Digital Twin Global Market Report 2024

A digital twin is a virtual representation of an object or system, spanning its entire lifecycle and continuously updated with real-time data. It aids decision-making through simulation, machine learning, and reasoning, providing insights into current and future performance. This technology enables engineers and operators to comprehend not only the present functionality of items but also their future behavior. Digital twins generate predictions by analyzing data from connected sensors and integrating it with information from various sources.

There are three main types of digital twins such as product digital twins, process digital twins, and system digital twins. Product digital twins serve as virtual counterparts of real products or processes, facilitating the understanding and prediction of their physical performance. These solutions leverage data from all stages of the product and manufacturing lifecycles. Technologies employed in digital twin implementations include IoT and IIoT, artificial intelligence and machine learning, extended reality, big data analytics, and 5G. Digital twins find applications in various industries such as manufacturing, energy and power, aerospace, oil and gas, automobile, transportation, among others.

The digital twin market research report is one of a series of new reports from The Business Research Company that provides digital twin market statistics, including digital twin industry global market size, regional shares, competitors with a digital twin market share, detailed digital twin market segments, market trends and opportunities, and any further data you may need to thrive in the digital twin industry. This digital twin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital twin market size has grown exponentially in recent years. It will grow from $14.78 billion in 2023 to $20.36 billion in 2024 at a compound annual growth rate (CAGR) of 37.8%. The historical growth can be attributed to a surge in the adoption of Industrial IoT (Internet of Things), increased utilization of 3D printing, and the widespread adoption of digital twins within the manufacturing sector.

The digital twin market size is expected to see exponential growth in the next few years. It will grow to $62.64 billion in 2028 at a compound annual growth rate (CAGR) of 32.4%. Projected growth in the forecast period is fueled by increasing demand for digital twins in healthcare, the establishment of smart building infrastructure, and the ongoing impact of COVID-19. Key trends include using digital twins for the metaverse, technological innovations, optimizing supply chains with digital twin solutions, and adopting digital twins in pharmaceuticals for drug discovery.

The global digital twin market is experiencing significant growth, propelled by the widespread adoption of digitalization in the manufacturing sector. Manufacturing entities worldwide are strategically investing in digitalization initiatives to enhance operational efficiency, productivity, and precision. Solutions such as digital twins play a pivotal role in this transformation, contributing to heightened responsiveness and agility among manufacturers in adapting to changing customer demands and market conditions. A study by InfinityQS indicates that more than 52% of manufacturers are actively channeling investments into digital transformation technologies, thereby boosting the demand for digital twin solutions. The increased integration of digitalization technologies in manufacturing is anticipated to drive the digital twin market during the forecast period, elevating the capabilities of manufacturers and fostering operational advancements.

The digital twin market is poised for growth, driven by the escalating demand for digital twins in the healthcare sector. In healthcare systems, digital twins are employed to generate digital representations of healthcare data, encompassing aspects such as hospital environments, laboratory findings, and human physiology. This technology facilitates the analysis of operational strategies, resource allocation, staffing, and care models by creating virtual models of healthcare facilities. This, in turn, enables the identification of problem areas, anticipation of upcoming challenges, and enhancement of organizational tactics. Major players in the healthcare industry are increasingly adopting digital twins to achieve operational efficiency. For instance, Accenture reports that over the next three years (2022-2024), 66% of healthcare executives anticipate an uptick in their organizations' investment in intelligent digital twins. Furthermore, Gartner forecasts that by 2025, a structured digital twin program will be integral to the digital transformation strategy of 25% of healthcare delivery organizations. The growing demand for digital twins in healthcare is set to drive the overall growth of the digital twin market in the forecast period, as organizations seek innovative solutions to optimize their operations and improve patient care.

A prominent trend driving the digital twin market is the ongoing emphasis on technological advancement. Major players within the digital twin sector are actively engaged in the development of innovative technological solutions to enhance their standing in the market. A noteworthy example is One Concern, a US-based provider of resilience-as-a-service solutions, which introduced Domino in February 2022. Domino represents a high-resolution digital twin solution designed to identify abnormal changes in complex networks and ecosystems, spanning the power grid, transportation networks, and communities. In another instance, in January 2021, DIGIPREDICT pioneered digital-twin technology aimed at improving diagnostic methods for COVID-19. The primary objective of this project is to enable the identification, monitoring, and screening of high-risk patients, facilitating the provision of tailored supportive care based on individualized referral decisions. This focus on technological advancement underscores the dynamic nature of the digital twin market as companies strive to introduce cutting-edge solutions that address emerging challenges and opportunities.

A significant trend gaining traction in the digital twin market is the application of digital twins for the metaverse. Companies are strategically leveraging digital twins to deliver substantial value while laying the groundwork for the enterprise metaverse of the future. An illustrative collaboration in this realm occurred in June 2022 when Siemens, a German-based multinational industrial manufacturing company, partnered with Nvidia, a US-based multinational technology company. The partnership aimed to enable artificial intelligence (AI) digital twin capabilities, with Siemens modeling elements of the real world in software and seeking to advance its approach by fostering an industrial metaverse. Through integration with Nvidia's Omniverse platform, users can create photorealistic virtual simulations, marking a significant stride in harnessing the potential of digital twins within the evolving landscape of the metaverse. This trend reflects the strategic efforts of companies to align digital twin technology with the transformative possibilities presented by the metaverse, fostering collaboration and innovation in the digital twin market.

In December 2021, Germany-based multinational conglomerate corporation Siemens AG acquired EcoDomus, a California-based digital twin software provider, for an undisclosed amount. Following the acquisition, EcoDomus will integrate into Siemens and operate under the Siemens brand. This strategic move allows Siemens Smart Infrastructure to enhance its digital building portfolio, encompassing cloud-based building operations twin software and the flagship building management platform Desigo CC.

Major companies operating in the digital twin market report are SAP SE, IBM Corporation, ANSYS Inc., Microsoft Corporation, General Electric, Siemens AG, Bentley Systems, Dassault Systemes, ABB Ltd., Oracle Corporation, 51World, FARO, Freedo Technology, Genesys International, Datumix, Esri India, Robert Bosch, Pauley, Sp. z o.o., NCC, PTC, TIBCO Software Inc., SAS Institute Inc., Wilson Sons, Kraken Robotics Inc., ReStudio, Blue Orange Digital, Pagarba Solutions, Aryng, Accern, Azumo, Accenture Analytics, Tableau Software, Axilion, Beeah Group, TCTx, ShaikhTech, Neom Tech & Digital Company, Experion Technologies, Clariba Consulting, Nice Software Solutions, Sigma Data Systems, BearingPoint, Bosch, Aveva Group, Amazon Web Services.

North America was the largest region in the digital twin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital twin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital twin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The digital twin market includes revenues earned by entities by providing software tools that automate the processes for better tracking entities' real-time data to monitor an asset's performance, detect issues, and enhance maintenance and lifecycle decisions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Digital Twin Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on digital twin market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for digital twin? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital twin market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Product Digital Twin; Process Digital Twin; System Digital Twin
• 2) By Technology: IoT; IIoT; Blockchain; Artificial Intelligence And Machine Learning; Extended Reality And Other Technology; Big Data Analytics; 5G
• 3) By Application: Manufacturing; Energy and Power; Aerospace; Automotive; Transportation; Other Applications
• Companies Mentioned: SAP SE; IBM Corporation; ANSYS Inc; Microsoft Corporation; General Electric
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.