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Published: February 2022
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
GLOBAL DIGITAL TWIN MARKET –
FORECAST AND OPPORTUNITIES
2017 – 2027
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© TechSci Research
Table of Contents
S. No. Contents
1. Service Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Digital Twin Market
5. Voice of Customer
5.1. Percentage of Digital Twin Users vs Non-Users
5.2. Digital Twin Usage Percent Share, By Type
5.3. Factors Considered While Selecting a Vendor
5.4. Satisfaction Level
5.5. Satisfaction From Existing Digital Twin Software
6. Global Digital Twin Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type (Process, Product, System)
6.2.2.
By Technology (Internet of Things, Artificial Intelligence & Machine Learning, Blockchain, Big
Data Analytics, Extended Reality, 5G)
6.2.3.
By Application (Manufacturing Process Planning, Product Design, Predictive Maintenance,
Others {Business Optimization, Inventory Management, etc.})
6.2.4.
By End User (Manufacturing, Automobile and Transportation, Healthcare and Lifesciences,
Energy & Utilities, Aerospace and Defence, Others{Construction, Retail & Consumer Goods,
Agriculture etc.})
6.2.5. By Region
6.2.6. By Company (2021)
6.3. Market Map (By Type, By Technology, By Application, By End User, By Region)
7. North America Digital Twin Market Outlook
7.1. Market Size & Forecast
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7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Technology
7.2.3. By Application
7.2.4. By End User
7.2.5. By Country
7.3. North America: Country Analysis
7.3.1. United States Digital Twin Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Type
7.3.1.2.2. By Technology
7.3.1.2.3. By Application
7.3.1.2.4. By End User
7.3.2. Canada Digital Twin Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Type
7.3.2.2.2. By Technology
7.3.2.2.3. By Application
7.3.2.2.4. By End User
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7.3.3. Mexico Digital Twin Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Type
7.3.3.2.2. By Technology
7.3.3.2.3. By Application
7.3.3.2.4. By End User
8. Europe Digital Twin Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Technology
8.2.3. By Application
8.2.4. By End User
8.2.5. By Country
8.3. Europe: Country Analysis
8.3.1. Germany Digital Twin Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Type
8.3.1.2.2. By Technology
8.3.1.2.3. By Application
8.3.1.2.4. By End User
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8.3.2. United Kingdom Digital Twin Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Type
8.3.2.2.2. By Technology
8.3.2.2.3. By Application
8.3.2.2.4. By End User
8.3.3. France Digital Twin Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Type
8.3.3.2.2. By Technology
8.3.3.2.3. By Application
8.3.3.2.4. By End User
8.3.4. Russia Digital Twin Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Type
8.3.4.2.2. By Technology
8.3.4.2.3. By Application
8.3.4.2.4. By End User
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8.3.5. Italy Digital Twin Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Type
8.3.5.2.2. By Technology
8.3.5.2.3. By Application
8.3.5.2.4. By End User
9. Asia-Pacific Digital Twin Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Technology
9.2.3. By Application
9.2.4. By End User
9.2.5. By Country
9.3. Asia-Pacific: Country Analysis
9.3.1. China Digital Twin Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
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9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Type
9.3.1.2.2. By Technology
9.3.1.2.3. By Application
9.3.1.2.4. By End User
9.3.2. Japan Digital Twin Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Type
9.3.2.2.2. By Technology
9.3.2.2.3. By Application
9.3.2.2.4. By End User
9.3.3. South Korea Digital Twin Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Type
9.3.3.2.2. By Technology
9.3.3.2.3. By Application
9.3.3.2.4. By End User
9.3.4. India Digital Twin Market Outlook
9.3.4.1. Market Size & Forecast
9.3.4.1.1. By Value
9.3.4.2. Market Share & Forecast
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9.3.4.2.1. By Type
9.3.4.2.2. By Technology
9.3.4.2.3. By Application
9.3.4.2.4. By End User
9.3.5. Australia Digital Twin Market Outlook
9.3.5.1. Market Size & Forecast
9.3.5.1.1. By Value
9.3.5.2. Market Share & Forecast
9.3.5.2.1. By Type
9.3.5.2.2. By Technology
9.3.5.2.3. By Application
9.3.5.2.4. By End User
9.3.6. Singapore Digital Twin Market Outlook
