GLOBAL DIGITAL TWIN MARKET BY GEOGRAPHY
The Global Digital Twin market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
North America held the largest market share among all other regions within the global digital twin market in 2021, due to the supporting government policies to augment the growth of the region.
North America is the prime hub of the different manufacturers as well as suppliers of digital twin technology, and due to the digitalization of industries such as manufacturing, automotive, and healthcare in the region, the demand for digital twin has increased.
North America dominates the IoT industry in aerospace, automotive, and manufacturing. The region has developed economies like the USA and Canada, where massive investments are found in R&D activities, thus contributing to developing new technologies such as smart sensors, edge analytics, 3D printing, and digital twin.
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COMPETITION SCENARIO IN GLOBAL DIGITAL TWIN MARKET
The Global Digital Twin Market is highly competitive with ~200 players, including globally diversified players, regional players, and many country-niche players. Most of the regional players are the developers of digital twin used in various end-user industries.
Country-niche players constitute ~35% of the total number of competitors, while regional players dominate representing ~45% of total competitors. Some of the major players in the market include Accenture, Autodesk Inc., General Electric, IBM Corporation, Microsoft, Bentley Systems, Incorporated, Robert Bosch GmbH, SAP SE, Schneider Electric, and Siemens, among others.
What is the Expected Future Outlook for the Overall Digital Twin Market Across the globe?
The Global Digital Twin market was valued at USD ~billion in 2021 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Digital Twin market is driven by factors such as the rising demand from the manufacturing industry, the rising spending by the governments, emerging technologies in the Digital Twins, and the growing range of applications of these products. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
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For Instance, In September 2022, two U.K.-based technology companies, Sharp End Partnership, Ltd and Threedium LTD, combined their top technology solutions to let marketers provide linked experiences with Metaverse. The interactions include the ability to quickly tap or scan embedded QR and NFC to unlock digital twins of physical objects. Through this, brands could soon activate storytelling 3D/AR applications and tokenize their products.
The Global Digital Twin Market witnessed a negative impact due to COVID-19 owing to the strict regulations in several countries that temporarily halted all types of processes and shut down all the major industries. System twin is the most common type of digital twin among other types such as part twin, product twin, and process twin. Majorly, the digital twin technology is used for product design and development that can further be utilized in various end-use industries such as aerospace & defense, automotive & transportation, manufacturing, healthcare, retail, and others. Though the market is competitive with over ~200 participants, regional players control the dominant share in the market and country-niche players also hold a significant share.
Key Topics Covered in the Report
- Snapshot of Global Digital Twin Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Digital Twin Market
- Historic Growth of Overall Global Digital Twin Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Digital Twin Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Digital Twin Market
- Future Market Forecast and Growth Rates of the Total Global Digital Twin Market and Segments
- Analysis of Global Digital Twin Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Notable Key Players Mentioned in the Report
- Autodesk Inc.
- General Electric
- IBM Corporation
- Bentley Systems, Incorporated
- Robert Bosch GmbH
- SAP SE
- Schneider Electric
Notable Emerging Companies Mentioned in the Report
- Digital Construction Works
- Allvision IO
- DigitalTwin Technology GmbH
- MEIK LABS SpA
- MetaTwin GmbH
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Digital Twin Solution Developers
- Digital Twin Solution Suppliers
- Digital Twin Solution Implementors
- Product Twin Developers
- Process Twin Developers
- System Twin Developers
- Digital Twin Distributors
- Emerging and Startups in Digital Twin Industry
- Simulation Solutions Companies
- Different Types of Digital Twin Manufacturing Hubs
- Government Departments of Electronics
- Government Ministries and Departments of Information Technology
- Financial Institutions focused on Information Technology Industry
- PE and VC Firms focused on Information Technology Industry
- Potential Entrants into Information Technology Industry
- Potential Entrants into Simulation Solutions
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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