Digital Twin Market Overview
Global Digital Twin Market was valued at $6.3 billion in 2021, and is projected to reach $143.2 billion by 2030, growing at a CAGR of 41.5 % from 2022 to 2030.
The Internet of Things (IoT), the cloud, Extended Reality (XR), and artificial intelligence are the four fundamental technologies that make up a digital twin. Real-time data gathering and storage, as well as the transmission of significant insights based on the information gathered, are all accomplished using these technologies. The market is anticipated to expand significantly as a result of the increasing acceptance of these technologies across twin-type solutions. For Instance, in May 2020, Siemens AG and Atos expanded their customer relationship agreement to introduce Process Digital Twin, a twin solution for the pharmaceutical industry. This system, which creates a digital duplicate of the pharmaceutical production process to allow flexibility in the business, is made possible by AI, the Internet of Things (IoT), and advanced analytical technologies.
The industry’s expansion is also attributable to market participants’ rising investments in new products and international business ventures. For instance, Bentley Systems spent about $100 million in November 2020 to improve the infrastructure of its virtual twin solutions.
COVID-19 Impact Analysis (Optional)
Export-oriented economies suffered greatly as a result of the COVID-19 outbreak and spread since industrial facilities had to close down in 2020. Temporary shutdowns in various industries, including automotive & transportation, aerospace, and infrastructure, hindered the growth of the digital twin market. Additionally, COVID-19 caused supply and procurement delays in 2021. The rise of digital twin usage in the healthcare and food & beverage sectors, however, mitigated the pandemic’s detrimental effects on market expansion in late 2020 and early 2021. In developing nations around the world, demand for smart city infrastructure was rising before the COVID-19 outbreak. Due to the pandemic’s negative effects on nearly all industries, new development, smart city projects, and smart infrastructure projects were temporarily suspended. Additionally, several projects were postponed, and even after they were begun in 2020 and 2021, they were behind schedule. These facts lead to the conclusion that throughout the pandemic period, worldwide market growth fell and slowed down even further. However, it is anticipated that the market will continue to expand steadily beyond COVID-19.
Digital Twin Market Segmentation
The global digital twin market is segmented based on type which has been divided into system digital twin, product digital twin, and process digital twin. By industry, the market has been divided into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others.
By type, the product twin segment is anticipated to hold the largest share of these during the projection period.
Based on type, the market has been categorized into parts twin, process twin, product twin, and system twin. The product twin segment is anticipated to hold the largest share of these during the projection period. The expansion is attributable to the industry’s expanding need for IoT sensors and electronic production tools. IoT World Today reports that the healthcare sector has embraced virtual twins extensively for the development of sophisticated product twin applications. In the field of healthcare, technology has started to help doctors better comprehend their patients’ illnesses, such as the impact of the coronavirus on the lungs.
By End Users, the single-stage segment is expected to be the largest contributor during the forecast period.
Based on end-user, the market is categorized into home & commercial, manufacturing, automotive & transportation, aerospace & defense, retail, healthcare, energy & utilities, IT and telecom, and others.
Automotive and transportation are estimated to make up the majority of end users during the anticipated period. The need for 3D simulation and 3D printing software is expected to increase due to its growing use in fields like fleet management and vehicle design and simulation. Similar growth rates are anticipated in the aerospace and defense, retail, healthcare, energy & utilities, IT and telecom, and other sectors. The expansion is the result of the increased use of automation technologies like industry 4.0, robotic process automation (RPA), and others. Key companies would have the chance to provide specialized solutions to meet the needs of end customers as a result of the adoption of these technologies.
Digital Twin Market Dynamics
Drivers:
Increasing the use of digital twins in manufacturing sectors to cut costs and enhance supply chain efficiency
Production waste and unplanned downtime have a significant impact on manufacturers. To prevent more losses, they are searching for a system that can predict potential flaws and malfunctions. The usage of digital twins makes it possible to cut back on the extra time and money needed for manufacturing. Engineers can improve a product’s performance by altering the physical prototype, which varies at every stage of the design process, by incorporating digital twins. As a result, a digital prototype made with a digital twin can be used to perform simulations and can be changed at any moment with little effort and expense. Numerous industrial processes, including configuration management, asset management, process control, performance management, and simulation modeling, can benefit from the use of a digital twin. Hence, anticipated to drive market growth over the forecast period.
