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)
The global 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.
Over the past few decades, the market for digital twins has experienced significant growth, driven by factors including the increasing adoption of IoT devices and the emergence of Industry 4.0. Businesses across all sectors are undergoing a digital transition due to automation. They are searching for technology that will enable them to reduce investment expenses and boost efficiency.
The use of cutting-edge technologies such as cloud computing, big data, artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML) in digital twin solutions will accelerate the digital twin market growth. Many end user businesses are utilizing AI and IoT technologies to gather and analyze data from linked devices. This data can then be utilized in digital twin models to mimic the functionality and performance of the original device. This helps engineers and designers keep an eye on performance, spot problems, and anticipate future iterations of frequent difficulties. By integrating these cutting-edge technologies, businesses can improve system performance and productivity, which stimulates market growth. End user sectors such as retail & consumer goods, automotive, aerospace, defense, residential & commercial, and manufacturing can get more insights about the characteristics, features, specifications, and uses of the products through digital twins.
Based on end user, the manufacturing segment held a larger digital twin market share. Research and development (R&D) is crucial for the manufacturing industries at every stage of the product lifecycle. Manufacturing is a complex sector; therefore, it is a great fit for the use of digital twins, which can help companies save costs, increase productivity, and improve product quality at almost every stage of the process. The healthcare segment is expected to record the highest CAGR during the forecast period. Digital twins in the healthcare industry are being increasingly used in areas such as organ donation, surgical training, and procedure de-risking. In addition, systems have been developed to simulate the movement of patients through hospitals, identify potential infection hotspots, and monitor contact-related risks. Moreover, by using digital twins, healthcare professionals can increase patient care and organizational efficiency by simulating staff daily tasks and the real-time availability of vital resources such as ventilators and hospital beds.
General Electric; Microsoft; Siemens; Dassault Syst?mes; PTC; Robert Bosch; IBM Corporation; Oracle; and ANSYS, Inc are among the prominent players profiled in the digital twin market report. Several other essential market players were also analyzed in the digital twin market report for a holistic view of the market and its ecosystem. Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies that hold significant digital twin market share.
The overall digital twin market size has been derived using both primary and secondary sources. To begin the market research process, thorough secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the digital twin market forecast. The process also serves the purpose of obtaining an overview and market forecast of the digital twin market growth with respect to all market segments. The report includes growth prospects in light of current digital twin market trends and driving factors influencing the market growth. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the market.
Over the past few decades, the market for digital twins has experienced significant growth, driven by factors including the increasing adoption of IoT devices and the emergence of Industry 4.0. Businesses across all sectors are undergoing a digital transition due to automation. They are searching for technology that will enable them to reduce investment expenses and boost efficiency.
The use of cutting-edge technologies such as cloud computing, big data, artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML) in digital twin solutions will accelerate the digital twin market growth. Many end user businesses are utilizing AI and IoT technologies to gather and analyze data from linked devices. This data can then be utilized in digital twin models to mimic the functionality and performance of the original device. This helps engineers and designers keep an eye on performance, spot problems, and anticipate future iterations of frequent difficulties. By integrating these cutting-edge technologies, businesses can improve system performance and productivity, which stimulates market growth. End user sectors such as retail & consumer goods, automotive, aerospace, defense, residential & commercial, and manufacturing can get more insights about the characteristics, features, specifications, and uses of the products through digital twins.
Based on end user, the manufacturing segment held a larger digital twin market share. Research and development (R&D) is crucial for the manufacturing industries at every stage of the product lifecycle. Manufacturing is a complex sector; therefore, it is a great fit for the use of digital twins, which can help companies save costs, increase productivity, and improve product quality at almost every stage of the process. The healthcare segment is expected to record the highest CAGR during the forecast period. Digital twins in the healthcare industry are being increasingly used in areas such as organ donation, surgical training, and procedure de-risking. In addition, systems have been developed to simulate the movement of patients through hospitals, identify potential infection hotspots, and monitor contact-related risks. Moreover, by using digital twins, healthcare professionals can increase patient care and organizational efficiency by simulating staff daily tasks and the real-time availability of vital resources such as ventilators and hospital beds.
General Electric; Microsoft; Siemens; Dassault Syst?mes; PTC; Robert Bosch; IBM Corporation; Oracle; and ANSYS, Inc are among the prominent players profiled in the digital twin market report. Several other essential market players were also analyzed in the digital twin market report for a holistic view of the market and its ecosystem. Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies that hold significant digital twin market share.
The overall digital twin market size has been derived using both primary and secondary sources. To begin the market research process, thorough secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the digital twin market forecast. The process also serves the purpose of obtaining an overview and market forecast of the digital twin market growth with respect to all market segments. The report includes growth prospects in light of current digital twin market trends and driving factors influencing the market growth. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the market.
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 Syst?mes
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
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 Syst?mes
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
