Market Overview: Next Steps For Digital Twins

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Executive Summary

This report provides a strategic overview of the digital twin software application market for executives at firms that deliver digital twin projects. In this report, we outline what kinds of digital twins are available, highlight barriers that stunt the growth of the digital twin market and discuss the technologies that will supercharge it in the future. Dissecting the market into industries shows that digital twins are well-established in the oil and gas and infrastructure industries and are set to grow in the railways and power utility industries. We recommend that digital twin providers should educate their customers, leverage industry-specific expertise and build a strong partner network, in order to thrive.
 

Table of contents

Market Overview: Next Steps For Digital Twins  
The Maturation Of Digital Twin Technology And Its Associated Benefits Will Drive Uptake 

The Digital Twin Market Continues To Evolve And Grow  
Digital Twins Cater To A Multitude Of Usage Scenarios Across The Asset Life Cycle 
Digital Twins Create Value By Enhancing Real-Time Visibility And Delivering Insights Into The Future 

The Second Wave Of Digital Twin Customers Will Be Powered By Experience And Innovations  
Digital Twin Vendors Focus On Innovations To Bolster Their Value Proposition 
Wisdom Gained From The Infrastructure And Oil And Gas Industries Will Trickle Down To Fuel Uptake Elsewhere

Digital Twin Providers Should Complete These Actions To Become More Competitive

Table of figures

Figure 1. Sophistication Levels Of Digital Twins 
Figure 2. The Use Of Digital Twins Throughout The Asset Life Cycle 
Figure 3. How Digital Twins Create Value From Asset Data 
Figure 4. 2020 Digital Twins For Industrial Facilities Market By Industry ($ Billion) 
Figure 5. 2025 Digital Twins For Industrial Facilities Market By Industry ($ Billion)  

About the authors

Joe Osborne

Analyst
Joe is an Analyst in the Verdantix Operational Excellence practice. His research agenda focuses on covering industrial risk management technologies and the use of Digital Twins and UAVs for asset management. Joe joined Verdantix shortly after being awarded his Masters in Aerospace Engineering from the University of Bristol.

Malavika Tohani

Research Director

Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins and software solutions for industrial risk and asset management. Malavika has over 15 years’ experience in research and strategy consulting. Malavika previously worked at Frost & Sullivan, managing and delivering advisory projects for clients involving expansion, acquisition, benchmarking and product development strategies. Malavika holds a MSc in Economics from Madras School of Economics.

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