Digital Twins Market Size & Growth Analysis (2023 - 2030)

The global market size of digital twins market was worth USD 4.0 billion in 2022 and is expected to reach USD 8.2 billion by 2030. The market is projected to grow with a CAGR of 59% from 2023 - 2030. 

The term digital twin is defined as the digital representation of any product, process or service. Digital twin can be a digital copy of an object like jet engine or wind farms. Digital twin is a computer process or a program 

Digital twins are extremely becoming famous day by day. Digital twin plays a vital role in administering patient’s health. With the use of digital twin, the efficiency and medication interactions can be monitored through the patient’s personal characteristics like gender, age and etc. 

COVID Impact on Digital Twins Market

The sudden eruption of the Coronavirus (COVID-19) pandemic has caused a major disruption throughout the world. The pandemic has created economic crisis over the industries.  Because of the widespread of COVID-19, the end-user industries have been affected. During the lockdown, the U.S. has executed a National Digital Twin program, projected to influence the digital twin outline of smart cities of the U.S to upgrade service delivery and smart city infrastructure.  

Moreover, the pandemic has created a positive influence in the digital twins and the demand for digital twins has urged in medical sector and pharmaceutical industries. The healthcare domain and pharmaceutical industries are spearheading to fight against the novel coronavirus. For example, market players who develop digital twin solution can recognize people who are infected or who have symptoms of coronavirus. Also, helps the government to identify and administer green and red zones. 

Market Drivers

•    Rising Demand For AI, Machine Learning , and IoT

The demand for technologies like Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) along with the continuous automation among different industries like healthcare, defense, and aerospace assist the producers to execute digital twins to increase their productivity and also curb down the time-to-market.

•    COVID-19 Impact

Due to the COVID-19 pandemic period, the maintenance face has changed along with rising adoption of digital twin solutions to endure with the pandemic escalating the digital twins market growth during the forecast period. 

Market Restrains

•    Cost Factor

Companies have the fear of cost because the cost is high as new technologies come into existence. The determination of digital twin is very difficult and diverse. The above mentioned factors restrain the market growth. 

•    Lack of Awareness

Many of the companies are not clear about the new technology and economic advantages and investments involved.

DIGITAL TWINS MARKET REPORT COVERAGE

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Segmentation Analysis

The research report has been segmented and sub-segmented based on application, type, and end-user.

Digital Twins Market – By Application

•    Product Design and Development
•    Performance Monitoring
•    Predictive Maintenance
•    Inventory Management
•    Business Optimization
•    Others

Based on the digital twin’s application market, the predictive maintenance segment is said to lead the market with the highest revenue share. Post COVID, the demand for predictive maintenance in digital twins is intensifying the digital twins’ market growth during the forecast period. 

Digital Twins Market – By Type

•    Software
      o    Design Software
      o    Analytics
•    Services
      o    On-Premise
      o    Cloud

By type digital twin market, software segment leads the market. 

Digital Twins Market – By End-User

•    Aerospace and Defense
•    Smart Homes and Smart Cities
•    Automotive and Transportation
•    Manufacturing
•    Energy and Utilities
•    Chemicals and Materials
•    Healthcare
•    Retail
•    Agriculture
•    Others

Based on the end-user digital twins market, the automotive and transportation segment is leading over the forecast period. Factors responsible for the market growth are growing use of digital twins for designing and production, repair. The segment is anticipated to witness highest growth post-COVID due to the adoption of digital solutions by different industry players so as to reduce their loss took place during the pandemic period. The demand for automation across different sectors is expected to escalate the digital twin platform escalating the market growth. 

Manufacturing segment is expected to have quick growth in the digital twin market. The segment use automation and robotics and highly adopt IoT technologies in order to increase the market growth.

Regional Analysis

Geographically, North America is dominating with highest revenue share in the digital twins market during the forecast period. The United States is leading the digital twins market with the largest revenue share throughout the region. 

Digital twins market in Europe is standing second in place after North America.  In Western Europe, the digital twins market is insisting attributing due to the high perforation of Internet of things (IoT). The U.K. market for digital twin is stimulating the automotive industry and biotechnology industry. Moreover, the quick and early adoption of these technologies in the region is one factor which is driving the digital twin market. Germany is known for its advanced technologies playing a vital role in digital twin market over the region.

However, Asia-Pacific is projected to administer quickest growth rate throughout the forecast period. The region’s growth owes to stimulating Internet perforation, rising familiarity of IoT, and constant growth rate throughout the period.  China leads the digital twin market with highest revenue market share. China and India are the major contributors in the digital twin market and enlarge with 50% of the market share in the upcoming years. The market in these two countries is due to technology, infrastructure and developments in agriculture and the adoption of digital twin is projected to increase the market growth in the region. 

Latin America and Middle East & African digital twin market is anticipated to grow with a constant rate throughout the forecast period. 

Market Key Players

Major players participating in the digital twin market are General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US).

    Dassault Systems paired up with ABB Ability digital solutions and 3DEXPERIENCE Platform of Dassault System’s. The partnership leads to concentrating process industry automation, factory automation and robots and many more. 
    Huawei has introduced Industry’s First Site Digital Twins Based on 5G Digital Engineering Solution, in February 2022.
    FARO technologies obtained Advanced Technical Solutions, industry that provides solutions for 3D digital twin technology, in August 2022. 
    In January 2029, Hexagon AB acquired j5 International, which is software developer of operations management software. The acquisition helps to improve the company’s (HxGN SDx) and is used to create and administer manage twin. 

Recent Happenings

•    On May 26, 2022, recently, Robert Bosch launched novel Artificial Intelligence (AI) with Internet of Things (IoT) AIoT platform Phantom Edge. The Phantom Edge has got capable applications over various industries like agriculture, mobility, healthcare etc.  The Edge makes use of inviolable sensors to gather power signatures and algorithms. 
•    On May 18, 2022, Siemens and Atos worked together with one pharmaceutical company to upgrade the production and is being tested with the use of process digital twin in pharmacy producing AI, Iot and Advanced Analytics. 
•    On December 08, 2022, Microsoft unveiled the launch of Azure Digital Twins, which is a base allowing the creation of knowledge graphs. 
•    On June 17, 2022, General Electric (GE) developed predictive analytics suite containing GE’s software solutions. 
•    On July 16, 2022, Bentley Systems acting as digital integrator help infrastructure asset owners to promote their specific enterprise environments to leverage digital twins.