1 INTRODUCTION 14
1.1 STUDY OBJECTIVES 14
1.2 DEFINITION 14
1.3 STUDY SCOPE 15
1.3.1 MARKETS COVERED 15
1.3.2 YEARS CONSIDERED 15
1.4 CURRENCY 16
1.5 MARKET STAKEHOLDERS 16

2 RESEARCH METHODOLOGY 17
2.1 RESEARCH DATA 17
2.1.1 SECONDARY AND PRIMARY RESEARCH 18
2.1.1.1 Key industry insights 19
2.1.2 SECONDARY DATA 19
2.1.2.1 Key data from secondary sources 19
2.1.3 PRIMARY DATA 20
2.1.3.1 Breakdown of primaries 20
2.1.3.2 Key data from primary sources 20
2.2 MARKET SIZE ESTIMATION 21
2.2.1 BOTTOM-UP APPROACH 21
2.2.2 TOP-DOWN APPROACH 22
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 23
2.4 RESEARCH ASSUMPTIONS 24

3 EXECUTIVE SUMMARY 25

4 PREMIUM INSIGHTS 28
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN DIGITAL TWIN MARKET 28
4.2 DIGITAL TWIN MARKET, BY TYPE 28
4.3 DIGITAL TWIN MARKET, BY COUNTRY AND INDUSTRY 29
4.4 DIGITAL TWIN MARKET, BY COUNTRY (2019) 30

5 MARKET OVERVIEW 31
5.1 INTRODUCTION 31
5.2 MARKET DYNAMICS 31
5.2.1 DRIVERS 32
5.2.1.1 Declining time and cost of product development and unplanned downtime with adoption of digital twin 32
5.2.1.2 Increasing adoption of emerging technologies such as IoT and cloud 32
5.2.1.3 Growing use of digital twin for predictive maintenance 33
5.2.2 RESTRAINTS 33
5.2.2.1 Risks associated with data security due to the use of IoT and cloud platforms 33
5.2.3 OPPORTUNITIES 34
5.2.3.1 Promising growth of digital twin technology in industries such as healthcare, aerospace, and automotive 34
5.2.3.2 Increasing adoption of Industry 4.0 and IIoT 35
5.2.4 CHALLENGES 35
5.2.4.1 Lack of awareness regarding cost benefits of digital twin adoption 35
5.2.4.2 Lack of skilled workforce and technical knowledge 35
5.3 VALUE CHAIN ANALYSIS 36
5.4 CASE STUDIES 37
5.4.1 AEROSPACE & DEFENSE 37
5.4.1.1 NASA uses digital twin for its space station and spacecraft 37
5.4.1.2 Lockheed Martin’s digiverse – The complete digital twin of “Everything” 37
5.4.2 AUTOMOTIVE & TRANSPORTATION 37
5.4.2.1 Man truck uses PTC’s thingworx platform for building digital twin 37
5.4.2.2 Allego uses Microsoft’s azure digital twin platform for e-charging solutions 37
5.4.3 HOME & COMMERCIAL 38
5.4.3.1 Dassault systems along with the government of Singapore is building a digital twin of the complete country – virtual Singapore 38
5.4.3.2 CBRE uses Microsoft’s azure digital twin platform for CBRE 360 employee 38
5.4.4 HEALTHCARE 38
5.4.4.1 John Hopkins hospital uses GE’s digital twin platform for building digital twin of patient pathways 38
5.4.4.2 Siemens healthineers develops digital twin of a heart 38
5.4.5 ENERGY & UTILITIES 39
5.4.5.1 GE builds a digital twin of wind turbine 39
5.4.5.2 GE’s digital twin of a power plant 39
5.4.6 OIL & GAS 39
5.4.6.1 ANSYS, PTC, flowserve, national instruments, and HPE built and demonstrated digital twin of a pump 39
5.4.6.2 Shel together with Swiss Engineering builds digital twin of a test rig?digital rig 39
5.4.7 OTHERS 40
5.4.7.1 Siemens PLM software and bridg together build digital twin for semiconductor manufacturing process 40
5.4.7.2 ABB built digital twin of electromagnetic flowmeter to be used in water & wastewater transport and treatment 40
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6 TECHNOLOGIES OF DIGITAL TWIN 41
6.1 INTRODUCTION 41
6.2 IOT & IIOT 42
6.3 BLOCKCHAIN 43
6.4 ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING 43
6.5 AUGMENTED REALITY, VIRTUAL REALITY, AND MIXED REALITY 44
6.6 BIG DATA ANALYTICS 44
6.7 5G 44

7 DIGITAL TWIN MARKET, BY TYPE 46
7.1 INTRODUCTION 47
7.2 PRODUCT DIGITAL TWIN 48
7.2.1 PRODUCT DIGITAL TWIN TO WITNESS SIGNIFICANT GROWTH IN THE MARKET 48
7.3 PROCESS DIGITAL TWIN 49
7.3.1 PROCESS DIGITAL TWIN PLAYS SIGNIFICANT ROLE IN DIGITAL TWIN MARKET 49
7.4 SYSTEM DIGITAL TWIN 49
7.4.1 SYSTEM DIGITAL TWIN TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 49

