USD 8.08 billion
Global Digital Twin Market Size, Share, Growth Analysis, By Solution(Component, Process), By End-Use(Manufacturing, Agriculture), By Application(Maintenance, Business optimization), By Industry(Aerospace, Automotive & Transportation) - Industry Forecast 2023-2030
Report ID: SQSG45I2023 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 118 | Figures: 77
Global Digital Twin Market Insights
Digital Twin Market size was valued at USD 8.08 billion in 2021 and is poised to grow from USD 11.12 billion in 2022 to USD 155.83 billion by 2030, growing at a CAGR of 37.5% in the forecast period (2023-2030).
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 - 2023-2030
Global Market Size
Largest Segment
Design & Development
Fastest Growth
Design & Development
Growth Rate
37.5% CAGR
Global Digital Twin Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Digital Twin Market Size By Application 2022-2028 ($ Bn)
Global Digital Twin Market Size By Application 2022-2028 (%)
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Global Digital Twin Market Segmental Analysis
Digital twin market is segmented based on end use, type, solution, application, industry and region. Based on end use, the market is further sub-segmented into manufacturing, agriculture. According to the solution category, the market is segregated into components, process and system. Based on application, the market is further sub-segmented into predictive maintenance, business optimization. Based on industry, the market is further sub-segmented into aerospace, automotive & transportation, healthcare, infrastructure, energy & utilities. Based on region, the global market is further sub segmented into North America, Europe, Asia Pacific, and Rest of the World.
Digital Twin Market Analysis by Application
During the forecast period, the digital twin market for product design & development applications is expected to be dominated by the aerospace sector. Additionally, from 2023 to 2030, it is expected to expand at a significant 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 Application, 2021 (%), 2021 (%)
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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.
Siemens AG and IBM Corporation announced the availability of an advanced solution that integrates aspects of the IBM Maximo portfolio and Siemens Xcelerator, as part of their long-term relationship. To increase production capacity, the solution is utilized to strengthen Service Lifecycle Management (SLM) assets by building a digital thread between equipment manufacturers, product design, and project owners.
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 presence 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.
Global Digital Twin Market By Geography, 2022-2028, 2023-2030
- 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
- Oracle Corporation
- SAP SE
- PTC Inc.
- ANSYS Inc.
- GE Digital
- Dassault Systèmes SE
- AVEVA Group plc
- Aspen Technology Inc.
- Bentley Systems Incorporated
- Honeywell International Inc.
- Rockwell Automation Inc.
- Schneider Electric SE
- Altair Engineering Inc.
- Autodesk Inc.
- Bosch Rexroth AG
- Emerson Electric Co.
- Lanner Electronics Inc
Digital Twin Market Recent Developments
- In March 2021, Innovyze, Inc., a developer of water infrastructure solutions based in Oregon, US, was bought by Autodesk Inc. This transaction was completed for US$ 1 billion. It will aid the company's twin technology strategy, which aims to create a more sustainable and digitized water business.
- 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.
- Siemens announced the Simatic Real-time Locating Systems (RTLS) + SieTrace software, which provides real-time location information that customers may utilize to control their manufacturing processes and adjust their operating procedures accordingly during the COVID-19 crisis. In the case that an employee contracts COVID-19, the solution will allow organisations to govern how employees interact with one another, the production line, and the plant setup promptly and efficiently.
Global Digital Twin Key Market Trends
- Increase in Digitalization : The digital wave across the globe is expected to create lucrative opportunities in the coming years. Moreover, rise in number of digital devices is projected to register a positive y-o-y market growth in the near future.
- Integration with IoT: Digital twin solutions are highly used in line with IoT devices to create a more comprehensive model of physical assets. By combining sensors and data-these solutions offer a complete view of asset’s performance and condition.
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 the global digital twin market report analysis, in 2022, the product twin market led the global digital twin market. With a higher market share, North America is expected to dominate the global market. With the increasing adoption of Internet of things, electronic manufacturing equipment in healthcare and automotive have emerged as major trends in this market.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 8.08 billion |
| Market size value in 2030 | USD 11.12 billion |
| Growth Rate | 37.5% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| 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:-
|
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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.
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