico, Argentina, Chile), Middle East and Africa (KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA)) - Global Industry Analysis on Size, Share, Trends, Forecast & Growth | 2019 - 2024

Pulished: November, 2019
ID: 8954
Pages: 115

Global Digital Twin Market Size, Share & Forecast (2019 - 2024)

According to our latest survey report, the size of the Global Digital Twin Market is expected to reach 31.2 billion USD by the end of 2024, which is a significant increase from 4.2 billion USD in 2019 and is expected to expand at a CAGR of 39.4% during the forecast period.

A digital twin is a virtual replica of a human or non-living physical object. Through bridging the physical and digital realms, information is transmitted effortlessly allowing the virtual reality to function at the same time as the physical entity. Digital twin refers to a virtual duplicate of potential and actual physical assets, structures, objects, locations, technologies and devices that can be used for a variety of purposes.

Recent Developments of the Digital Twin Market:

  • Siemens AG, a giant in the digital twin market, reported the integration of its 3D additive manufacturing process simulator with digital twin technology in January 2019, to create customized prototypes with limited errors. The convergence of two technologies under a single framework is expected to drive demand for both 3D printing and digital twin technology in the manufacturing sector.
  • In March 2019, Lanner Group Limited launched WITNESS Horizon, an advanced form of its digital twin technology for predictive accumulation and visualization of business data, to achieve better strategies for its client organizations.

Market Drivers

  • Digital twins are commonly used in statistical upkeep across sectors. Digital twin-based predictive maintenance uses a real-time sensor to track the quality and work conditions of an item, method, or structure and to evaluate that against historical data for its failure modes and singularity. This examined information could be used for predictive action. 
  • Increasing adoption of IoT is another driver of the digital twin market.

Key Restraints

The market is highly competitive with constant technological innovations, and it is a bit difficult for new players to enter and fight the game of market share. This can be considered as a restraint to the digital twin market. 




Market Size Available

2018 – 2024

Base Year


Forecast Period

2019 - 2024

Segments Covered

By Type, End-use Industry & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

ABB Group, PTC, Inc., AVEVA Group plc, Schneider Electric SE. Some other key Players of the Market include Hexagon Geosystems AG, Dassault Systemes, SAP SE, and Siemens AG


Digital Twin Market is segmented into the following categories as per the research report with evaluated size & forecast for each segment until 2024. 

Digital Twin Market Analysis: By Type

  • Process
  • System
  • Product

Based on the Type, System Digital Twin segment is the largest and the fastest growing, which contributed a market share of nearly 40 percent in 2019. The section is expected to expand at CAGR of 44.5% during the forecast period of 2019 - 2024. This can be attributed to the demand in various applications such as home & commercial and automotive & transportation and aerospace & defence. The increasing adoption of system digital twins can connect interdependent equipment to form a complete, robust system.

  Digital Twin Market Analysis: By End-use Industry

  • Aerospace & Defence
  • Energy & Utilities
  • Home & Commercial
  • Automotive & Transportation
  • Healthcare
  • Oil & Gas

Based on the End-use Industry, Healthcare is both the largest and the fastest-growing segment that accounted for over 38% in 2019. The section is expected to expand at CAGR of 42% during the forecast period of 2019 - 2024. This is due to the dynamic move towards clinical care by many people in society. Digital twins have their applications in diagnostics, monitoring, and prognostics.

Digital Twin Market Analysis: Region

  • North America (US, Canada & Rest of North America)
  • Europe (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland’s & Rest of Europe)
  • Asia Pacific (India, Japan, China, Australia, Malaysia, South Korea, Thailand, Singapore & Rest of APAC)
  • Latin America (Brazil, Chile, Mexico, Argentina & Rest of LATAM)
  • Middle East Africa (KSA, UAE, Israel, Ethiopia, Kenya, Egypt, Sudan & Rest of MEA)

Regionally, the Automotive & Transport and Aerospace & Defense industries in APAC have shown significant growth over the last few years. Growth in these sectors has been driven by a massive population shift and a rise in expendable income, which, in turn, has resulted in a higher demand for APAC goods. Companies are embracing new electronic production techniques to cut costs, conserve time and boost product quality. All such variables will continue to boost demand for the digital twin market in these APAC industries in the forecast period.

