Market Overview:
The global digital twin software market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The growth of this market can be attributed to the increasing demand for digital twins across different industries and regions. The on-premises segment is expected to hold the largest share of the global digital twin software market in 2018, while the cloud-based segment is projected to grow at a higher CAGR during the forecast period. By application, electrical industry is expected to hold the largest share of the global digital twin software market in 2018, followed by automotive and medical applications.
Product Definition:
Digital twin software is software that can create a digital model of a physical object or system. This software can be used to improve performance, predict problems, and optimize operations. The importance of digital twin software lies in its ability to improve efficiency and safety while reducing costs.
Cloud Based:
Cloud-based software is a type of software service model that provides shared computer resources over the internet. It is an emerging concept in the IT world which has transformed several traditional business models and workflows. Cloud computing offers benefits such as increased efficiency, flexibility, scalability and cost effectiveness to organizations. The primary benefit offered to organizations is cost reduction by moving their data services from fixed infrastructure to a cloud based infrastructure thus reducing operational costs for them in terms of storage space and servers.
On-Premises:
On-premises is a term used for software solutions that are installed and operated from the original media or hardware. The on-premise solution does not depend on internet connectivity, hence it can be installed and used anywhere in the world. On-premises software solutions include database management systems, enterprise resource planning (ERP), customer relationship management (CRM), content management system, order processing automation system, supply chain management (SCM) among others.
Application Insights:
The automotive application segment accounted for the largest revenue share of over 30% in 2017. The growth can be attributed to the increasing usage of these solutions across OEMs, VARs and parts suppliers. Increasing penetration of smart devices in automobiles is further driving the demand for digital twin software, which helps analyze and optimize production processes. For instance, Bajaj Auto Ltd., a part of Bajaj Group has implemented CarWings Digital Twin Software to improve its manufacturing process by analyzing data from different sensors on a real-time basis and making necessary changes to increase efficiency at the plant floor level.
The medical application segment is expected to witness significant growth over the forecast period owing to an increase in R&D activities pertaining to new drug development & approval procedures as well as treatments for chronic diseases such as diabetes & cardiac disorders.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the presence of major players such as IBM Corporation; Google LLC; and GE Digital. These companies are investing heavily in R&D activities for developing advanced digital twins software solutions that can provide insights into complex systems with high accuracy and low latency. Moreover, increasing adoption of IoT technology across various industries such as healthcare, automotive, electricity & gas, etc., has led to increased demand for digital twin software solutions in this region.
The Asia Pacific regional market accounted for more than 25% revenue share in 2017 owing to rapid adoption of the Internet-of-Things (IoT) technology across numerous sectors including manufacturing, transportation & logistics (T&L), energy & utilities (E&U), government services delivery management system among others’ in countries like China.
Growth Factors:
- Increasing demand for digital twins in the automotive and aerospace industries for product development and quality assurance.
- Growing popularity of digital twins for simulation, training, and operations management across various industries.
- Proliferation of low-cost sensors and big data analytics platforms that are making digital twin technology more accessible to businesses of all sizes.
- Development of new applications for digital twins such as predictive maintenance and autonomous vehicles.
Scope Of The Report
Report Attributes
Report Details
Report Title
Digital Twin Software Market Research Report
By Type
Cloud Based, On-Premises
By Application
Electrical, Automobile, Medical, Ships, Others
By Companies
SAP, Seebo, Predix, Akselos, Oracle, ScaleOut, TWAICE Technologies GmbH, Sphera, Lanner Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
159
Number of Tables & Figures
112
Customization Available
Yes, the report can be customized as per your need.
Global Digital Twin Software Market Report Segments:
The global Digital Twin Software market is segmented on the basis of:
Types
Cloud Based, On-Premises
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Electrical, Automobile, Medical, Ships, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- SAP
- Seebo
- Predix
- Akselos
- Oracle
- ScaleOut
- TWAICE Technologies GmbH
- Sphera
- Lanner Group
Highlights of The Digital Twin Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud Based
- On-Premises
- By Application:
- Electrical
- Automobile
- Medical
- Ships
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Digital Twin Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Digital Twin is a software that helps companies to create digital representations of physical objects or systems. It can be used to simulate and predict how the object or system will behave under different conditions, and it can help to improve decision-making processes.
Some of the key players operating in the digital twin software market are SAP, Seebo, Predix, Akselos, Oracle, ScaleOut, TWAICE Technologies GmbH, Sphera, Lanner Group.
The digital twin software market is expected to register a CAGR of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Digital Twin Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Digital Twin Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Digital Twin Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Digital Twin Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Digital Twin Software Market Size & Forecast, 2018-2028
4.5.1 Digital Twin Software Market Size and Y-o-Y Growth
4.5.2 Digital Twin Software Market Absolute $ Opportunity
Chapter 5 Global Digital Twin Software Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Digital Twin Software Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 On-Premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Digital Twin Software Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Digital Twin Software Market Size Forecast by Applications
6.2.1 Electrical
6.2.2 Automobile
6.2.3 Medical
6.2.4 Ships
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Digital Twin Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Digital Twin Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Digital Twin Software Analysis and Forecast
9.1 Introduction
9.2 North America Digital Twin Software Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Digital Twin Software Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 On-Premises
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Digital Twin Software Market Size Forecast by Applications
9.10.1 Electrical
9.10.2 Automobile
9.10.3 Medical
9.10.4 Ships
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Digital Twin Software Analysis and Forecast
10.1 Introduction
10.2 Europe Digital Twin Software Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Digital Twin Software Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 On-Premises
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Digital Twin Software Market Size Forecast by Applications
10.10.1 Electrical
10.10.2 Automobile
10.10.3 Medical
10.10.4 Ships
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Digital Twin Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Digital Twin Software Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Digital Twin Software Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 On-Premises
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Digital Twin Software Market Size Forecast by Applications
11.10.1 Electrical
11.10.2 Automobile
11.10.3 Medical
11.10.4 Ships
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Digital Twin Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Digital Twin Software Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Digital Twin Software Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 On-Premises
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Digital Twin Software Market Size Forecast by Applications
12.10.1 Electrical
12.10.2 Automobile
12.10.3 Medical
12.10.4 Ships
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Digital Twin Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Digital Twin Software Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Digital Twin Software Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 On-Premises
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Digital Twin Software Market Size Forecast by Applications
13.10.1 Electrical
13.10.2 Automobile
13.10.3 Medical
13.10.4 Ships
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Digital Twin Software Market: Competitive Dashboard
14.2 Global Digital Twin Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 SAP
14.3.2 Seebo
14.3.3 Predix
14.3.4 Akselos
14.3.5 Oracle
14.3.6 ScaleOut
14.3.7 TWAICE Technologies GmbH
14.3.8 Sphera
14.3.9 Lanner Group