Restraint:
High investments associated with the implementation of digital twin technology
The substantial investment necessary for the adoption of digital twin solutions serves as a global market growth inhibitor. Digital twins and related technologies like product lifecycle management (PLM), computer-aided design (CAD) and 3D CAD, manufacturing process management (MPM), manufacturing operations management (MOM), model-based system engineering (MBSE), enterprise resource planning (ERP), and augmented reality (AR)/virtual reality (VR)/extended reality) require a significant amount of capital to set up and install (XR). The cost of producing a digital twin rises considerably higher and becomes significantly more expensive if an organization lacks the required technological foundation and support infrastructure. This may deter manufacturers from implementing the technology.
Digital Twin Market Regional Analysis
Throughout the forecast period, North America is anticipated to account for the biggest market share for digital twins. The digital twin and associated technologies were widely adopted in North America, which is a significant hub for technical advancements. The demand for and awareness of digital twin solutions is also increased by the presence of significant digital twin providers in the area, including General Electric (US), Bentley Systems (US), IBM (US), Emerson (US), Microsoft (US), ANSYS (US), Amazon Web Services (US), Altair (US), and Oracle (US). These suppliers are making big market investments. For instance, General Electric (US) upgraded Proficy Cense, its on-premises analytics program, in August 2021.
Key Market Players and Competitive Landscape
Some of the major key players operating in the Digital Twin market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), Robert Bosch (Germany), Oracle (US), DNV (Norway), Autodesk (US), SAP (Germany), Emerson (US), ABB (Switzerland), Honeywell (US), IBM (US), Johnson Controls (Ireland), Schneider Electric (France), Software AG (Germany), NavVis (Germany), Bentley Systems (US), Altair (US), SWIM AI (US), River Logic (US), and ANDRITZ (Austria), and others.
This report categorizes the Digital Twin Market as follows,
Digital Twin Market, by Enterprise:
- Large Enterprises
- Small & Medium Enterprises
Digital Twin Market, by Application:
- Product Design & Development
- Predictive Maintenance
- Business Optimization
- Performance Monitoring
- Inventory Management
- Other Applications
Digital Twin Market, by Industry:
- Automotive & Transportation
- Energy & Utilities
- Infrastructure
- Healthcare
- Aerospace
- Oil & Gas
- Telecommunications
- Agriculture
- Retail
- Other Industries
Digital Twin Market Regional Outlook
- North America
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Table of Content
Digital Twin Market Size, Share, Growth, and Forecast Report
1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Enterprise
1.4.2. Application
1.4.3. Industry
2. Digital Twin Market Overview
2.1. Introduction
2.2. Analysis by Enterprise, 2016-2028 (US$ Billion)
2.3. Analysis by Application, 2016-2028 (US$ Billion)
2.4. Analysis by Industry, 2016-2028 (US$ Billion)
2.5. Market Analysis by Region, 2016-2028 (US$ Billion)
3. Digital Twin Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Enterprises
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Enterprise
3.6.2. Application
3.6.3. Industry
3.6.4. Region
3.7. Value Chain Analysis
4. Digital Twin Market Competition Analysis
4.1. Digital Twin Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
5. Global Digital Twin Market Analysis by Enterprise and Application, 2016-2028 (US$ Billion)
5.1. Enterprise
5.1.1. Global Digital Twin Market Share, by Enterprise, 2021 and 2028
5.1.2. Global Digital Twin Market Revenue, by Enterprise, 2016-2028 (US$ Billion)
5.1.3. By Large Enterprises Market Analysis 2016-2028 (US$ Billion)
5.1.4. By Small & Medium Enterprises Market Analysis 2016-2028 (US$ Billion)
5.2. Application