9.3.6.1. Market Size & Forecast
9.3.6.1.1. By Value
9.3.6.2. Market Share & Forecast
9.3.6.2.1. By Type
9.3.6.2.2. By Technology
9.3.6.2.3. By Application
9.3.6.2.4. By End User
9.3.7. Vietnam Digital Twin Market Outlook
9.3.7.1. Market Size & Forecast
9.3.7.1.1. By Value
9.3.7.2. Market Share & Forecast
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9.3.7.2.1. By Type
9.3.7.2.2. By Technology
9.3.7.2.3. By Application
9.3.7.2.4. By End User
10. Middle East & Africa Digital Twin Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Technology
10.2.3. By Application
10.2.4. By End User
10.2.5. By Country
10.3. Middle East & Africa: Country Analysis
10.3.1. UAE Digital Twin Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Type
10.3.1.2.2. By Technology
10.3.1.2.3. By Application
10.3.1.2.4. By End User
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10.3.2. Saudi Arabia Digital Twin Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Type
10.3.2.2.2. By Technology
10.3.2.2.3. By Application
10.3.2.2.4. By End User
10.3.3. South Africa Digital Twin Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Type
10.3.3.2.2. By Technology
10.3.3.2.3. By Application
10.3.3.2.4. By End User
10.3.4. Turkey Digital Twin Market Outlook
10.3.4.1. Market Size & Forecast
10.3.4.1.1. By Value
10.3.4.2. Market Share & Forecast
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10.3.4.2.1. By Type
10.3.4.2.2. By Technology
10.3.4.2.3. By Application
10.3.4.2.4. By End User
10.3.5. Egypt Digital Twin Market Outlook
10.3.5.1. Market Size & Forecast
10.3.5.1.1. By Value
10.3.5.2. Market Share & Forecast
10.3.5.2.1. By Type
10.3.5.2.2. By Technology
10.3.5.2.3. By Application
10.3.5.2.4. By End User
10.3.6. Nigeria Digital Twin Market Outlook
10.3.6.1. Market Size & Forecast
10.3.6.1.1. By Value
10.3.6.2. Market Share & Forecast
10.3.6.2.1. By Type
10.3.6.2.2. By Technology
10.3.6.2.3. By Application
10.3.6.2.4. By End User
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11. South America Digital Twin Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Type
11.2.2. By Technology
11.2.3. By Application
11.2.4. By End User
11.2.5. By Country
11.3. South America: Country Analysis
11.3.1. Brazil Digital Twin Market Outlook
11.3.1.1. Market Size & Forecast
11.3.1.1.1. By Value
11.3.1.2. Market Share & Forecast
11.3.1.2.1. By Type
11.3.1.2.2. By Technology
11.3.1.2.3. By Application
11.3.1.2.4. By End User
11.3.2. Argentina Digital Twin Market Outlook
11.3.2.1. Market Size & Forecast
11.3.2.1.1. By Value
11.3.2.2. Market Share & Forecast
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11.3.2.2.1. By Type
11.3.2.2.2. By Technology
11.3.2.2.3. By Application
11.3.2.2.4. By End User
11.3.3. Colombia Digital Twin Market Outlook
11.3.3.1. Market Size & Forecast
11.3.3.1.1. By Value
11.3.3.2. Market Share & Forecast
11.3.3.2.1. By Type
11.3.3.2.2. By Technology
11.3.3.2.3. By Application
11.3.3.2.4. By End User
11.3.4. Chile Digital Twin Market Outlook
11.3.4.1. Market Size & Forecast
11.3.4.1.1. By Value
11.3.4.2. Market Share & Forecast
11.3.4.2.1. By Type
11.3.4.2.2. By Technology
11.3.4.2.3. By Application
11.3.4.2.4. By End User
12. Market Dynamics
12.1. Drivers
12.2. Challenges
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13. Market Trends and Developments
14. Company Profiles
14.1. Bentley Systems, Incorporated
14.2. Robert Bosch GmbH
14.3. Schneider Electric SE
14.4. Swim.ai, Inc.
14.5. Honeywell International Inc.
14.6. Rockwell Automation Inc.
14.7. ABB Ltd.
14.8. AVEVA Group plc
14.9. Dassault Systèmes
14.10. PTC Inc.
14.11. Siemens AG
14.12. General Electric Company
14.13. Microsoft Corporation
14.14. IBM Corporation
14.15. Oracle Corporation
15. Strategic Recommendations
16. About Us & Disclaimer
14
ServiceOverview
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© TechSci Research
Service Overview
Scope of Report: Digital Twin
Review Period
2017 – 2020
Base Year
2021
Estimated Year
2022
Forecast Period
2023 – 2027
Year Range
Digital Twin is a virtualized dynamic representation that serves as the real-time digital counterpart of a physical object or process.
It uses the combination of data and intelligence to profile, predict and optimize the performance of their industrial asset via
simulations. Digital Twin is an integral part of Industrial Internet of Things as it allows for the automated controlling and monitoring
of industrial assets and processes with capabilities such as product designing, manufacturing process planning, asset performance
management, business and operation optimization, etc.
