Digital Twin Market Trend Analysis, Growth, Size by 2030

Digital Twin Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Asset Twins, System Twins, Process Twin, and Parts/Component Twin), Enterprise Size (Large Enterprises and SMEs), and End User (Manufacturing, Automotive, Aerospace & Defense, Healthcare, Retail, and Others)

Publication Month : Mar 2024

  • Report Code : TIPRE00017045
  • Category : Technology, Media and Telecommunications
  • Status : Data Released
  • No. of Pages : 150
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[Research Report] The digital twin market size was valued at US$ 10.30 billion in 2022 and is expected to reach US$ 140.93 billion by 2030; it is estimated to record a CAGR of 38.7% from 2022 to 2030.

Digital Twin Market Analyst Perspective:

Digital twin technology is revolutionizing various industries and will also shape the future of the manufacturing industry. The need for digital twin technology is being driven by the growing adoption of IoT devices and the emergence of Industry 4.0. The increasing use of cloud solutions and services, digital transformation projects, and an emphasis on sustainability are a few of the factors positively influencing the digital twin market growth. The role of digital twins became crucial during the COVID-19 pandemic for reducing the spread of the disease by enabling contactless temperature scanning of patients, intelligent traffic management, and understanding the long-term impact of disease on patients' health, as well as promoting COVID-19 mass vaccination centers and other initiatives. During the pandemic, the usage of digital twins became increasingly important as it reduced the danger of disease spread while simultaneously improving performance, lowering costs, and providing convenience. All these factors led to the digital twin market expansion after the pandemic period.

Digital twin companies will have significant growth prospects as they are focusing on integrating cutting-edge technology such as artificial intelligence (AI), augmented reality and virtual reality with their solutions. Thus, integration with technologies such as artificial intelligence (AI), augmented reality, and virtual reality is expected to bring new digital twin market trends.

Digital Twin Market Overview:

Digital twin refers to a virtual representation of a real object. It covers the object's lifecycle and uses real-time data supplied from the object's sensors. Digital twin replicates a physical asset digitally in the virtual environment, including its features, functionality, and behavior. A wide range of real-world objects, from individual pieces of machinery in a factory to huge installations such as wind turbines and entire cities, can be replicated using digital twins. With the use of digital twin technology, organizations can monitor an asset's performance, spot potential issues, and make decisions regarding maintenance with greater knowledge. A huge number of industries are increasingly leveraging digital twin technology to build virtual representations of real-world systems. There are several different types of digital twins such as asset twins, system twins, process twins, and parts/component twins. Digital twins utilize several advanced technologies such as the Internet of Things, artificial intelligence, augmented reality, virtual reality, and simulation to provide a digital model of an object.

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Digital Twin Market: Strategic Insights

digital-twins-market
Market Size Value inUS$ 10.30 billion in 2022
Market Size Value byUS$ 140.93 billion by 2030
Growth rateCAGR of 38.7% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Digital Twin Market Driver:

Increasing Adoption of IoT Devices to Fuel Digital Twin Market Growth During Forecast Period

The Internet of Things describes a broad network of interconnected devices as well as the technologies that enable communication between devices and the cloud. Recently, there has been a huge surge in the adoption of IoT technologies due to advancements in mobile technology and wireless connectivity and a continued drop in the cost of sensors and other components. Several industries are using IoT technologies to improve efficiency and reduce costs. For instance, according to Finance Online, there were approximately 14.76 billion connected IoT devices as of November 2023 and this figure is expected to grow approximately 25.44 billion by 2030. Similarly, according to a forecast by IoT Analytics, 75% of all devices will be IoT by 2030. Furthermore, FinleyUSA estimated that worldwide IoT spending will rise to US$ 1.1 trillion in 2023. The below table showcases the breakdown of the worldwide IoT spending forecast by FinleyUSA as of January 2021:

