USD 9.50 billion
Global Digital Twin Market Size, Share, Growth Analysis, By Solution(Component, Process), By End-Use(Manufacturing, Healthcare) - Industry Forecast 2024-2031
Report ID:
SQMIG45I2130 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
66 |
Figures:
75
Global Digital Twin Market Insights
Digital Twin Market was valued at USD 9.50 billion in 2019 and is poised to grow from USD 13.34 billion in 2023 to USD 202.63 billion by 2031, growing at a CAGR of 40.5% during the forecast period (2024-2031).
Integration of digital twin technology with other technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing is likely to drive the market growth even more. Organizations using IoT and AI technologies to capture and analyse behavioural data from existing IoT devices and connected products, which can then be applied to a digital twin model to imitate the performance and use of existing device. This aids product engineers and designers to monitor product performance and identify any flaws. Besides, other features such as forecasting future iterations, device lost and found trackers, and etc., offer major benefits. Organizations can improve operations and system productivity by deploying these technologies, which improves total product performance.
While the world has begun to recover, there is still a lot of uncertainty about the spread of new COVID-19 variations. As a result, a number of countries are likely to use digital twin technology as part of their economic reform efforts. Before actual prototypes are rolled out, digital twins could assist construct predictive models and estimate the likelihood of success. The pandemic has spurred the use of digital twin technology in a variety of verticals outside of manufacturing, such as real estate, healthcare, communications, and retail, boosting the market's development potential.
US Digital Twin Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
System
Fastest Growth
Process
Growth Rate
40.5% CAGR
Global Digital Twin Market ($ Bn)
Country Share for North America Region (%)
Global Digital Twin Market Size By Solution ($ Bn)
Global Digital Twin Market Size By Solution (%)
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Global Digital Twin Market Segmental Analysis
Global digital twin market is segmented based on solution, end-use, and region. Based on solution, the market can be segmented into components, process and system. Based on end-use, the market can be segmented into manufacturing, healthcare, automotive, aerospace & defense, energy & utilities, and others. Based on region the market is further sub segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Digital Twin Market Analysis by Solution
The segment that represents the biggest part of the market is commonly the system digital twin. It combines hardware and software processes and components as well as sophisticated analytics. Digital system twins, what we have here, embody entire system virtual figures, smart cities, industrial factories, or complex networks as examples. Theses digital representations allow in depth look at the working of different processes and systems together as well the performance of different integrated elements. Because they are beneficial and relevant to so many interconnected fields, system digital twins have proven to be the most heavily funded and embraced, occupying the top share among the digital twin market.
On the other hand, the process digital twin segment has become the fastest growing segment of the market. Digital twin procedure appears in the form of digital copies of some processes, like manufacturing work flows, logistical activities, or industrial automation range. The expanding need for process optimization, predictive maintenance, and process intelligence spanning across numerous sectors such as medical service, energy production, and manufacturing have accelerating the widespread utilization of process digital twin solutions. With the need for businesses to stream operation and optimize productivity going forward, process digital twins which is a major driver in the overall market is also projected to go into higher gear and better its lead compared to other sectors of the industry.
Digital Twin Market Analysis by End-Use
During the forecast period, the digital twin market is expected to be dominated by the aerospace sector. Additionally, from 2024 and 2031, it is expected to expand significantly CAGR. Along with cloud computing, internet of things, machine learning, and artificial intelligence, digital twin is one of the developing technologies utilized in product design and development. Real part design and development in the aerospace industry need a staggering amount of capital. Even designing prototypes is expensive. Aerospace businesses utilize digital twins in R&D to better the engineering of new parts by enabling them to simulate their performance in a variety of scenarios. To build one or more crucial systems, including the airframe, propulsion and energy storage systems, avionics, and thermal protection system, the aerospace industry uses digital twins.
Global Digital Twin Market By Solution (%), 2023 (%)
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Global Digital Twin Market Regional Insights
During the projected period, North America is expected to grow at a rapid rate. End-users across industries in the United States, such as healthcare, home & commercial, and others, are investing in parts twin and product twin, which is expected to drive market expansion. Furthermore, significant providers including IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., and others are present in the United States and Canada. To boost their product offerings and expand their customer base, market players are merging and partnering with technology providers.
During the projection period, Asia Pacific is expected to grow at the fastest rate. End-users in China, India, Japan, South Korea, and other countries are increasing their venture capital investment in twin technologies. Similarly, the existence of a large number of industries in the region, such as automotive and transportation, manufacturing, energy and utilities, and others, is expected to help market growth. China is the world's most technologically advanced country. According to the United Nations Statistics Division, China's manufacturing industry accounts for 28.7% of worldwide industrial output.