Market Segmentation
16
BY TYPE
BY APPLICATION
• Manufacturing Process Planning
• Product Design
• Predictive Maintenance
• Others
BY TECHNOLOGY
• Internet of Things
• Artificial Intelligence & Machine
Learning
• Blockchain
• Big Data Analytics
• Extended Reality
• 5G
• Process
• Product
• System
BY END USER
• Manufacturing
• Automobile and Transportation
• Healthcare and Lifesciences
• Energy & Utilities
• Aerospace and Defence
• Others
BY REGION
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
DATA
Metadata or Structural
Operational Data
Contextual Data
INFORMATION INTELLIGENCE
Data Analytics or Data Modeling
(Machine Learning and Artificial
Intelligence)
BUSINESS OUTCOMES
Performance Monitoring
Process Planning
Prediction
Optimization
ResearchMethodology
18
© TechSci Research
Research Methodology
 Identifying Key Opinion
Leaders
 Questionnaire Design
 In-depth Interviews
Data
Collection
Developing List
of Respondents
Formulating
Questionnaire
Market
Profiling
Data
Validation
Data
Analysis
In-depth secondary
research was
conducted to determine
top players, overall
market size and
segmental market size
in Global Digital Twin
Market.
In order to conduct
industry experts’
interviews, TechSci
formulated a
detailed discussion
guide.
List of industry
players and
industry
specialists was
developed.
TechSci conducted
interviews with
industry experts
and industry
players for data
collection and
verification.
Data obtained as
a result of
primary and
secondary
research was
validated through
rigorous
triangulation.
The data was
scrutinized using MS-
Excel, statistical tools
and internal proprietary
database to obtain
qualitative and
quantitative insights
about Global Digital
Twin Market.
Data
Collection
Data Filter
& Analysis
Research &
Intelligence
Actionable
Insights
Business
Solution
Primary Research Desk Research Company Analysis
 Recent Developments
 Market Changing
Aspects/Dynamics
 Government Policies
 Conclusion
 Market Participants
 Key Strengths
 LinkedIn
 TechSci Internal
Database
 Factiva
 Hoovers
Paid Sources
 Company Websites
 Company Annual
Reports
 White Paper Study
 Financial Reports
 Investor
Presentations
 Regulatory Body
Secondary Research
Primary Research
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© TechSci Research
Research Methodology
19
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of Global Digital Twin Market. The team has
analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing
penetration of smart technologies, rising data security demand, growing penetration of digital twin in healthcare sector,
government policy support, etc., and projected growth during the forecast period. The study includes market forecasting, which
would enable our clients to take better decisions while planning their strategy to achieve sustainability in Global Digital Twin
Market.
Methodology Followed for Calculation of Market Size:
Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through
exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts.
The team interviewed more than 20 companies, 100 end users and 12 industry experts and other value chain stakeholders in
Global Digital Twin Market to obtain the overall market size during 2017-2021, which was validated by the Delphi technique.
Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for the
historical period.
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© TechSci Research
Research Methodology
20
Respondents were asked about the current and future market growth rates, as well as market shares by type, by technology,
by application, by end user, by region, and by company. Removing the outlier responses, the geometric mean of growth
estimates and provider wise revenue shares generated across various segments were considered to arrive at the final revenue
shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon
the component.
Methodology Followed for Calculation of Market Shares:
Market shares by type, by technology, by application, by end user, by region and by company were calculated based on the
responses received through primary surveys with industry experts, in which the respondents were asked about the market
shares of the leading players in the global digital twin market. The final shares were calculated by taking the geometric mean
of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the
leading companies operating and their competitive structure in the global digital twin market.
Methodology Followed for Forecasting:
TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the
survey results in SPSS/Tableau Software.
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© TechSci Research
Research Methodology
21
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast
global digital twin market, TechSci Research used various forecast techniques such as:
o Moving Average
o Time Series Analysis
o Regression Analysis
o Econometric and Judgmental Analysis
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions.
TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market
demand scenario.
Partial List of Companies
Interviewed
Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc.,
Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc,
Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation,
IBM Corporation, and Oracle Corporation among others.
Partial List of Secondary
Sources
Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company
Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.
Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.
(b) The market data for 2021 is actual only for nine months till September 2021. For rest of the three months
between October 2021 and December 2021, the data is estimated as financials of few companies for full year
2021 have not been disclosed yet.
22
© TechSci Research
Industry Brief
22
Growing demand for digital manufacturing to drive the global digital twin market through 2027.
According to TechSci Research report, “Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-
2027”, the global digital twin market is anticipated to witness a growth of CAGR of 32.34% in the forecast period to reach USD43264.08 million by 2027.
The primary factors driving the demand for global digital twin market are increasing smart city construction and rapid implementation of advanced
technologies like the internet of things, artificial intelligence, and big data analytics in enterprises.
Digital twin technology is in high demand from the automotive industry to create a virtual model of automobile components. Automatic and electric
vehicles are witnessing massive demand. The deployment of advanced driver-assistance systems (ADAS), automatic emergency braking (AEB), and
other cutting-edge automotive technologies emphasize the need for testing and performance evaluation. The growing need for testing and quality
assurance in automobiles is expected to drive the global digital twin market demand. However, growing concerns relating to data privacy and security
may restrain the market growth for the next five years.