8 DIGITAL TWIN MARKET, BY INDUSTRY 50
8.1 INTRODUCTION 51
8.2 AEROSPACE & DEFENSE 53
8.2.1 AEROSPACE & DEFENSE TO WITNESS SIGNIFICANT GROWTH IN DIGITAL TWIN MARKET 53
8.3 AUTOMOTIVE & TRANSPORTATION 57
8.3.1 AUTOMOTIVE & TRANSPORTATION TO DOMINATE DIGITAL TWIN MARKET DURING FORECAST PERIOD 57
8.4 HOME AND COMMERCIAL 60
8.4.1 NORTH AMERICA TO DOMINATE DIGITAL TWIN MARKET FOR HOME AND COMMERCIAL INDUSTRY DURING FORECAST PERIOD 60
8.5 HEALTHCARE 64
8.5.1 HEALTHCARE TO BE FASTEST-GROWING INDUSTRY FOR DIGITAL TWIN MARKET 64
8.6 ENERGY & UTILITIES 67
8.6.1 RISING DIGITIZATION IS DRIVING ENERGY & UTILITIES IN DIGITAL TWIN MARKET GROWTH DURING FORECAST PERIOD 67
8.7 OIL & GAS 71
8.7.1 SYSTEM DIGITAL TWIN TO DIGITAL TWIN MARKET FOR OIL & GAS INDUSTRY 71
8.8 OTHERS 74
8.8.1 APAC TO BE FASTEST-GROWING REGION OF DIGITAL TWIN MARKET FOR OTHER INDUSTRIES 74
?

9 DIGITAL TWIN MARKET, BY GEOGRAPHY 78
9.1 INTRODUCTION 79
9.2 NORTH AMERICA 81
9.2.1 US 82
9.2.1.1 US holds largest share of digital twin market in North America 82
9.2.2 CANADA 82
9.2.2.1 Emerging digital technologies drive digital twin market in Canada 82
9.2.3 MEXICO 82
9.2.3.1 Increasing adoption of digitization for home & commercial drives digital twin market in Mexico 82
9.3 EUROPE 83
9.3.1 GERMANY 84
9.3.1.1 Industry 4.0 initiative drives digital twin market in Germany 84
9.3.2 UK 84
9.3.2.1 Digital twin market in UK to grow significantly during forecast period 84
9.3.3 FRANCE 84
9.3.3.1 IoT & cloud plays vital role in driving digital twin market in France 84
9.3.4 REST OF EUROPE 85
9.4 APAC 85
9.4.1 CHINA 86
9.4.1.1 China to hold largest share of digital twin market during forecast period 86
9.4.2 JAPAN 86
9.4.2.1 Growing adoption of IoT drives digital twin market in Japan 86
9.4.3 INDIA 87
9.4.3.1 Government initiatives spur growth of digital twin market in India 87
9.4.4 REST OF APAC 87
9.5 ROW 87
9.5.1 MIDDLE EAST 88
9.5.1.1 Growth in oil & gas will drive digital twin market in Middle East 88
9.5.2 SOUTH AMERICA 88
9.5.2.1 Brazil and Argentina contribute significantly for growth of digital twin market in South America 88
9.5.3 AFRICA 88

10 COMPETITIVE LANDSCAPE 89
10.1 OVERVIEW 89
10.2 COMPETITIVE SCENARIO 90
10.2.1 PRODUCT DEVELOPMENTS/LAUNCHES 90
10.2.2 PARTNERSHIPS, MERGERS AND ACQUISITIONS 91
10.3 COMPETITIVE LEADERSHIP MAPPING 92
10.3.1 VISIONARY LEADERS 92
10.3.2 DYNAMIC DIFFERENTIATORS 92
10.3.3 INNOVATORS 92
10.3.4 EMERGING COMPANIES 92
10.4 STRENGTH OF PRODUCT PORTFOLIO (FOR ALL 25 PLAYERS) 94
10.5 BUSINESS STRATEGY EXCELLENCE (FOR ALL 25 PLAYERS). 95

11 COMPANY PROFILES 96
(Business overview, Solutions offered, Recent Developments, SWOT analysis, MNM view)*
11.1 INTRODUCTION 96
11.2 KEY PLAYERS 97
11.2.1 GENERAL ELECTRIC 97
11.2.2 IBM 100
11.2.3 PTC 102
11.2.4 MICROSOFT CORPORATION 105
11.2.5 SIEMENS AG 108
11.2.6 ANSYS 112
11.2.7 SAP 115
11.2.8 ORACLE 118
11.2.9 ROBERT BOSCH 120
11.2.10 SWIM AI 122
11.3 INNOVATORS 123
11.3.1 DNV GL 123
11.3.2 SIGHT MACHINE 123
11.3.3 TIBCO SOFTWARE INC 124
11.3.4 AUCOTEC AG 124
11.4 OTHER IMPORTANT KEY PLAYERS 125
11.4.1 WIPRO LIMITED 125
11.4.2 ABB 125
11.4.3 DASSAULT SYSTEM 125
11.4.4 HONEY WELL 126
11.4.5 SCHNEIDER 126
11.4.6 EMERSON 126
*Details on Business overview, Solutions offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
12 APPENDIX 127
12.1 INSIGHTS OF INDUSTRY EXPERTS 127
12.2 DISCUSSION GUIDE 128
12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 130
12.4 AVAILABLE CUSTOMIZATIONS 132
12.5 RELATED REPORTS 132
12.6 AUTHOR DETAILS 133