Digital Twin Market Size is projected to reach USD 185.78 Billion by 2031, growing at a CAGR of 38.8%: Straits Research

The global digital twin market was valued at USD 9.7 billion in 2022. It is projected to reach USD 185.78 billion by 2031, growing at a CAGR of 38.8% during the forecast period (2023–2031). North America is the most significant contributor to the global digital twin market and is anticipated to grow at a CAGR of 38.8% during the forecast period.

 | Source: Straits Research Straits Research

New York, United States, Jan. 30, 2023 (GLOBE NEWSWIRE) -- A system designed to examine and study the physical object's actual behavior under various conditions are also referred to as a digital twin. It is mainly used to test modifications that will be made to the equipment later. A small object in a city can be the subject of the creation of the digital twin. The concept of a digital twin has many advantages. It offers a modern viewpoint on reducing maintenance costs and product flaws. The terms "digital twin prototype," "digital twin instance," and "digital twin aggregate" is divided into these three groups (DTA). Productivity is increased, and product reliability is increased by using a digital twin. To create a replica of real-world scenarios, it employs data modeling and 3D graphics. Digital twins are quickly emerging as an Industry 4.0 technology. A digital twin is doable at the component, asset, system, and process levels.


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Supply Chain Efficiency is Improved in Manufacturing Sectors

Production waste and unplanned downtime have a significant impact on manufacturers. To prevent further losses, manufacturers are looking for a system to spot flaws and malfunctions. Utilizing a digital twin has the advantage of being able to reduce extra costs and create time. At every stage of the design process, Digital Twin helps engineers enhance a product's performance by examining and altering the physical design of the prototype. Engineers can simulate the digital prototype they have created and quickly and affordably alter the prototype's design at any stage of the design process with the help of a digital twin. Eighty-two percent of the organizations have dealt with the problem of unplanned downtime & production waste for three years running, with an average loss of USD 2 million, according to reports from Service Max, a service execution management company.

Growing Attention to the Cutting-Edge Analytics of Real-Time Data

Digital twin technology can represent a complete manufacturing facility, an assembly line, specific components, or a group of employees. Upon careful examination, it was found that approximately 75% of businesses using or attempting to use the Internet of Things already make use of Digital Twins or have plans to do so within the next 12 months. Solutions can be produced by digital twin technology using a variety of data and information sources. The core of the entire Digital Twin technology is data analytics. The capacity of digital twin technology to model and observe objects is a crucial feature. The digital twin feature reflects real-time data analysis. Real-time data analytics enhances the functionality of the Digital Twin technology within a business or organization. Once established, digital twins and analytics provide more accurate diagnostic, optimal, and predictive operations.


Report Scope

Report MetricDetails
Market SizeUSD 185.78 Billion by 2031
CAGR38.8% (2023-2031)
Historical Data2020-2021
Base Year2022
Forecast Period2023-2031
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredType, Solution, End User
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsIBM, PTC, Microsoft Corporation, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, and SWIM.AI
Key Market OpportunitiesGrowing Attention to the Cutting-Edge Analytics of Real-Time Data
Key Market DriversSupply Chain Efficiency is Improved by the Use of Digital Twins in Manufacturing Sectors

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Regional Analysis

North America is the most significant contributor to the global digital twin market and is anticipated to grow at a CAGR of 38.8% during the forecast period. North America is expected to rule the global twin market during the forecast period due to the region's early adoption of technology and the presence of crucial software firms. The United States, Canada, and Mexico are home to some top global market players who have embraced large-scale cloud technologies and are keeping up with new developments. Some small-scale industries that continue to rely on legacy systems are expected to grow slowly. North America, however, has emerged as one of the first regions to use digital twin technology to increase productivity due to its dominance in nearly all industries. The regions have the most advanced infrastructures for supporting emerging technologies, such as digital twins, which is the primary driver of the technology's widespread adoption.

