| Status : Published | Published On : Mar, 2024 | Report Code : VRICT5155 | Industry : ICT & Media | Available Format :
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Page : 290 |
Global Digital Twin Market – Analysis and Forecast (2025-2030)
Industry Insight by Type (Product Digital Twin, Process Digital Twin, and System Digital Twin), by Technology (Internet of Things (IoT) & Industrial Internet of Things (IIoT), Blockchain, Artificial Intelligence (AI) & Machine Learning (ML), Augmented Reality, Virtual Reality & Mixed Reality, Big Data Analytics, and 5G), by Application (Performance Monitoring, Predictive Maintenance, Product Design & Development, Business Optimization, and Inventory Management), by Industry Vertical (Manufacturing, Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare & Life Sciences, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Retail & Consumer Goods, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The market for digital twins was valued at USD 48.3 billion in 2023, and it is expected to grow at a CAGR of 9.2% during the forecast period to reach USD 95.2 billion by 2030.
Digital twin refers to the process where a product or service, live or non-living, is imitated. In this process, the virtual and physical worlds are combined seamlessly with the use of sophisticated technology. This technology helps in evaluating data and monitoring systems to predict issues. This helps businesses to design effective strategies to mitigate these issues and their possibilities of occurrence. The process typically uses virtual model stimulations.
The global digital twin market is growing at a significant rate and will continue to do so in the forecast period due to the higher demands for such solutions in the healthcare and pharmaceutical industries especially in terms of the nature of maintenance.
Apart from that, these solutions offer many significant benefits due to process automation and cloud computing. This particular fact will encourage several other sectors to adopt digital twins to enhance their processing efficiency.
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Moreover, there is an increase in the demand for IoT devices across several industrial sectors including manufacturing, energy and utilities, agriculture, automobile, and healthcare. This also facilitates the use of digital twins to enhance in-store planning, energy management, and security implementation capabilities.
All these will further foster the growth of the global digital twin market during the analysis period.
Market Segmentation
Insight by Type
Based on the type, the global digital twin market is divided into product, system, and process digital twin segments.
Out of these, the system digital twin segment is expected to grow at a faster rate due to increased use in several applications. It is also attributed to its ability to enhance visibility and lower mean time between failures. As a result, it helps in producing affordable goods and enhances productivity.
Insight by Technology
According to the technology, the global digital twin market is divided into AI, ML, IoT, Industrial Internet of Things (IIoT), big data analytics, blockchain, 5G, augmented reality, virtual reality, and mixed reality segments.
Out of all these segments, the IoT segment is supposed to hold a larger market share due to the increasing development of sensor-driven products. It also helps to optimize operations and increase productivity and revenue. In short, it will help businesses to revolutionize their processes and products.
Insight by Application
According to the application, the global digital twin market is divided into predictive maintenance, inventory management, product design & development, business optimization, and performance monitoring segments.
Out of all these segments, the predictive maintenance segment will dominate the global digital twin market due to higher adoption by several industry verticals. Moreover, it has a higher demand due to the possibilities of breakdowns and downtime that may cost a lot of money to an organization. Predictive maintenance solutions can help prevent such events through accurate predictions, precautionary measures, and effective planning.
Insight by Industry Vertical
Based on the different industry verticals, the global digital twin market can be divided into manufacturing, automotive & transportation, aerospace & military, home & commercial, energy & utilities, healthcare & life sciences, retail & consumer goods, oil & gas, communications, agricultural, and other segments.
Out of these segments, the automotive & transportation sector will grow rapidly during the forecast period because major companies will implement these solutions to enhance their end-to-end operations, which will, in turn, help them reduce loss possibilities.
The healthcare sector will also grow significantly as it will need interconnected systems to display digital pictures across the entire facility. It will also help in testing surgical techniques on human organisms more effectively before performing them on real patients. This will improve the outcome and lower death rates.
Global Digital Twin Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 48.3 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 95.2 Billion |
|
Growth Rate |
9.2% |
|
Segments Covered in the Report |
By Type, By Technology, By Application, and By Industry Vertical |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
There is a widespread acceptance of Industry 4.0 evolution that needs connected devices. This trend has increased the adoption of digital twins in the manufacturing industry.
Moreover, there is also a trend of deploying a common platform for digital twin aggregates that need to collect data from the systems to create a commanding learning system for the corporal world. This helps in monitoring, analyzing, and optimizing the processes and performance of the physical assets in real-time.