The global digital twin market is segmented into type, technology, application, end user, company, and regional distribution.
Based on type, the market is divided into process, product, and system. Process type dominated the market by capturing a market share of 46.78% in
2021. It is used to enhance the consumer experience by providing personalized services and maintaining the products' quality. Process digital twin also
predicts the expected failures, which helps prevent breakdown before they even occur.
Based on the technology, the market is divided into the internet of things, artificial intelligence & machine learning, blockchain, big data analytics,
extended reality, and 5G. Internet of things technology is expected to grow at a CAGR of 33% in the forecast period as it creates the virtual model of the
physical world through sensors.
Based on application, the market is divided into manufacturing process planning, product design, predictive maintenance, others. Manufacturing
process planning dominated the market with a share of 37.04% in 2021 and is expected to maintain its dominance throughout the forecast period.
Digital twin technology is used in the manufacturing process planning to lower the time and cost associated with assembling, installing, and checking
the quality of the manufactured products.
Based on end user, the market is divided into manufacturing, automobile and transportation, healthcare and lifesciences, energy & utilities, aerospace
and defence, others. The manufacturing industry is leading the global digital twin market with a share of 24.80% in 2021. Digital twin technology is used
in manufacturing industries for real-time tracking and equipment monitoring. It improves product performance, speeds up product performance, and
decreases downtime; therefore, it is in high demand among the manufacturing industries.
Major market players operating in the global digital twin market are Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE,
Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General
Electric Company, Microsoft Corporation, IBM Corporation, Oracle Corporation
“High internet penetration, the proliferation of smart devices, and the growing adoption of the benefits of the internet of things technology in developing
countries are expected to create a base for developing the global digital twin market. Digital twin technology is used to improve the performance of
connected nodes. The rise in the usage of the internet of things technology in various end-user industries generates real-time information that can be
utilized to make informed decisions. Ongoing advancements in the telecommunication industry and the launch of high-performance connected devices
are expected to propel the growth of the global digital twin market till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
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© TechSci Research
Sample Data - Snapshot
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2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Value (USD Million)
Global Digital Twin Market Size, By Value (USD Million), 2017-2027F
CAGR 2017-2021
By Value: xx%
CAGR 2022E-2027F
By Value: xx%
North America Digital Twin Market Share, By Type, By Value, 2017-2027F
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Process 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Product 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
System 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Internet of Things 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Artificial Intelligence & Machine Learning 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Extended Reality 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Blockchain 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Big Data Analytics 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
5G 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
United States Digital Twin Market Share, By Technology, By Value, 2017-2027F
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© TechSci Research
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Report Name: GLOBAL DIGITAL TWIN MARKET
FORECAST AND OPPORTUNITIES
2017 – 2027
About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality
analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global
company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.
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Solutions), By Application (On-shore & Off-shore), By Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility & Others), By Service (Automation,
Instrumentation, Security, Others), By End Use (Upstream, Midstream, & Downstream), Competition, Forecast & Opportunities, 2027
The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,
accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it
considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible
for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the
subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this
document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior
approval of TechSci Research.
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Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027

  • 1. 1 2015 – 2025 Published: February 2022 MARKET INTELLIGENCE . CONSULTING www.techsciresearch.com GLOBAL DIGITAL TWIN MARKET – FORECAST AND OPPORTUNITIES 2017 – 2027
  • 2. 2 © TechSci Research Table of Contents S. No. Contents 1. Service Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on Global Digital Twin Market 5. Voice of Customer 5.1. Percentage of Digital Twin Users vs Non-Users 5.2. Digital Twin Usage Percent Share, By Type 5.3. Factors Considered While Selecting a Vendor 5.4. Satisfaction Level 5.5. Satisfaction From Existing Digital Twin Software 6. Global Digital Twin Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value 6.2. Market Share & Forecast 6.2.1. By Type (Process, Product, System) 6.2.2. By Technology (Internet of Things, Artificial Intelligence & Machine Learning, Blockchain, Big Data Analytics, Extended Reality, 5G) 6.2.3. By Application (Manufacturing Process Planning, Product Design, Predictive Maintenance, Others {Business Optimization, Inventory Management, etc.}) 6.2.4. By End User (Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Energy & Utilities, Aerospace and Defence, Others{Construction, Retail & Consumer Goods, Agriculture etc.}) 6.2.5. By Region 6.2.6. By Company (2021) 6.3. Market Map (By Type, By Technology, By Application, By End User, By Region) 7. North America Digital Twin Market Outlook 7.1. Market Size & Forecast 2
  • 3. 3 © TechSci Research Table of Contents S. No. Contents 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1. By Type 7.2.2. By Technology 7.2.3. By Application 7.2.4. By End User 7.2.5. By Country 7.3. North America: Country Analysis 7.3.1. United States Digital Twin Market Outlook 7.3.1.1. Market Size & Forecast 7.3.1.1.1. By Value 7.3.1.2. Market Share & Forecast 7.3.1.2.1. By Type 7.3.1.2.2. By Technology 7.3.1.2.3. By Application 7.3.1.2.4. By End User 7.3.2. Canada Digital Twin Market Outlook 7.3.2.1. Market Size & Forecast 7.3.2.1.1. By Value 7.3.2.2. Market Share & Forecast 7.3.2.2.1. By Type 7.3.2.2.2. By Technology 7.3.2.2.3. By Application 7.3.2.2.4. By End User 3
  • 4. 4 © TechSci Research Table of Contents S. No. Contents 7.3.3. Mexico Digital Twin Market Outlook 7.3.3.1. Market Size & Forecast 7.3.3.1.1. By Value 7.3.3.2. Market Share & Forecast 7.3.3.2.1. By Type 7.3.3.2.2. By Technology 7.3.3.2.3. By Application 7.3.3.2.4. By End User 8. Europe Digital Twin Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1. By Type 8.2.2. By Technology 8.2.3. By Application 8.2.4. By End User 8.2.5. By Country 8.3. Europe: Country Analysis 8.3.1. Germany Digital Twin Market Outlook 8.3.1.1. Market Size & Forecast 8.3.1.1.1. By Value 8.3.1.2. Market Share & Forecast 8.3.1.2.1. By Type 8.3.1.2.2. By Technology 8.3.1.2.3. By Application 8.3.1.2.4. By End User 4
  • 5. 5 © TechSci Research Table of Contents S. No. Contents Page No. 5 8.3.2. United Kingdom Digital Twin Market Outlook 8.3.2.1. Market Size & Forecast 8.3.2.1.1. By Value 8.3.2.2. Market Share & Forecast 8.3.2.2.1. By Type 8.3.2.2.2. By Technology 8.3.2.2.3. By Application 8.3.2.2.4. By End User 8.3.3. France Digital Twin Market Outlook 8.3.3.1. Market Size & Forecast 8.3.3.1.1. By Value 8.3.3.2. Market Share & Forecast 8.3.3.2.1. By Type 8.3.3.2.2. By Technology 8.3.3.2.3. By Application 8.3.3.2.4. By End User 8.3.4. Russia Digital Twin Market Outlook 8.3.4.1. Market Size & Forecast 8.3.4.1.1. By Value 8.3.4.2. Market Share & Forecast 8.3.4.2.1. By Type 8.3.4.2.2. By Technology 8.3.4.2.3. By Application 8.3.4.2.4. By End User
  • 6. 6 © TechSci Research Table of Contents S. No. Contents 8.3.5. Italy Digital Twin Market Outlook 8.3.5.1. Market Size & Forecast 8.3.5.1.1. By Value 8.3.5.2. Market Share & Forecast 8.3.5.2.1. By Type 8.3.5.2.2. By Technology 8.3.5.2.3. By Application 8.3.5.2.4. By End User 9. Asia-Pacific Digital Twin Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value 9.2. Market Share & Forecast 9.2.1. By Type 9.2.2. By Technology 9.2.3. By Application 9.2.4. By End User 9.2.5. By Country 9.3. Asia-Pacific: Country Analysis 9.3.1. China Digital Twin Market Outlook 9.3.1.1. Market Size & Forecast 9.3.1.1.1. By Value 6
  • 7. 7 © TechSci Research Table of Contents S. No. Contents 9.3.1.2. Market Share & Forecast 9.3.1.2.1. By Type 9.3.1.2.2. By Technology 9.3.1.2.3. By Application 9.3.1.2.4. By End User 9.3.2. Japan Digital Twin Market Outlook 9.3.2.1. Market Size & Forecast 9.3.2.1.1. By Value 9.3.2.2. Market Share & Forecast 9.3.2.2.1. By Type 9.3.2.2.2. By Technology 9.3.2.2.3. By Application 9.3.2.2.4. By End User 9.3.3. South Korea Digital Twin Market Outlook 9.3.3.1. Market Size & Forecast 9.3.3.1.1. By Value 9.3.3.2. Market Share & Forecast 9.3.3.2.1. By Type 9.3.3.2.2. By Technology 9.3.3.2.3. By Application 9.3.3.2.4. By End User 9.3.4. India Digital Twin Market Outlook 9.3.4.1. Market Size & Forecast 9.3.4.1.1. By Value 9.3.4.2. Market Share & Forecast 7