Asia Pacific is expected to grow at a CAGR of 42.1% during the forecast period. The expansion of this region can be attributed to the industrialized manufacturing and automotive sectors in countries like China, India, Japan, and South Korea. The region's market is also being driven by the growth of smart cities throughout the area and the high demand for consumer goods. Due to rapid technological advancements and successful experiments, the region has become one of the top technology experts in the world market. The deployment of automation solutions and various software development have helped to manufacture lines and downstream operations in recent years. Due to the region's strong economic growth and the large number of vendors offering digital twins, these developments have positively impacted the growth of the digital twin market in the Asian region.


Key Highlights

  • The global digital twin market size is projected to reach USD 185.78 billion by 2031, growing at a CAGR of 38.8% during the forecast period (2023-2031).
  • Based on type, the global digital twin market is bifurcated into digital twin prototype, digital twin instance, and digital twin aggregate. The digital twin prototype segment is the highest contributor to the market and is forecasted to grow at a CAGR of 39.48% during the forecast period.
  • Based on the solution, the global digital twin market is bifurcated into components, processes, and systems. The processes segment is the highest contributor to the market and is expected to grow at a CAGR of 40.1% during the forecast period.
  • Based on end users, the global digital twin market is bifurcated into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. The automotive & transportation segment owns the highest market share and is expected to grow at a CAGR of 39.2% during the forecast period.
  • North America is the most significant contributor to the global digital twin market and is expected to grow at a CAGR of 38.8% during the forecast period.

Competitive Players in the Global Digital Twin Market

  • General Electric
  • IBM
  • PTC
  • Microsoft Corporation
  • Siemens AG
  • Ansys
  • SAP
  • Oracle
  • Robert Bosch
  • SWIM.AI


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Global Digital Twin Market: Segmentation

By Type

  • Digital Twin Prototype
  • Digital Twin Instance
  • Digital Twin Aggregate

By Solution

  • Component
  • Process
  • System

By End User

  • Aerospace & Defense
  • Automotive & Transportation
  • Home & Commercial
  • Healthcare
  • Energy & Utilities
  • Oil & Gas
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Digital Twin Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Digital Twin Prototype
      1. Market Size & Forecast
    3. Digital Twin Instance
      1. Market Size & Forecast
  5. Solution Overview
    1. Introduction
      1. Market Size & Forecast
    2. Component
      1. Market Size & Forecast
    3. Process
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By Solution
      3. Canada
        1. By Type
        2. By Solution
      4. Mexico
        1. By Type
        2. By Solution
      5. Latin America
        1. By Type
        2. By Solution
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By Solution
      3. France
        1. By Type
        2. By Solution
      4. U.K.
        1. By Type
        2. By Solution
      5. Italy
        1. By Type
        2. By Solution
      6. Spain
        1. By Type
        2. By Solution
      7. Rest of Europe
        1. By Type
        2. By Solution
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By Solution
      3. China
        1. By Type
        2. By Solution
      4. Australia
        1. By Type
        2. By Solution
      5. India
        1. By Type
        2. By Solution
      6. South Korea
        1. By Type
        2. By Solution
      7. Rest of Asia-Pacific
        1. By Type
        2. By Solution
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By Solution
      3. South Africa
        1. By Type
        2. By Solution
      4. Kuwait
        1. By Type
        2. By Solution
      5. Rest of Middle East & Africa
        1. By Type
        2. By Solution
  7. Company Profile
    1. General Electric
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. IBM
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Microsoft Corporation
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/digital-twin-market/toc


Market News

  • In November 2022, To significantly increase the scope and interoperability of infrastructure data that engineering firms and owner-operators can use to create and leverage digital twins in design, construction, and operations workflows, Bentley Systems, Inc., a provider of infrastructure engineering software, has announced new capabilities of its iTwin Platform.
  • In October 2022, Through the launch of its open digital business platform Siemens Xcelerator, Siemens is driving the digital transformation of economies. The platform aims to simplify digitalization quicker and more widely by combining a broad, carefully-curated portfolio with a robust partner ecosystem and developer marketplace.


News Media

Global Energy Management Systems (EMS) Market to Expand at a Healthy CAGR During Forecast Period

Stringent Regulations Regarding Energy Conservation and Growing Adoption of Iot Technology in Boilers to Bolster the U.S. Residential Boiler Market Growth


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Tags

Digital twin market size Digital twin technology digital twin prototype digital twin instance digital twin aggregate APAC NA US

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