Digital Twin Quadrant Report
The digital twin market is experiencing significant growth, driven by rising demand within the healthcare industry and an increasing emphasis on predictive maintenance. Digital twin technologies have become more accessible and affordable, making them viable options for small and medium-sized enterprises (SMEs) with limited budgets. These cost-effective solutions allow SMEs to benefit from digital twins without the need for large upfront investments, offering advantages such as enhanced productivity, improved decision-making, and operational optimization. SMEs, often characterized by more streamlined operations, can more easily adopt digital twin technologies and quickly adapt to technological advancements. Furthermore, as competition intensifies, SMEs are seeking innovative ways to stay competitive, and digital twins provide a powerful tool to optimize operations, identify inefficiencies, and make data-driven decisions.
Attractive Opportunities in the digital twin Market
This section describes the digital twin ecosystem and the deployment of digital twin solutions in different end-user industries, along with the impact of associated technologies on the digital twin market.
Predictive Maintenance Segment to hold the largest share of the digital twin market during 2023–2028
Predictive maintenance offers substantial benefits in terms of equipment uptime, operational efficiency, and cost savings. By leveraging digital twins, organizations can analyze the health and performance of equipment, predicting potential breakdowns or malfunctions through real-time sensor data and historical performance records. This proactive approach minimizes unplanned downtime and reduces repair costs by allowing for more efficient scheduling of maintenance tasks. Furthermore, advancements in machine learning (ML) and artificial intelligence (AI) algorithms enhance the accuracy and effectiveness of predictive maintenance, making it even more reliable when integrated with digital twins.
Automotive & transport industry to dominate the market during the forecast period
The supply chain in the automotive and transportation industries is highly complex and interconnected, involving numerous suppliers, parts, and production processes. Digital twins offer a comprehensive and real-time view of the entire supply chain, enabling better monitoring, analysis, and optimization of operations. This capability enhances overall supply chain management, boosting efficiency and reducing downtime. Furthermore, digital twins provide significant advantages throughout every stage of the product lifecycle in the automotive and transportation sectors.
The Digital Twin market in North America is expected to maintain the highest share during 2023–2028
North America is expected to experience the fastest growth in the digital twin market during the forecast period. The region benefits from a well-established market for digital twin solutions and a robust technology infrastructure. It is home to numerous technology companies, academic institutions, and innovative entrepreneurs who are actively developing and deploying digital twin technologies across various industries. North America's leadership in the digital twin sector is driven by its access to advanced technologies, expertise, and significant R&D investments. Additionally, the region plays a key role in critical industries such as manufacturing, healthcare, automotive, aerospace, and defense, all of which heavily rely on digital twin technologies.
Key Market Players
The digital twin players have implemented various types of organic and inorganic growth strategies, such as product launches, product developments, partnerships, and collaborations, to strengthen their offerings in the market. The major players are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), and Robert Bosch (Germany). The study includes an in-depth competitive analysis of these key players in the digital twin market with their company profiles, recent developments, and key market strategies.
Digital Twin Market Ecosystem
Recent Developments
- The strategic partnership between Microsoft and Capgemini to develop ReflectIoD, a serverless, cloud-native digital twin platform on Azure, was announced in October 2022. It provides long-term corporate value, encourages wise industrial practices, and improves operational efficiency. Organizations may efficiently meet industry demands by managing standardized brownfields throughout their life cycle using ReflectIoD.
- In April 2022, GE Renewable Energy (France) and General Electric (GE) Research (US) collaborated to create cutting-edge machine learning (ML) and artificial intelligence (AI) technologies. This creative concept has the potential to completely transform the wind business by drastically lowering global logistical costs. A digital twin of the wind turbine logistics process is used by GE's AI/ML technology to precisely forecast and optimize logistics expenses. According to industry growth projections, this technology has the potential to significantly reduce logistical expenses by 10%. Global cost savings for the wind industry might reach USD 2.6 billion per year by 2030.
- In February 2022, AWS and ANSYS have established a strategic partnership aimed at revolutionizing cloud-based engineering simulations. Through this collaboration, ANSYS products may be deployed on the AWS infrastructure, improving simulation workloads' scalability and user-friendliness. By utilizing AWS's extensive foundation that includes computing, storage, the Internet of Things (IoT), digital twins, analytics, and machine learning, users may effortlessly access software and storage solutions via any web browser. By combining the powers of AWS and ANSYS, the partnership gives engineers access to sophisticated cloud simulation tools.