With the help of more effective virtual representations, it helps companies gain valuable insights into the condition, behavior, and performance of the assets. Eventually, it helps in making more informed decisions to enhance operational efficiency and reduce costs.
Growth Drivers
The growth of the global digital twin market is driven by several factors such as rapid adoption and use of big data analytics, IoT, cloud platforms, and industrial IoT for design, manufacturing, and cost-effective operations.
There is also an increased use of digital twins in supply chain management to reduce time to market and unplanned downtimes that influence the growth of this market just as the progress in AR and VR.
Moreover, the higher adoption of digital twins in the healthcare industry will also drive growth during the forecast period since it will help the sector monitor patient health and identify the patients who have recovered.
The ability of these solutions to help in making better decisions using real-time data analysis to gain valuable insights into performance trends, operation optimization, and bottleneck identification will also drive the growth of the global digital twin market.
The solutions also allow remote monitoring and control of physical assets. This helps the companies to manage their assets more effectively and operate smoothly virtually from anywhere in the world. This is particularly valuable for global organizations with distributed assets.
Moreover, with virtual prototyping and testing before a product is produced physically, digital twins help in product development and innovations. This helps in reducing the cost of development and expedites time to market.
All these beneficial features foster the growth of the global digital twin market.
Challenges
The chances of cyberattacks and viruses due to the extensive use of digital technologies like big data, cloud, IoT, and AI pose a significant threat to the data security of a company. Moreover, a shortage of technical expertise, skilled labor, and information about the financial advantages of digital twins may hinder the growth of the global digital twin market.
However, efforts are made to overcome these obstacles and create better growth opportunities.
Opportunities
The extensive use of digital twin technologies across several industry verticals and the benefits that are on offer create more opportunities for the global digital twin market to grow in the forecast period.
Geographic Overview
North America dominates the global digital twin market due to the rapid development of software, economic growth, higher use of automated solutions in the manufacturing sectors, and the presence of major players. Further, its growth during the forecast period will continue due to increased investment in research and development activities, in the IoT and IIoT sectors, and the rise in demand for more efficient and inexpensive manufacturing technology.
On the other hand, the APAC market will also grow significantly at a higher CAGR during the forecast period due to the rapid development of technology, increased rate of industrialization, faster urbanization, and growing adoption of this technology across different industry verticals. Moreover, greater digital transformation in the manufacturing sectors in countries like China to improve design, production, and development will also fuel the growth of the global digital twin market in this region.
Recent Development by Key Players
Dassault Systèmes has introduced “Emma Twin,” an avatar designed to raise awareness of the key role that virtual twins have in advancing healthcare and the innovations for the future of the medicine. Through a rich social media program, Emma Twin will share stories explaining how the virtual twin of her body was created from anonymous health data to be used for an infinite number of tests that give doctors and researchers a profound understanding of diseases and the effects of new and improved treatments.
PTC and ENGIE collaborated to develop a virtual furnace that operates in real time. The digital twin of this industrial furnace has been created to assist in the transition of industrial assets as they move towards zero carbon emissions.
Competitive Insight
The COVID-19 outbreak has compelled manufacturers to concentrate on product launches and enhancement by investing in R&D operations to grow their share, and customizing their products to fulfill consumer needs. Additionally, industry participants are establishing partnerships and collaborations with other teams, including engineering disciplines, maintenance, sales, and product design, to improve their position in the market.
Some of the key players operating in the digital twin market include ANSYS Inc., Siemens, Microsoft, General Electric, IBM, Dassault Systemes, Oracle, PTC, Bosch Sicherheitssysteme GmbH, and SAP SE.
The Global Digital Twin Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Type
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
- By Technology
- Internet of Things (IoT) & Industrial Internet of Things (IIoT)
- Blockchain
- Artificial Intelligence (AI) & Machine Learning (ML)
- Augmented Reality, Virtual Reality & Mixed Reality
- Big Data Analytics
- 5G
- By Application
- Performance Monitoring
- Predictive Maintenance
- Product Design & Development
- Business Optimization
- Inventory Management)
- By Industry Vertical
- Manufacturing
- Aerospace & Defense
- Automotive & Transportation
- Home & Commercial
- Healthcare & Life Sciences
- Energy & Utilities
- Oil & Gas
- Agriculture
- Telecommunication
- Retail & Consumer Goods
- Others
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Digital Twin Market