The global digital twin market size is projected to reach USD 155,839.4 million by 2030, registering a CAGR of 39.1% from 2022 to 2030, according to a new study by Grand View Research, Inc. Digital twin technologies were primarily developed and deployed in the manufacturing, aerospace, and automotive sectors for designing and simulating component and system twins. However, the rising need for virtualization and automation as well as the emergence of technologies, such as the Internet of Things (IoT) and Artificial Intelligence(AI) has opened up new avenues for digital twin solution providers across industries, such as retail, real estate, banking and finance, and healthcare, thereby driving the market growth.
Digital Twin Market Report Highlights
- In terms of end-use, the automotive sector is expected to register the fastest CAGR over the forecast period. Increasing developments in electric and connected vehicles are the prime factors driving the adoption of digital twin technology in the automotive sector
- In terms of solutions, the system segment held the highest revenue share in 2021 due to the high deployment of digital twins in the automotive, manufacturing, and aerospace sectors to enhance existing engine models & manufacturing lines
- Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the presence of well-established automotive and manufacturing industries and the rising proliferation of connected devices
- Key players in the market are adopting inorganic strategies to acquire a larger market share. For instance, in April 2021, Hexagon AB acquired CADLM, a design software company based in Wissous, France
- The acquisition was aimed at leveraging CADLM’s technology and expertise in AI to enhance Hexagon AB’s Smart Manufacturing autonomous and digital twin capabilities
- Furthermore, manufacturers would also be able to use digital twin for image recognition, predictive simulation, and fault prediction to address issues with downtime, quality, and flexibility throughout the manufacturing process
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Digital twins enable enterprises to create virtual representations of their existing workflow patterns, which can be then observed and optimized to reduce operational costs. The retail and residential sectors are expected to witness increased adoption of digital twin technologies with the increasing focus on optimizing vendor-to-customer supply chains, sales forecast, and development of smart city projects. The emergence of such varied applications has increased the demand for tailor-made solutions across the end-use industries to address specific requirements, which is anticipated to fuel market growth. The COVID-19 pandemic has expedited the adoption of digital twin technology across several industries owing to social distancing norms.
As offices are on the verge of reopening, several firms are expected to adopt the technology to facilitate employee safety by creating digital twins of workplaces and modifying furniture, workplaces, sitting arrangements, among other applications. In addition, the healthcare sector has witnessed a surge in the adoption of the digital twin technology to create virtual replicas of infected patients and use them for future research. For instance, in May 2021, Dell Technologies partnered with i2b2 tranSMART Foundation to create digital twins using de-identified patient data. The digital twin is then expected to help researchers perform innumerable treatment simulations for future treatments, which may help mitigate the spread of the disease.
Digital Twin Market Share By Demographics
North America held the high market share, followed by Europe. Asia Pacific is expected to register the fastest CAGR of more than 43% over the forecast period. The growth of this region can be attributed to the well-established manufacturing and automotive industries in countries, such as China, India, Japan, and South Korea. Smart city development projects across the region and the high demand for consumer products are driving the regional market. The promising growth of the biotechnology industry and heavy investments in the R&D of the automotive and manufacturing sectors are expected to drive the market growth in the Europe region.
Industry Share Analysis By Major Companies
Intense competition among leading players for introducing advanced and innovative products is encouraging companies to invest in the R&D of products and automation of processes. Furthermore, several automotive brands are adopting digital twin technologies to improve customer engagement by using interactive automobile dashboards on websites, where customers can customize vehicles at their convenience. This helps companies in tapping consumer behavior and making changes to existing models. Some prominent players in the global digital twin market include:
- ABB
- AVEVA Group plc
- Dassault Systemes
- General Electric
- Hexagon AB
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Digital Twin Market Segmentation
Grand View Research has segmented the global digital twin market on the basis of end-use, solution, and region:
- Digital Twin End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Digital Twin Solution Outlook (Revenue, USD Million, 2018 – 2030)
- Digital Twin Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players of Digital Twin Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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