  • 8. 8 © TechSci Research Table of Contents S. No. Contents 9.3.4.2.1. By Type 9.3.4.2.2. By Technology 9.3.4.2.3. By Application 9.3.4.2.4. By End User 9.3.5. Australia Digital Twin Market Outlook 9.3.5.1. Market Size & Forecast 9.3.5.1.1. By Value 9.3.5.2. Market Share & Forecast 9.3.5.2.1. By Type 9.3.5.2.2. By Technology 9.3.5.2.3. By Application 9.3.5.2.4. By End User 9.3.6. Singapore Digital Twin Market Outlook 9.3.6.1. Market Size & Forecast 9.3.6.1.1. By Value 9.3.6.2. Market Share & Forecast 9.3.6.2.1. By Type 9.3.6.2.2. By Technology 9.3.6.2.3. By Application 9.3.6.2.4. By End User 9.3.7. Vietnam Digital Twin Market Outlook 9.3.7.1. Market Size & Forecast 9.3.7.1.1. By Value 9.3.7.2. Market Share & Forecast 8
  • 9. 9 © TechSci Research Table of Contents S. No. Contents 9.3.7.2.1. By Type 9.3.7.2.2. By Technology 9.3.7.2.3. By Application 9.3.7.2.4. By End User 10. Middle East & Africa Digital Twin Market Outlook 10.1. Market Size & Forecast 10.1.1. By Value 10.2. Market Share & Forecast 10.2.1. By Type 10.2.2. By Technology 10.2.3. By Application 10.2.4. By End User 10.2.5. By Country 10.3. Middle East & Africa: Country Analysis 10.3.1. UAE Digital Twin Market Outlook 10.3.1.1. Market Size & Forecast 10.3.1.1.1. By Value 10.3.1.2. Market Share & Forecast 10.3.1.2.1. By Type 10.3.1.2.2. By Technology 10.3.1.2.3. By Application 10.3.1.2.4. By End User 9
  • 10. 10 © TechSci Research Table of Contents S. No. Contents 10.3.2. Saudi Arabia Digital Twin Market Outlook 10.3.2.1. Market Size & Forecast 10.3.2.1.1. By Value 10.3.2.2. Market Share & Forecast 10.3.2.2.1. By Type 10.3.2.2.2. By Technology 10.3.2.2.3. By Application 10.3.2.2.4. By End User 10.3.3. South Africa Digital Twin Market Outlook 10.3.3.1. Market Size & Forecast 10.3.3.1.1. By Value 10.3.3.2. Market Share & Forecast 10.3.3.2.1. By Type 10.3.3.2.2. By Technology 10.3.3.2.3. By Application 10.3.3.2.4. By End User 10.3.4. Turkey Digital Twin Market Outlook 10.3.4.1. Market Size & Forecast 10.3.4.1.1. By Value 10.3.4.2. Market Share & Forecast 10
  • 11. 11 © TechSci Research Table of Contents S. No. Contents 10.3.4.2.1. By Type 10.3.4.2.2. By Technology 10.3.4.2.3. By Application 10.3.4.2.4. By End User 10.3.5. Egypt Digital Twin Market Outlook 10.3.5.1. Market Size & Forecast 10.3.5.1.1. By Value 10.3.5.2. Market Share & Forecast 10.3.5.2.1. By Type 10.3.5.2.2. By Technology 10.3.5.2.3. By Application 10.3.5.2.4. By End User 10.3.6. Nigeria Digital Twin Market Outlook 10.3.6.1. Market Size & Forecast 10.3.6.1.1. By Value 10.3.6.2. Market Share & Forecast 10.3.6.2.1. By Type 10.3.6.2.2. By Technology 10.3.6.2.3. By Application 10.3.6.2.4. By End User 11
  • 12. 12 © TechSci Research Table of Contents S. No. Contents Page No. 12 11. South America Digital Twin Market Outlook 11.1. Market Size & Forecast 11.1.1. By Value 11.2. Market Share & Forecast 11.2.1. By Type 11.2.2. By Technology 11.2.3. By Application 11.2.4. By End User 11.2.5. By Country 11.3. South America: Country Analysis 11.3.1. Brazil Digital Twin Market Outlook 11.3.1.1. Market Size & Forecast 11.3.1.1.1. By Value 11.3.1.2. Market Share & Forecast 11.3.1.2.1. By Type 11.3.1.2.2. By Technology 11.3.1.2.3. By Application 11.3.1.2.4. By End User 11.3.2. Argentina Digital Twin Market Outlook 11.3.2.1. Market Size & Forecast 11.3.2.1.1. By Value 11.3.2.2. Market Share & Forecast
  • 13. 13 © TechSci Research Table of Contents S. No. Contents 11.3.2.2.1. By Type 11.3.2.2.2. By Technology 11.3.2.2.3. By Application 11.3.2.2.4. By End User 11.3.3. Colombia Digital Twin Market Outlook 11.3.3.1. Market Size & Forecast 11.3.3.1.1. By Value 11.3.3.2. Market Share & Forecast 11.3.3.2.1. By Type 11.3.3.2.2. By Technology 11.3.3.2.3. By Application 11.3.3.2.4. By End User 11.3.4. Chile Digital Twin Market Outlook 11.3.4.1. Market Size & Forecast 11.3.4.1.1. By Value 11.3.4.2. Market Share & Forecast 11.3.4.2.1. By Type 11.3.4.2.2. By Technology 11.3.4.2.3. By Application 11.3.4.2.4. By End User 12. Market Dynamics 12.1. Drivers 12.2. Challenges 13
  • 14. 14 © TechSci Research Table of Contents S. No. Contents 13. Market Trends and Developments 14. Company Profiles 14.1. Bentley Systems, Incorporated 14.2. Robert Bosch GmbH 14.3. Schneider Electric SE 14.4. Swim.ai, Inc. 14.5. Honeywell International Inc. 14.6. Rockwell Automation Inc. 14.7. ABB Ltd. 14.8. AVEVA Group plc 14.9. Dassault Systèmes 14.10. PTC Inc. 14.11. Siemens AG 14.12. General Electric Company 14.13. Microsoft Corporation 14.14. IBM Corporation 14.15. Oracle Corporation 15. Strategic Recommendations 16. About Us & Disclaimer 14