Year

Global IoT Spending in US$ Billion

2018

US$ 646 billion

2019

US$ 686 billion

2020

US$ 749 billion

2022

US$ 1 trillion

2023

US$ 1.1 trillion

                             Source: FinleyUSA

With the growing adoption of IoT, the use of digital twins is also increasing. Digital twins require a continuous flow of data to accurately replicate their physical counterparts. This requirement can be fulfilled by IoT devices with built-in sensors. Real-time data collection from the environment, human interactions, or object performance is facilitated by these sensors. Digital twins rely on these IoT sensor data to leverage information from the real-world object into the digital-world object. The insights derived from these data allow organizations to react quickly to improve operational efficiency, customer satisfaction, and production quality, among others. As IoT devices transmit data, digital twins update the data in real-time, which ensures that the virtual model is in sync with the physical entity. By leveraging IoT, a digital twin can represent a complex piece of equipment, such as a wind turbine, as well as a process, such as the activity of customers in a retail shop. Thus, the increasing adoption of IoT devices drives the digital twin market.

Digital Twin Market Report Segmentation and Scope:

The digital twin market analysis has been carried out considering the following segments: type, enterprise size, end user, and geography. Based on type, the market is segmented into asset twins, system twins, process twins, and parts/component twins. In terms of enterprise size, the market is divided into large enterprises and SMEs. Based on end user, the market is segmented into manufacturing, automotive, aerospace & defense, healthcare, retail, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In terms of revenue, North America dominated the digital twin market share.

 

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Digital Twin Market Segmental Analysis:

Based on type, the asset twins segment held the largest digital twin market share. When two or more components work together, they form an asset. Asset twins enable organizations to study the interaction of those components, creating massive performance data that can be processed and concluded into actionable insights. Asset twins are also called product twins. While asset twins can technically be composed of numerous component twins, their purpose is to understand how their various parts operate together within a single real-world product.

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Digital Twin Market Players Analysis:

General Electric; Microsoft; Siemens; Dassault Systèmes; PTC; Robert Bosch; IBM Corporation; Oracle; and ANSYS, Inc are among the key players profiled in the digital twin market report.

Digital Twin Market Recent Developments:

The digital twin market forecast can help stakeholders in this marketplace plan their growth strategies. Inorganic and organic strategies such as mergers and acquisitions are highly adopted by the market players to mark their position in the market. As per company press releases, below are a few recent key developments:

  • In January 2024, Valeo and Applied Intuition announced a partnership to provide digital twin technology for advanced driver-assistance systems (ADAS) sensor simulation. The joint solution will allow automotive original equipment manufacturers (OEMs) to bring safe and reliable ADAS features to market.
  • In July 2023, NTT DATA announced the launch of digital twin-supported ShotView technology. ShotView signified a first for golf in the use of digital twin technology, which allowed fans on the course and at home to gain unprecedented insights into data points gathered around the course in a live, interactive setting.
  • In October 2022, Altair announced the launch of its digital twin solution that features the market’s highly connected, cross-functional capabilities that can be deployed through any and every stage of a product lifecycle. Users can take advantage of the company’s end-to-end, holistic solutions and digital twin consulting team to help accelerate digital twin adoption in industries such as aerospace, banking, financial services, manufacturing, energy, telecommunications, and electronics.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Enterprise Size, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the estimated global market size for the digital twin in 2022?

The digital twin was valued at US$ 10.30 billion in 2022 and is projected to reach US$ 140.93 billion by 2030; it is expected to grow at a CAGR of 38.7% during 2022–2030.

What are the driving factors impacting the digital twin market?

Increasing adoption of IoT Devices, emergence of industry 4.0, emphasis on sustainability, growing focus on predictive maintenance are the driving factors impacting the digital twin market growth.

What are the future trends of the digital twin market?

Integration with technologies such as artificial intelligence (AI), augmented reality, and virtual reality is the future trend of the digital twin market.

Which are the key players holding the major market share of digital twin?

The key players, holding majority shares, in digital twin includes Microsoft, IBM Corporation, Siemens, Oracle, and General Electric among others.

Which is the fastest growing regional market?

Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.

Which region is holding the major market share of global digital twin market?