Global Digital Twin Market By Geography, 2024-2031
- Largest
- Fastest
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Global Digital Twin Market Dynamics
Digital Twin Market Driver
Increasing 3D Simulation and 3D Printing Software Adoption to Drive Market Growth.
- A growing number of materials are now 3D printable, thanks to the significant advancements in 3D printing. Some materials will warp during the 3D printing process that demand a prolonged time for trial and error. As a result, the cost rises for printing parts and the time it takes to print them. Twins can be used to mimic the production process of 3D printing. The twins can forecast whether and where distortions will occur, allowing for their correction on the 3D model.
Digital Twin Market Restraints
Privacy and security concerns might restrict the adoption of twin solution.
- In industries, the demand for twin solutions based on technologies such as the Internet of Things, Big Data, cloud, and artificial intelligence is increasing. The approach entails the combination of several loT sensors and other digital technologies in order to create the physical twin. There is an increased danger of security, compliance, and data protection, as the number of loT sensors and programmable electrical devices grows.
- Due to a lack of privacy-related constraints, there may be a large risk of an anonymous individual or a hacker easily acquiring the information of mechanisms. In the healthcare, government, and critical infrastructure sectors, rising concerns about privacy and security are expected to affect demand. This will most likely to affect the market share.
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Global Digital Twin Market Competitive Landscape
Companies are investing in product R&D and process automation as a result of intense competition among major competitors to introduce improved and innovative products. Furthermore, numerous car firms are implementing digital twin technology to boost consumer interaction by utilising interactive automobile dashboards on websites that allow buyers to modify automobiles at their leisure. This enables businesses to better understand consumer behaviour and make modifications to existing models.
Digital Twin Market Top Player's Company Profiles
- Siemens AG
- IBM Corporation
- Microsoft Corporation
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General Electric Company
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PTC Inc.
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ANSYS Inc.
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Dassault Systèmes
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Oracle Corporation
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SAP SE
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Schneider Electric SE
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Bentley Systems, Incorporated
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Altair Engineering, Inc.
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AVEVA Group plc
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Autodesk, Inc.
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Honeywell International Inc.
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Robert Bosch GmbH
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Rockwell Automation, Inc.
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ArcGIS
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NVIDIA Corporation
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Wipro
Digital Twin Market Recent Developments
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In July 2023, NTT DATA launched its digital twin-supported ShotView technology. With additional functionality, including higher quality 3D imagery and a more interactive interface, ShotView helps fans understand the context of the sport and how different players are applying different strategies, providing a head-to-head comparison between players, as well as comparisons with other competitions.
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In March 2023, Holcim launched the world’s first cement plant digital twin, a real-time 3D virtual model accurately replicating one of its sites in Switzerland. The digital twin integrates Holcim’s enterprise software and performance prediction algorithms with the 3D model, enabling faster, more efficient and more reliable operations at minimal cost.
- In March 2022, NVIDIA Corporation released a platform that includes an artificial intelligence framework for virtual twins that uses machine learning models to address scientific and technical problems. The twin platform allows for swift operation and outcomes. It aids research projects such as the more accurate analysis of extreme weather events.
Global Digital Twin Key Market Trends
- The market trend that is essential for digital twin adoption is the involvement of AI and ML engines in digital twin platforms. This shows that the industry is trying to getting the most out of such available information as a result of advanced analytics that they can use to derive the useful meaning from the gush of information. AI and ML features imbedded into the digital twin solution may enable autonomous analysis of data, detection of patterns, prediction of future scenarios, and course of action recommendation anytime a need arises. This is not only shortening the decision process but also giving a possibility to proactive decision making which means that operational efficiency will increase, downtime decreases, and processes across industries become better.
Global Digital Twin Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global digital twin market analysis, the market of digital twin is bound to get in the increasing pace due to the impact of numbers of factors. The manufacturing industry, an important kind of finished user group, has been contributes to a huge adoption of digital twins implementing it into production processes and checking the results quality. As a result, the higher priority given for Industry 4.0 projects as well as the requirement for preventive maintenance solutions are part of the factors that would contribute to the market growth. On the other hand, among other things, the fusion of artificial intelligence and machine learning algorithms into the digital twin platforms and increasing the prediction level as well as providing the possibility of prompt decisions, is one of the characteristics in the market today. Moreover, in the wake of digital twin technology application, especially in the industrial sector, companies that choose to speed up the implementation of this technology are able to improve their operations and minimize the time spent on maintenance as well as in operations optimization area, a fact that leads to the market development and to the offering of a remaining range of possibilities for the whole business environment.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.50 billion |
| Market size value in 2031 | USD 202.63 billion |
| Growth Rate | 40.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Digital Twin Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Digital Twin Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Digital Twin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Twin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Twin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Twin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Digital Twin Market Report Snapshots
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