Global Digital Twin Market Size, Share, and COVID-19 Impact Analysis, By Type (System Digital Twin, Product Digital Twin, Process Digital Twin, Other Types), By Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032Industry: Electronics, ICT & Media
Global Digital Twin Market Insights Forecasts to 2032
- The Digital Twin Market Size was valued at USD 12.6 Billion in 2022.
- The Market is Growing at a CAGR of 27.29% from 2022 to 2032
- The Worldwide Digital Twin Market is expected to reach USD 140.76 Billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Digital Twin Market Size is expected to reach USD 140.76 billion by 2032, at a CAGR of 27.29% during the forecast period 2022 to 2032.
Digital twins in the Industry 4.0 paradigm encompass the use of artificial intelligence (AI), big data, machine learning (ML), and the growing popularity of the Internet of Things (IoT) and are primarily used in the industrial Internet of Things (IIoT), the field of engineering, and manufacturing-related environments. A number of factors, including the widespread implementation of IoT, digital twin technology have become more economical and widely available to companies around the globe. Manufacturers anticipate that roughly a quarter of IoT-based suppliers will incorporate computer simulation platforms as well as systems as a whole and features for building digital twins in the future. The implementation of such technologies also assists enterprises with boosting activities and system productivity, which contributes to the whole product's efficiency.
The application of 3D modeling software for generating digital companions for real-world objects is a prime instance of digital twins. It may be employed to perceive the current condition of the actual physical object, allowing physical objects to be projected into the digital world. A digital twin may additionally be utilized for asset monitoring, evaluations, and forecasting to improve asset availability and efficiency. Digital twins of automated automobiles and their sensor suite incorporated into infrastructure and the environment modeling have additionally been suggested as a way to overcome the major advancement, testing, evaluation, and verification obstacles for the automotive application, particularly when the corresponding algorithms are centered on artificial intelligence (AI) techniques which demand broad data for training and validation arrays.
Global Digital Twin Market Report Coverage
|Market Size in 2022:||USD 12.6 Billion|
|Forecast Period:||2022 – 2032|
|Forecast Period 2022 – 2032 CAGR:||27.29%|
|022 – 2032 Value Projection:||USD 140.76 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||105|
|Segments covered:||By Type, By Industry and By Region.|
|Companies Covered:||ANSYS Inc., General Electric Company, Cal-Tek SRL, IBM Corporation, Cityzenith Inc., Microsoft, Dassault Systèmes, Siemens, PTC, ABB Group, Accenture plc, Autodesk Inc, Bosch Rexroth AG, Rockwell Automation Inc., Schneider Electric, Oracle Corporation.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Digital twins make it easier to develop predictive algorithms and assess performance before producing real-life models. The global pandemic has boosted the adoption of the technology for digital twins in industries other than manufacturing, such as health care, construction, information technology, and the retail industry, boosting the market's growth over the forecast period. As a result, many different nations around the world will likely integrate digital twin technology into their economic operations.
Digital twins in the Industry 4.0 paradigm encompass the use of artificial intelligence (AI), big data, machine learning (ML), and the growing popularity of the Internet of Things (IoT) and are primarily used in the industrial Internet of Things (IIoT), the field of engineering, and manufacturing-related environments. a number of factors, including the widespread implementation of IoT, digital twin technology has become more economical and widely available to companies around the globe. Manufacturers anticipate that roughly a quarter of IoT-based suppliers will incorporate computer simulation platforms as well as systems as a whole and features for building digital twins in the future. The implementation of such technologies also assists enterprises with boosting activities and system productivity, which contributes to as the whole product efficiency.
A variety of companies are focusing on assigning digital twin innovations for maximizing their vendor networks and operational procedures in order to recuperate from the financial challenges triggered by the global epidemic. Business organizations have adopted artificial intelligence (AI) and the Internet of Things (IoT) for gathering and assessing statistical information from internet-connected items and IoT devices, which is then transferred to the digital twin model to recreate the operation and efficiency of the operating system.
As connectivity has risen, so encompasses the threat of information security, malware infection, and compliance with regulations. This presents one of the major variables hampering the growth of the digital twin market. Furthermore, the majority of entrepreneurs who invest in digital twin technology are concerned about the potential danger of misrepresenting the system or objects they wish to copy using this technology. The majority of companies refuse to employ digital twin technology because there is no credible evidence of how accurate it is as compared to its actual equivalents.
By Type Insights
The system digital twins segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global digital twin market is segmented into system digital twins, product digital twins, process digital twins, and other types. Among these, the system digital twins segment is dominating the market with the largest revenue share of 27% over the forecast period. The rise of this sector is largely attributed to the extensive adoption of system digital twins by a variety of fields such as automobile manufacturing, the manufacturing process, oil & gas, energy & amenities, and others, in order for recognizing brand-new opportunities for revenue generation using cost optimization and quality of service improved performance. During the forecast period, these are expected to be among the key variables influencing the digital twin market's growth.