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 Markets Covered
1.3.2 Inclusions And Exclusions
1.3.3 Geographical Scope
1.3.4 Years Considered
1.4 CURRENCY CONSIDERED
1.5 LIMITATIONS
1.6 STAKEHOLDERS
2 MARKET OVERVIEW
2.1 INTRODUCTION
2.2 MARKET DYNAMICS
2.2.1 DRIVERS
2.2.1.1 Growing use of digital twin technology to reduce costs and improve supply chain operations
2.2.1.2 Surging demand for digital twin technology from healthcare industry
2.2.1.3 Increasing adoption of predictive maintenance model across industries
2.2.2 RESTRAINTS
2.2.2.1 High capital requirement to implement digital twin technology
2.2.2.2 Susceptibility of digital twin technology to cyberattacks
2.2.3 OPPORTUNITIES
2.2.3.1 Surging demand for advanced real-time data analytics
2.2.3.2 Increasing adoption of Industry 4.0 principles
2.2.3.3 Development of human-centered digital twins
2.2.4 CHALLENGES
2.2.4.1 Complexities associated with data collection and mathematical models
2.2.4.2 Shortage of skilled workforce
2.3 VALUE CHAIN ANALYSIS
2.4 ECOSYSTEM MAPPING
2.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
2.6 PORTER’S FIVE FORCES ANALYSIS
2.6.1 THREAT OF NEW ENTRANTS
2.6.2 THREAT OF SUBSTITUTES
2.6.3 BARGAINING POWER OF BUYERS
2.6.4 BARGAINING POWER OF SUPPLIERS
2.6.5 INTENSITY OF COMPETITIVE RIVALRY
2.7 CASE STUDY ANALYSIS
2.7.1 TEMPLE UNIVERSITY, US, USES DIGITAL TWIN TECHNOLOGY TO ENHANCE OPERATIONS ACROSS CAMPUS
2.7.2 FAURECIA ADOPTS 3DEXPERIENCE DIGITAL TWIN PLATFORM TO OPTIMIZE AGV INBOUND LOGISTICS
2.7.3 DOOSAN OPTIMIZES ENERGY OUTPUT IN WIND FARMS BY IMPLEMENTING AZURE DIGITAL TWINS
2.7.4 IBM INCORPORATES DIGITAL TWINS TO IMPROVE SPARE PART INVENTORY
2.7.5 USE HEALTHCARE PROFESSIONALS USE DIGITAL TWINS TO DEVELOP PERSONALIZED AND BETTER CARE PLANS
3 COMPETITIVE LANDSCAPE
3.1 OVERVIEW
3.2 KEY PLAYER STRATEGIES ADOPTED BY MAJOR PLAYERS
3.3 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022
3.4 MARKET SHARE ANALYSIS, 2022
3.5 DIGITAL TWIN MARKET: COMPANY EVALUATION MATRIX, 2022
3.2.1 STARS
3.2.2 EMERGING LEADERS
3.2.3 PERVASIVE PLAYERS
3.2.4 PARTICIPANTS
3.6 DIGITAL TWIN MARKET: COMPANY FOOTPRINT
3.7 DIGITAL TWIN MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022
3.7.1 PROGRESSIVE COMPANIES
3.7.2 RESPONSIVE COMPANIES
3.7.3 DYNAMIC COMPANIES
3.7.4 STARTING BLOCKS
3.8 DETAILED LIST OF KEY STARTUPS/SMES
3.9 COMPETITIVE SCENARIOS AND TRENDS
3.9.1 PRODUCT LAUNCHES
3.9.2 DEALS
3.9.3 OTHERS
4 COMPANY PROFILES
4.1 KEY PLAYERS
4.1.1 GENERAL ELECTRIC
4.1.1.1 Business overview
4.1.1.2 Products/Solutions/Services offered
4.1.1.3 Recent developments
4.1.1.3.1 Product launches
4.1.1.3.2 Deals
4.1.1.4 MnM view
4.1.1.4.1 Key strengths/Right to win
4.1.1.4.2 Strategic choices
4.1.1.4.3 Weaknesses and competitive threats
4.1.2 MICROSOFT
4.1.2.1 Business overview
4.1.2.2 Products/Solutions/Services offered
4.1.2.3 Recent developments
4.1.2.3.1 Product launches