Some of the key players profiled in the Digital Twin market as per the report include ABB Group, PTC, Inc., AVEVA Group plc, Schneider Electric SE. Some other key Players of the Market include Hexagon Geosystems AG, Dassault Systemes, SAP SE &  Siemens AG.


1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                           

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                              

                2.2 Research Phases                      

                                2.2.1 Secondary Research            

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling     

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                      

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                             

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                      

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market               

5. Market Segmentation                                              

                5.1 By End - Industry                     

                                5.1.1 Introduction           

                                5.1.2 Aerospace & Defense        

                                5.1.3 Energy & Utilities 

                                5.1.4 Home & Commercial          

                                5.1.5 Automotive & Transportation         

                                5.1.6 Healthcare              

                                5.1.7 Oil & Gas 

                                5.1.8 Y-o-Y Growth Analysis        

                                5.1.9 Market Attractiveness Analysis      

                                5.1.10 Market Share Analysis     

                5.2 By Type                        

                                5.2.1 Introduction           

                                5.2.2 Process    

                                5.2.3 System     

                                5.2.4 Product    

                                5.2.5 Y-o-Y Growth Analysis        

                                5.2.6 Market Attractiveness Analysis      

                                5.2.7 Market Share Analysis        

6. Geographical Analysis                                              

                6.1 Introduction                              

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                       By Geographical Area

                                       By End-Industry

                                       By Type

                                6.1.4  Market Attractiveness Analysis     

                                       By Geographical Area

                                       By End-Industry

                                       By Type

                                6.1.5  Market Share Analysis      

                                       By Geographical Area

                                       By End-Industry

                                       By Type

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy           

                                6.2.6 France      

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan        

                                6.3.5 Australia  

                                6.3.6 South Korea           

                6.5 Latin America                            

                                6.4.1 Introduction           

                                6.4.2 Brazil         

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America         

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa        

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental      

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry      

8. Market Leader Analysis                                           

                8.1 ABB Group                 

                                8.1.1 Overview

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 PTC, Inc.                      

                8.3 AVEVA Group plc                     

                8.4 Schneider Electric SE                              

                8.5 Hexagon Geosystems AG                     

                8.6 Dassault Systemes                  

                8.7 SAP SE                          

                8.8 Siemens AG               

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                        

                9.3 Agreements, Collaborations, and Joint Ventures                          

                9.4 New Product Launches                          

10. Market Outlook and Investment Opportunities                                          


                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of By Type, By End-use industry, and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Digital Twin Market By Region, From 2019-2024 ( USD Billion )                                                      
  2. Global Digital Twin Market By End Industry, From 2019-2024 ( USD Billion )                                                          
  3. Global Aerospace & Defence Market By Region, From 2019-2024 ( USD Billion )                                                  
  4. Global Energy & Utilities Market By Region, From 2019-2024 ( USD Billion )                                                           
  5. Global Home and Commercial Market By Region, From 2019-2024 ( USD Billion )                                               
  6. Global Healthcare Market By Region, From 2019-2024 ( USD Billion )                                                       
  7. Global Oil & Gas Market By Region, From 2019-2024 ( USD Billion )                                                                           
  8. Global Digital Twin Market By Type, From 2019-2024 ( USD Billion )                                                          
  9. Global Process Market By Region, From 2019-2024 ( USD Billion )                                                              
  10. Global System Market By Region, From 2019-2024 ( USD Billion )                                                               
  11. Global Product Market By Region, From 2019-2024 ( USD Billion )                                                           

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