The product twin segment is also expected to grow rapidly during the projection period. The rise in usage can be due to the growing demand for connected devices and digital manufacturing devices in the healthcare industry.
By Industry Insights
The automotive & transportation segment accounted the largest revenue share of more than 55% over the forecast period.
On the basis of industry, the global digital twin market is segmented into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. Among these, automotive & transportation are dominating the market with the largest revenue share of 55% over the forecast period. This growth is primarily attributable to the growing adoption of digital twin technologies in the automotive and transportation sectors for developing digital representations of connected automobiles. The implementation of digital twins in the automotive sector allows technical professionals to gather behavioral and functional information from the car, thus leading to improvements in vehicle design and cost efficiency improvements. The automotive industry's continuous developments, such as connected and self-driving automobiles, as well as mobility sharing, are anticipated to boost the popularity of digital twin technology.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 45% market share over the forecast period. North America is an established technological innovation hub and a leading user of digital twins as well as associated advances in technology. The regional presence of key digital twin solution services providers such as GE, Bentley Systems, IBM, Emerson, the software giant Microsoft, ANSYS, Amazon Web Services, Cisco Systems, Altair, and Oracle in the region increases demand as well as an understanding of digital twin solutions. The region has a well-established environment for digital twin practices, as well as having a number of large automotive & transportation, aerospace, chemical, energy & utilities, and food & beverage companies in the United States.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast periodThe rapid growth in emerging countries' industrialization, increased purchasing power, and rising population are driving the growth of the digital twin market in this region. Rising demand from emerging economies such as China, Japan, India, and South Korea is propelling the region's Digital Twin marketplace further. Furthermore, smart city development initiatives throughout the region, as well as high consumer product demand, are propelling the regional market.
List of Key Market Players
- ANSYS Inc.
- General Electric Company
- Cal-Tek SRL
- IBM Corporation
- Cityzenith Inc.
- Dassault Systèmes
- ABB Group
- Accenture plc
- Autodesk Inc
- Bosch Rexroth AG
- Rockwell Automation Inc.
- Schneider Electric
- Oracle Corporation
Key Market Developments
- On February 2023, Ansys and Microsoft are expanding their long-term strategic partnership in order to accelerate virtual product design by providing expanded cloud-based access to Ansys' simulation solutions and computer-aided engineering (CAE) tools. The expanded collaboration between Ansys and Microsoft demonstrates the company's commitment to providing simple, cloud-based access to advanced simulation solutions in areas such as advanced communications, electrification, and sustainability. Ansys is also working to integrate Microsoft 365 capabilities into the context of its engineering simulation tools to aid in the highly collaborative product design process.
- On February 2023, Siemens and Swinburne University of Technology agreed to establish Australia's most advanced future Energy Transition Hub at the University's Hawthorn campus in Melbourne. The Hub will allow users to map scenarios, research new findings, develop original and creative hypotheses, and test results using digital twins of energy grids. It will house a digital twin of Australia's energy grid, which will be used by commercial research teams to run simulations of new, innovative solutions and software.
- On March 2022, Microsoft and Newcrest have announced a strategic partnership. Newcrest's mining division would use Azure as its preferred cloud provider worldwide, as well as work on digital twins and a sustainability data model. Both organizations are collaborating on projects such as using digital twins to improve operational performance and developing a high-impact sustainability data model.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Digital Twin Market based on the below-mentioned segments:
Digital Twin Market, Type Analysis
- System Digital Twin
- Product Digital Twin
- Process Digital Twin
- Other Types
Digital Twin Market, Industry Analysis
- Aerospace & Defense
- Automotive & Transportation
- Home & Commercial
- Energy & Utilities
- Oil & Gas
Digital Twin Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa.
Frequently Asked Questions (FAQ)
1. What is the market size of the Digital Twin market?The Global Digital Twin Market is expected to grow from USD 12.6 billion in 2022 to USD 140.76 billion by 2032, at a CAGR of 27.29% during the forecast period 2022-2032.
2. Which are the key companies in the market?ANSYS Inc., General Electric Company, Cal-Tek SRL, IBM Corporation, Cityzenith Inc., Microsoft, Dassault Systèmes, Siemens, PTC, ABB Group, Accenture plc, Autodesk Inc, Bosch Rexroth AG, Rockwell Automation Inc., Schneider Electric, Oracle Corporation
3. Which segment dominated the Digital Twin market share?The manufacturing segment in industry type dominated the Digital Twin market in 2022 and accounted for a revenue share of over 55%.
4. What are the elements driving the growth of the Digital Twin market?The growing popularity of digital twin technology in several industries such as healthcare is a major driving element for the digital twin market size. The incorporation of various new and advanced technologies such as artificial intelligence and digital twin is also expected to drive market growth.
5. Which region is dominating the Digital Twin market?North America is dominating the Digital Twin market with more than 45% market share.
6. Which segment holds the largest market share of the Digital Twin market?The system digital twins segment based on type holds the maximum market share of the Digital Twin market.
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