  • 16. 16 © TechSci Research Service Overview Scope of Report: Digital Twin Review Period 2017 – 2020 Base Year 2021 Estimated Year 2022 Forecast Period 2023 – 2027 Year Range Digital Twin is a virtualized dynamic representation that serves as the real-time digital counterpart of a physical object or process. It uses the combination of data and intelligence to profile, predict and optimize the performance of their industrial asset via simulations. Digital Twin is an integral part of Industrial Internet of Things as it allows for the automated controlling and monitoring of industrial assets and processes with capabilities such as product designing, manufacturing process planning, asset performance management, business and operation optimization, etc. Market Segmentation 16 BY TYPE BY APPLICATION • Manufacturing Process Planning • Product Design • Predictive Maintenance • Others BY TECHNOLOGY • Internet of Things • Artificial Intelligence & Machine Learning • Blockchain • Big Data Analytics • Extended Reality • 5G • Process • Product • System BY END USER • Manufacturing • Automobile and Transportation • Healthcare and Lifesciences • Energy & Utilities • Aerospace and Defence • Others BY REGION • North America • Europe • Asia-Pacific • South America • Middle East & Africa DATA Metadata or Structural Operational Data Contextual Data INFORMATION INTELLIGENCE Data Analytics or Data Modeling (Machine Learning and Artificial Intelligence) BUSINESS OUTCOMES Performance Monitoring Process Planning Prediction Optimization
  • 18. 18 © TechSci Research Research Methodology  Identifying Key Opinion Leaders  Questionnaire Design  In-depth Interviews Data Collection Developing List of Respondents Formulating Questionnaire Market Profiling Data Validation Data Analysis In-depth secondary research was conducted to determine top players, overall market size and segmental market size in Global Digital Twin Market. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. TechSci conducted interviews with industry experts and industry players for data collection and verification. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. The data was scrutinized using MS- Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Global Digital Twin Market. Data Collection Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Primary Research Desk Research Company Analysis  Recent Developments  Market Changing Aspects/Dynamics  Government Policies  Conclusion  Market Participants  Key Strengths  LinkedIn  TechSci Internal Database  Factiva  Hoovers Paid Sources  Company Websites  Company Annual Reports  White Paper Study  Financial Reports  Investor Presentations  Regulatory Body Secondary Research Primary Research 18
  • 19. 19 © TechSci Research Research Methodology 19 Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of Global Digital Twin Market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing penetration of smart technologies, rising data security demand, growing penetration of digital twin in healthcare sector, government policy support, etc., and projected growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in Global Digital Twin Market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. The team interviewed more than 20 companies, 100 end users and 12 industry experts and other value chain stakeholders in Global Digital Twin Market to obtain the overall market size during 2017-2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for the historical period.
  • 20. 20 © TechSci Research Research Methodology 20 Respondents were asked about the current and future market growth rates, as well as market shares by type, by technology, by application, by end user, by region, and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the component. Methodology Followed for Calculation of Market Shares: Market shares by type, by technology, by application, by end user, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading players in the global digital twin market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating and their competitive structure in the global digital twin market. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results in SPSS/Tableau Software.
  • 21. 21 © TechSci Research Research Methodology 21 Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global digital twin market, TechSci Research used various forecast techniques such as: o Moving Average o Time Series Analysis o Regression Analysis o Econometric and Judgmental Analysis TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario. Partial List of Companies Interviewed Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, and Oracle Corporation among others. Partial List of Secondary Sources Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, etc. Note: (a) Sum of some shares may not be 100% due to round off till two decimal places. (b) The market data for 2021 is actual only for nine months till September 2021. For rest of the three months between October 2021 and December 2021, the data is estimated as financials of few companies for full year 2021 have not been disclosed yet.