The North America held the largest market share in 2022, followed by Europe and Asia Pacific

1. Introduction

1.1 Scope of the Study

1.2 Market Definition, Assumptions and Limitations

1.3 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness Analysis

3. Research Methodology

4. Digital Twin Market Landscape

4.1 Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.3.1 List of Vendors in the Value Chain

5. Digital Twin Market - Key Market Dynamics

5.1 Key Market Drivers

5.2 Key Market Restraints

5.3 Key Market Opportunities

5.4 Future Trends

5.5 Impact Analysis of Drivers and Restraints

6. Digital Twin Market - Global Market Analysis

6.1 Digital Twin - Global Market Overview

6.2 Digital Twin - Global Market and Forecast to 2030

7. Digital Twin Market – Revenue Analysis (USD Million) – By Type, 2020-2030

7.1 Overview

7.2 Parts/Component Twin

7.3 Process Digital Twin

7.4 System Digital Twin

7.5 Asset Twins

8. Digital Twin Market – Revenue Analysis (USD Million) – By Enterprise Size, 2020-2030

8.1 Overview

8.2 Large Enterprises

8.3 SMEs

9. Digital Twin Market – Revenue Analysis (USD Million) – By End User, 2020-2030

9.1 Overview

9.2 Manufacturing

9.3 Automotive

9.4 Aerospace and Defense

9.5 Healthcare

9.6 Retail

9.7 Others

10. Digital Twin Market - Revenue Analysis (USD Million), 2020-2030 – Geographical Analysis

10.1 North America

10.1.1 North America Digital Twin Market Overview

10.1.2 North America Digital Twin Market Revenue and Forecasts to 2030

10.1.3 North America Digital Twin Market Revenue and Forecasts and Analysis - By Type

10.1.4 North America Digital Twin Market Revenue and Forecasts and Analysis - By Enterprise Size

10.1.5 North America Digital Twin Market Revenue and Forecasts and Analysis - By End User

10.1.6 North America Digital Twin Market Revenue and Forecasts and Analysis - By Countries

10.1.6.1 United States Digital Twin Market

10.1.6.1.1 United States Digital Twin Market, by Type

10.1.6.1.2 United States Digital Twin Market, by Enterprise Size

10.1.6.1.3 United States Digital Twin Market, by End User

10.1.6.2 Canada Digital Twin Market

10.1.6.2.1 Canada Digital Twin Market, by Type

10.1.6.2.2 Canada Digital Twin Market, by Enterprise Size

10.1.6.2.3 Canada Digital Twin Market, by End User

10.1.6.3 Mexico Digital Twin Market

10.1.6.3.1 Mexico Digital Twin Market, by Type

10.1.6.3.2 Mexico Digital Twin Market, by Enterprise Size

10.1.6.3.3 Mexico Digital Twin Market, by End User

Note - Similar analysis would be provided for below mentioned regions/countries

10.2 Europe

10.2.1 Germany

10.2.2 France

10.2.3 Italy

10.2.4 United Kingdom

10.2.5 Russia

10.2.6 Rest of Europe

10.3 Asia-Pacific

10.3.1 Australia

10.3.2 China

10.3.3 India

10.3.4 Japan

10.3.5 South Korea

10.3.6 Rest of Asia-Pacific

10.4 Middle East and Africa

10.4.1 South Africa

10.4.2 Saudi Arabia

10.4.3 U.A.E

10.4.4 Rest of Middle East and Africa

10.5 South and Central America

10.5.1 Brazil

10.5.2 Argentina

10.5.3 Rest of South and Central America

11. Industry Landscape

11.1 Mergers and Acquisitions

11.2 Agreements, Collaborations, Joint Ventures

11.3 New Product Launches

11.4 Expansions and Other Strategic Developments

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players

12.2 Company Positioning and Concentration

13. Digital Twin Market - Key Company Profiles

13.1 General Electric

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

Note - Similar information would be provided for below list of companies

13.2 Microsoft

13.3 Siemens

13.4 Dassault Systèmes

13.5 PTC

13.6 Robert Bosch

13.7 IBM Corporation

13.8 Oracle

13.9 ANSYS, Inc

14. Appendix

14.1 Glossary

14.2 About The Insight Partners

14.3 Market Intelligence Cloud

The List of Companies - Digital Twin Market

  • General Electric
  • Microsoft
  • Siemens
  • Dassault Systèmes
  • PTC
  • Robert Bosch
  • IBM Corporation
  • Oracle
  • ANSYS, Inc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

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