5.2.1. Market Share, by Application, 2021 and 2028
5.2.2. Market Revenue, by Application, 2016-2028 (US$ Billion)
5.2.3. By Product Design & Development Market Analysis 2016-2028 (US$ Billion)
5.2.4. By Predictive Maintenance Market Analysis 2016-2028 (US$ Billion)
5.2.5. By Business Optimization Market Analysis 2016-2028 (US$ Billion)
5.2.6. By Performance Monitoring Market Analysis 2016-2028 (US$ Billion)
5.2.7. By Inventory Management Market Analysis 2016-2028 (US$ Billion)
5.3. Industry
5.3.1. Market Share, by Industry, 2021 and 2028
5.3.2. Market Revenue, by Industry, 2016-2028 (US$ Billion)
5.3.3. By Automotive & Transportation Market Analysis 2016-2028 (US$ Billion)
5.3.4. By Energy & Utilities Market Analysis 2016-2028 (US$ Billion)
5.3.5. By Infrastructure Market Analysis 2016-2028 (US$ Billion)
5.3.6. By Healthcare Market Analysis 2016-2028 (US$ Billion)
5.3.7. By Aerospace Market Analysis 2016-2028 (US$ Billion)
5.3.8. By Oil & Gas Market Analysis 2016-2028 (US$ Billion)
5.3.9. By Telecommunications Market Analysis 2016-2028 (US$ Billion)
5.3.10. By Agriculture Market Analysis 2016-2028 (US$ Billion)
5.3.11. By Retail Market Analysis 2016-2028 (US$ Billion)
5.3.12. By Other Industries Market Analysis 2016-2028 (US$ Billion)
6. Global Digital Twin Market Enterprise Analysis by Region, 2016-2028 (US$ Billion)
6.1. Large Enterprises Market Analysis 2016-2028 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Small & Medium Enterprises Market Analysis 2016-2028 (US$ Billion)
7. Global Digital Twin Market Application Analysis by Region, 2016-2028 (US$ Billion)
7.1. Product Design & Development Market Analysis 2016-2028 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Predictive Maintenance Market Analysis 2016-2028 (US$ Billion)
7.3. Business Optimization Market Analysis 2016-2028 (US$ Billion)
7.4. Performance Monitoring Market Analysis 2016-2028 (US$ Billion)
7.5. Inventory Management Market Analysis 2016-2028 (US$ Billion)
8. Global Digital Twin Market Application Analysis by Region, 2016-2028 (US$ Billion)
8.1. Automotive & Transportation Market Analysis 2016-2028 (US$ Billion)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Energy & Utilities Market Analysis 2016-2028 (US$ Billion)
8.3. Infrastructure Market Analysis 2016-2028 (US$ Billion)
8.4. Healthcare Market Analysis 2016-2028 (US$ Billion)
8.5. Aerospace Market Analysis 2016-2028 (US$ Billion)
8.6. Oil & Gas Market Analysis 2016-2028 (US$ Billion)
8.7. Telecommunications Market Analysis 2016-2028 (US$ Billion)
8.8. Agriculture Market Analysis 2016-2028 (US$ Billion)
8.9. Retail Market Analysis 2016-2028 (US$ Billion)
9. Digital Twin Market Analysis by Geography, 2016-2028 (US$ Billion)
9.1. North America Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.1.1. U.S. Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.1.1.1. Enterprise
9.1.1.2. Application
9.1.1.3. Industry
9.1.2. Canada Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.1.3. Mexico Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2. Europe Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2.1. UK Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2.1.1. Enterprise
9.2.1.2. Application
9.2.1.3. Industry
9.2.2. France Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2.3. Germany Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2.4. Spain Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2.5. Russia Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2.6. Italy Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.2.7. Rest of Europe Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3. Asia Pacific Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.1. China Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.1.1. Enterprise
9.3.1.2. Application
9.3.1.3. Industry