  • 22. 22 © TechSci Research Industry Brief 22 Growing demand for digital manufacturing to drive the global digital twin market through 2027. According to TechSci Research report, “Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017- 2027”, the global digital twin market is anticipated to witness a growth of CAGR of 32.34% in the forecast period to reach USD43264.08 million by 2027. The primary factors driving the demand for global digital twin market are increasing smart city construction and rapid implementation of advanced technologies like the internet of things, artificial intelligence, and big data analytics in enterprises. Digital twin technology is in high demand from the automotive industry to create a virtual model of automobile components. Automatic and electric vehicles are witnessing massive demand. The deployment of advanced driver-assistance systems (ADAS), automatic emergency braking (AEB), and other cutting-edge automotive technologies emphasize the need for testing and performance evaluation. The growing need for testing and quality assurance in automobiles is expected to drive the global digital twin market demand. However, growing concerns relating to data privacy and security may restrain the market growth for the next five years. The global digital twin market is segmented into type, technology, application, end user, company, and regional distribution. Based on type, the market is divided into process, product, and system. Process type dominated the market by capturing a market share of 46.78% in 2021. It is used to enhance the consumer experience by providing personalized services and maintaining the products' quality. Process digital twin also predicts the expected failures, which helps prevent breakdown before they even occur. Based on the technology, the market is divided into the internet of things, artificial intelligence & machine learning, blockchain, big data analytics, extended reality, and 5G. Internet of things technology is expected to grow at a CAGR of 33% in the forecast period as it creates the virtual model of the physical world through sensors. Based on application, the market is divided into manufacturing process planning, product design, predictive maintenance, others. Manufacturing process planning dominated the market with a share of 37.04% in 2021 and is expected to maintain its dominance throughout the forecast period. Digital twin technology is used in the manufacturing process planning to lower the time and cost associated with assembling, installing, and checking the quality of the manufactured products. Based on end user, the market is divided into manufacturing, automobile and transportation, healthcare and lifesciences, energy & utilities, aerospace and defence, others. The manufacturing industry is leading the global digital twin market with a share of 24.80% in 2021. Digital twin technology is used in manufacturing industries for real-time tracking and equipment monitoring. It improves product performance, speeds up product performance, and decreases downtime; therefore, it is in high demand among the manufacturing industries. Major market players operating in the global digital twin market are Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, Oracle Corporation “High internet penetration, the proliferation of smart devices, and the growing adoption of the benefits of the internet of things technology in developing countries are expected to create a base for developing the global digital twin market. Digital twin technology is used to improve the performance of connected nodes. The rise in the usage of the internet of things technology in various end-user industries generates real-time information that can be utilized to make informed decisions. Ongoing advancements in the telecommunication industry and the launch of high-performance connected devices are expected to propel the growth of the global digital twin market till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
  • 23. 23 © TechSci Research Sample Data - Snapshot 23 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Value (USD Million) Global Digital Twin Market Size, By Value (USD Million), 2017-2027F CAGR 2017-2021 By Value: xx% CAGR 2022E-2027F By Value: xx% North America Digital Twin Market Share, By Type, By Value, 2017-2027F 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Process 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Product 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% System 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Internet of Things 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Artificial Intelligence & Machine Learning 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Extended Reality 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% Blockchain 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Big Data Analytics 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 5G 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% United States Digital Twin Market Share, By Technology, By Value, 2017-2027F
  • 24. 24 © TechSci Research Report Ordering 24 To View Sample OR Purchase Report License Type Price Single User License $4900 Multi-User License $5900 Custom Research License $8900 Report Name: GLOBAL DIGITAL TWIN MARKET FORECAST AND OPPORTUNITIES 2017 – 2027
  • 25. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports • Global IoT Device Management Market, By Component (Software v/s Service), By Deployment Mode (On-Premise v/s Cloud), By Organization Size (Large Enterprises v/s SMEs), By Application (Smart Retail, Connected Health, Connected Logistics, Smart Utilities, Smart Manufacturing, Others), By Company, By Region, Forecast & Opportunities, 2027 • Global IoT Integration Market, By Service (Device and Platform Management Services, Application Management Services, Advisory Services, System Design and Architecture and others) By Application (Smart Building and Home Automation, Smart Healthcare, Energy and Utilities, Industrial Manufacturing and Automation, Smart Retail, Smart Transportation, Logistics, and Telematics) By Organization (SMEs, Large Enterprises) By Company, By Region, Forecast & Opportunities, 2027 • Global Digital Oilfield Market, By Processes (Reservoir, Production Optimization & Drilling Optimization), By Solutions (Hardware, Software & Service, & Data Storage Solutions), By Application (On-shore & Off-shore), By Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility & Others), By Service (Automation, Instrumentation, Security, Others), By End Use (Upstream, Midstream, & Downstream), Competition, Forecast & Opportunities, 2027 The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research. TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com