4.1.2.3.2 Deals
4.1.2.4 MnM view
4.1.2.4.1 Key strengths/Right to win
4.1.2.4.2 Strategic choices
4.1.2.4.3 Weaknesses and competitive threats
4.1.3 SIEMENS
4.1.3.1 Business overview
4.1.3.2 Products/Solutions/Services offered
4.1.3.3 Recent developments
4.1.3.3.1 Product launches
4.1.3.3.2 Deals
4.1.3.4 MnM view
4.1.3.4.1 Key strengths/Right to win
4.1.3.4.2 Strategic choices
4.1.3.4.3 Weaknesses and competitive threats
4.1.4 AMAZON WEB SERVICES, INC. (AWS)
4.1.4.1 Business overview
4.1.4.2 Products/Solutions/Services offered
4.1.4.3 Recent developments
4.1.4.3.1 Product launches
4.1.4.3.2 Deals
4.1.4.4 MnM view
4.1.4.4.1 Key strengths/Right to win
4.1.4.4.2 Strategic choices
4.1.4.4.3 Weaknesses and competitive threats
4.1.5 DASSAULT SYSTÈMES
4.1.2.1 Business overview
4.1.2.2 Products/Solutions/Services offered
4.1.2.3 Recent developments
4.1.2.3.1 Product launches
4.1.2.3.2 Deals
4.1.2.4 MnM view
4.1.2.4.1 Key strengths/Right to win
4.1.2.4.2 Strategic choices
4.1.2.4.3 Weaknesses and competitive threats
4.1.6 ANSYS, INC.
4.1.6.1 Business overview
4.1.6.2 Products/Solutions/Services offered
4.1.6.3 Recent developments
4.1.6.3.1 Product launches
4.1.6.3.2 Deals
4.1.6.4 MnM view
4.1.6.4.1 Key strengths/Right to win
4.1.6.4.2 Strategic choices
4.1.6.4.3 Weaknesses and competitive threats
4.1.7 IBM CORPORATION
4.1.7.1 Business overview
4.1.7.2 Products/Solutions/Services offered
4.1.7.3 Recent developments
4.1.7.3.1 Product launches
4.1.7.3.2 Deals
4.1.8 PTC
4.1.8.1 Business overview
4.1.8.2 Products/Solutions/Services offer
4.1.8.3 Recent developments
4.1.8.3.1 Product launches
4.1.8.3.2 Deals
4.1.9 SAP SE
4.1.9.1 Business overview
4.1.9.2 Products/Solutions/Services offered
4.1.9.3 Recent developments
4.1.9.3.1 Deals
4.1.10 ORACLE
4.1.10.1 Business overview
4.1.10.2 Products/Solutions/Services offered
4.1.10.3 Recent developments
4.1.10.3.1 Product launches
4.1.10.3.2 Deals
4.1.10.3.3 Others
4.1.11 ROBERT BOSCH GMBH
4.1.11.1 Business overview
4.1.11.2 Products/Solutions/Services offered
4.1.11.3 Recent developments
4.1.11.3.1 Product launches
4.1.11.3.2 Deals
4.2 OTHER KEY PLAYERS
4.2.1 EMERSON ELECTRIC CO.
4.2.2 ABB
4.2.3 HONEYWELL INTERNATIONAL INC.
4.2.4 SCHNEIDER ELECTRIC
4.2.2 NAVVIS
4.2.6 DNV AS
4.2.7 AUTODESK INC.
4.2.8 ANDRITZ AG
4.2.9 SOFTWARE AG
4.2.10 BENTLEY SYSTEMS, INCORPORATED
4.2.11 RIVER LOGIC, INC.
4.2.12 ALTAIR ENGINEERING INC.
4.2.13 JOHNSON CONTROLS
4.2.1 nSTREAM
COMPANY PROFILES
KEY PLAYERS
GENERAL ELECTRIC
MICROSOFT
SIEMENS
AMAZON WEB SERVICES, INC. (AWS)
DASSAULT SYSTÈMES
ANSYS, INC.
IBM CORPORATION
PTC
SAP SE
ORACLE
ROBERT BOSCH GMBH
OTHER KEY PLAYERS
EMERSON ELECTRIC CO.
ABB
HONEYWELL INTERNATIONAL INC.
SCHNEIDER ELECTRIC
NAVVIS
DNV AS
AUTODESK INC.
ANDRITZ AG
SOFTWARE AG
BENTLEY SYSTEMS, INCORPORATED
RIVER LOGIC, INC.
ALTAIR ENGINEERING INC.
JOHNSON CONTROLS
nSTREAM
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