9.3.2. Japan Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.3. South Korea Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.4. India Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.5. Australia Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.6. Southeast Asia Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.7. Taiwan Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.3.8. Rest of Asia Pacific Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.4. Latin America Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.4.1. Brazil Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.4.1.1. Enterprise
9.4.1.2. Application
9.4.1.3. Industry
9.4.2. Argentina Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.4.3. Rest of Latin America Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.5. Middle East Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.5.1. Israel Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.5.1.1. Enterprise
9.5.1.2. Application
9.5.1.3. Industry
9.5.2. Turkey Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.5.3. Saudi Arabia Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.5.4. UAE Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.5.5. Rest of Middle East Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.6. Africa Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.6.1. Egypt Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.6.1.1. Enterprise
9.6.1.2. Application
9.6.1.3. Industry
9.6.2. South Africa Digital Twin Market Analysis 2016-2028 (US$ Billion)
9.6.3. Rest of Africa Digital Twin Market Analysis 2016-2028 (US$ Billion)
10. Company Profiles
10.1. General Electric (US)
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Strategic Initiatives
10.2. Microsoft (US)
10.3. Siemens (Germany)
10.4. Amazon Web Services (US)
10.5. ANSYS (US)
10.6. Dassault Systèmes (France)
10.7. PTC (US)
10.8. Robert Bosch (Germany)
10.9. Oracle (US)
10.10. DNV (Norway)
10.11. Autodesk (US)
10.12. SAP (Germany)
10.13. Emerson (US)
10.14. ABB (Switzerland)
10.15. Honeywell (US)
10.16. IBM (US)
10.17. Johnson Controls (Ireland)
10.18. Schneider Electric (France)
10.19. Software AG (Germany)
10.20. NavVis (Germany)
10.21. Bentley Systems (US)
10.22. Altair (US)
10.23. SWIM AI (US)
10.24. River Logic (US)
11. COVID-19 Impact Analysis
11.1. Global Digital Twin Market, 2020 – 2028, Pre-V/S Post COVID 19
11.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Digital Twin Market Size In 2022, By Scenario
11.3. Impact on Supply Chain and Production in Digital Twin Market
11.4. Impact on Import and Export
12. Import-Export Analysis
12.1. North America Digital Twin Import-Export, 2016 – 2021
12.2. Europe Digital Twin Import-Export, 2016 – 2021
12.3. Asia Pacific Digital Twin Import-Export, 2016 – 2021
12.4. Latin America Digital Twin Import-Export, 2016 – 2021
12.5. Middle East America Digital Twin Import-Export, 2016 – 2021
12.6. Africa Digital Twin Import-Export, 2016 – 2021
13. Digital Twin Marketing Channel Analysis
13.1. Marketing Channel
13.1.1. Direct Marketing
13.1.2. Indirect Marketing
13.1.3. Development Trend
13.2. Market Positioning
14. Digital Twin Manufacturing Cost Analysis
14.1. Key Raw Materials
14.2. Key Raw Material Suppliers
14.3. Market Concentration Rate
14.4. Manufacturing Cost Structure
14.5. Process Analysis
15. Conclusion
General Electric (US)
Microsoft (US)
Siemens (Germany)
Amazon Web Services (US)
ANSYS (US)
Dassault Systèmes (France)
PTC (US)
Robert Bosch (Germany)
Oracle (US)
DNV (Norway)
Autodesk (US)
SAP (Germany)
Emerson (US)
ABB (Switzerland)
Honeywell (US)
IBM (US)
Johnson Controls (Ireland)
Schneider Electric (France)
Software AG (Germany)
NavVis (Germany)
Bentley Systems (US)
Altair (US)
SWIM AI (US)
River Logic (US)
Digital twin Market, by Enterprise:
- Large Enterprises
- Small & Medium Enterprises
Digital twin Market, by Application:
- Product Design & Development
- Predictive Maintenance
- Business Optimization
- Performance Monitoring
- Inventory Management
- Other Applications
Digital twin Market, by Industry:
- Automotive & Transportation
- Energy & Utilities
- Infrastructure
- Healthcare
- Aerospace
- Oil & Gas
- Telecommunications
- Agriculture
- Retail
- Other Industries
