The North America Digital Twin Market is expected to grow significantly over the forecast period. It is estimated that the target market in this region is going to grow at a CAGR of around 2.13%, which is now valued nearly USD 19.3 billion.
A digital twin is a kind of replica of physical elements, people, places, methods, systems, and devices that can be adapted for multiple purposes. It mainly emphasizes the connection between the physical model and the corresponding virtual model, which is established by generating real-time data with the help of sensors. The concept of the digital twin is almost like co-spaces and mirror models that can synchronize part of the physical world with its cyber representation. The growth of the digital twin market in the North American area is attributed to the robust economic infrastructure and significant presence of vendors in the region.
Dassault Systèmes, a software company that develops 3D design, 3D digital mock-up, and product lifecycle management software, has collaborated with Geico Taikisha to drive the mass customization in the auto body paint shop.
Wipro Limited has partnered with Skybox, which is a computer security company, to improve and unify its organization security management in convergent, hybrid IT-OT networks.
Drivers and Restraints of North America Digital Twin Market
The mounting adoption of the IoT and IIoT in different end-user applications, owing to the rise in internet penetration along with the increasing proliferation of smartphones is the primary driver for the growth of the North America Digital Twin Market. Also, the secure economic infrastructure and significant presence of digital twin makers in the region is one of the primary drivers of the North America Digital Twin Market.
And, increasing R&D activities in the field of IoT and IIoT, growing demand for efficient and cost-effective technologies for product manufacturing are boosting the growth of the digital twin market in North America.
Market Segmentation of North America Digital Twin Market with accurate figures.
By Technology: IoT & IIoT, Blockchain, Artificial Intelligence & Machine Learning, Augmented Reality, Virtual Reality, & Mixed Reality, Big Data Analytics, and 5G.
By Type: Product Digital Twin, Process Digital Twin, and System Digital Twin.
By Industry: Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, and Others.
By Region: US, Canada & Rest of NA. In the regional analysis of the North America Digital Twin Market, the US digital twin market is the principal contributor to the growth of the overall revenue for a couple of years now. The growth of the digital twin market in the US is attributed to the presence of significant technological based companies and digital twin developers. Also, Canada digital twin market is estimated to expand with a notable compound annual growth rate in the coming years in this area due to the rising technological developments.
The key players of the North America Digital Twin Market include Accenture plc, Capgemini SE, IBM Corporation, Infosys Limited, Microsoft Corporation, Oracle Corporation, PTC Inc., SAP SE, SAS Institute, TIBCO Software Inc., Wipro Limited, ABB Group, Ansys Inc., Autodesk, Inc., AVEVA Group plc, Bentley Systems, Incorporated, Dassault Systèmes, General Electric Company, Robert Bosch GmbH, Rockwell Automation, Schneider Electric SE, Siemens AG.
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
2.2 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
3.1 Executive Summary
3.2 Key Inferences
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
5.1.2 Aerospace & Defense
5.1.3 Energy & Utilities
5.1.4 Home & Commercial
5.1.5 Automotive & Transportation
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
5.2.5 Y-o-Y Growth Analysis
5.2.6 Market Attractiveness Analysis
5.2.7 Market Share Analysis
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By End-Industry
188.8.131.52 By Type
6.1.4 Market Attractiveness Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By End-Industry
18.104.22.168 By Type
6.1.5 Market Share Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By End-Industry
188.8.131.52 By Type
6.2 North America
6.1.2 United States
7. Strategic Analysis
7.1 PESTLE analysis
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
8.1.2 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
North America Digital Twin Market By Region, From 2022 - 2027 ( USD Billion )
North America Digital Twin Market By End Industry, From 2022 - 2027 ( USD Billion )
North America Aerospace & Defence Market By Region, From 2022 - 2027 ( USD Billion )
North America Energy & Utilities Market By Region, From 2022 - 2027 ( USD Billion )
North America Home and Commercial Market By Region, From 2022 - 2027 ( USD Billion )
North America Healthcare Market By Region, From 2022 - 2027 ( USD Billion )
North America Oil & Gas Market By Region, From 2022 - 2027 ( USD Billion )
North America Digital Twin Market By Type, From 2022 - 2027 ( USD Billion )
North America Process Market By Region, From 2022 - 2027 ( USD Billion )
North America System Market By Region, From 2022 - 2027 ( USD Billion )
North America Product Market By Region, From 2022 - 2027 ( USD Billion )
Talk to our analyst and get customised report done according to your research needs
Check if you can avail any discount. Submit your details and our team will get back to you.
Request to avail a free sample report that reflects this market and its growth.