The digital twin technology market size has grown exponentially in recent years. It will grow from $11.24 billion in 2023 to $14.97 billion in 2024 at a compound annual growth rate (CAGR) of 33.2%. The growth observed during the historic period can be attributed to several factors, including the proliferation of big data, the implementation of smart manufacturing techniques, the expansion of IoT and cloud-based platforms, and increased adoption of digital transformation initiatives.
The digital twin technology market size is expected to see exponential growth in the next few years. It will grow to $47.4 billion in 2028 at a compound annual growth rate (CAGR) of 33.4%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of IoT devices, a rise in cyber-attacks, the growing popularity of autonomous and connected vehicles, increasing demand for remote monitoring solutions, and rising investment in smart city initiatives. Major trends expected during this period include advancements in technology, the utilization of 3D modeling and scanning techniques, adoption of augmented reality (AR) and virtual reality (VR) technologies, reliance on cloud-based platforms, and integration with IoT systems.
The projected increase in the adoption of IoT devices is expected to drive the expansion of the digital twin technology market in the coming years. IoT devices, including sensors, actuators, and appliances, are specialized hardware devices that communicate wirelessly with networks to collect, exchange, and process data. The growing demand for IoT devices is fueled by factors such as improved connectivity, digital transformation, enhanced convenience and efficiency, as well as heightened safety and security measures. These devices gather real-time data on various parameters such as temperature, pressure, and usage patterns, which are then utilized by digital twins to generate virtual models. With continuous data streaming, digital twins offer real-time monitoring capabilities, enabling businesses to optimize operations and proactively address challenges. For example, according to a report by the GSM Association in May 2022, the number of connections on the Internet of Things (IoT) is projected to exceed 23 billion by 2025, compared to 15.1 billion in 2021, underscoring the significant role of IoT device adoption in propelling the digital twin technology market.
Key players in the digital twin technology market are concentrating on the development of next-generation technological solutions, such as AI-enabled digital twin platforms, to digitize and analyze critical infrastructure assets. AI-enabled digital twin platforms integrate artificial intelligence (AI) capabilities into the creation and management of digital twins, enhancing their functionalities. For instance, Looq AI, a US-based software company, introduced its AI-enabled digital twin technology, the Looq platform, in March 2024. This platform serves as a comprehensive solution for surveyors, engineers, contractors, and asset owners to digitally map infrastructure assets with survey-grade precision in minutes. The Looq platform, driven by a handheld 'Q' camera, combines high-resolution cameras, survey-grade GPS, and an AI processor to provide extensive coverage and quick data gathering capabilities. This platform offers an end-to-end workflow for project teams to engage with digital twins and AI-derived data for engineering, surveying, analysis, and coordination purposes.
In October 2023, Clockworks Analytics, a US-based SaaS startup specializing in building operating system monitoring, acquired digital twin assets from Animated Insights for an undisclosed sum. This acquisition aims to enhance Clockworks Analytics' capabilities in the digital twin domain, particularly in 3D digital twin visualization and device monitoring technology, thereby consolidating its position as a comprehensive provider of digital twin solutions for the built environment. Animated Insights, based in the US, is known for its digital twin technology offerings.
Major companies operating in the digital twin technology market are Microsoft Corporation, Siemens AG, General Electric Company, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Limited, NTT DATA Corporation, Infosys Limited, Emerson Electric Co., Dassault Systèmes, Hexagon AB, Autodesk Inc., ANSYS Inc., PTC Inc., Bosch Global Software Technologies Private Limited, AVEVA Group Limited, Bentley Systems Incorporated, TIBCO Software Inc., L&T Technology Services Limited, Altair Engineering Inc., Digital Twin Consortium.
North America was the largest region in the digital twin technology market in 2023. The regions covered in the digital twin technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital twin technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Digital twin technology involves creating a digital replica or simulation of a physical object, process, system, or entity using sensor data to simulate behaviors and predict performance. This facilitates optimization and predictive maintenance, ultimately enhancing productivity and reducing downtime across various sectors.
The primary types of digital twin technology include product digital twins, process digital twins, system digital twins, asset performance digital twins, and others. Product digital twins are virtual replicas of physical objects that capture their design, structure, and behavior. They find applications in predictive maintenance, product design and development, supply chain optimization, remote monitoring and control, and performance enhancement, among others. These applications cater to diverse industries such as manufacturing, energy and utilities, transportation and logistics, healthcare, among others.
The digital twin technology market research report is one of a series of new reports that provides digital twin technology market statistics, including digital twin technology industry global market size, regional shares, competitors with a digital twin technology market share, detailed digital twin technology market segments, market trends and opportunities, and any further data you may need to thrive in the digital twin technology industry. This digital twin technology 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 technology market includes revenues earned by entities by providing services, such as simulation and modeling, optimization and control, virtual prototyping and testing, and personalization. The market value includes the value of related goods sold by the service provider or included within the service offering. 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.
This product will be delivered within 3-5 business days.
The digital twin technology market size is expected to see exponential growth in the next few years. It will grow to $47.4 billion in 2028 at a compound annual growth rate (CAGR) of 33.4%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of IoT devices, a rise in cyber-attacks, the growing popularity of autonomous and connected vehicles, increasing demand for remote monitoring solutions, and rising investment in smart city initiatives. Major trends expected during this period include advancements in technology, the utilization of 3D modeling and scanning techniques, adoption of augmented reality (AR) and virtual reality (VR) technologies, reliance on cloud-based platforms, and integration with IoT systems.
The projected increase in the adoption of IoT devices is expected to drive the expansion of the digital twin technology market in the coming years. IoT devices, including sensors, actuators, and appliances, are specialized hardware devices that communicate wirelessly with networks to collect, exchange, and process data. The growing demand for IoT devices is fueled by factors such as improved connectivity, digital transformation, enhanced convenience and efficiency, as well as heightened safety and security measures. These devices gather real-time data on various parameters such as temperature, pressure, and usage patterns, which are then utilized by digital twins to generate virtual models. With continuous data streaming, digital twins offer real-time monitoring capabilities, enabling businesses to optimize operations and proactively address challenges. For example, according to a report by the GSM Association in May 2022, the number of connections on the Internet of Things (IoT) is projected to exceed 23 billion by 2025, compared to 15.1 billion in 2021, underscoring the significant role of IoT device adoption in propelling the digital twin technology market.
Key players in the digital twin technology market are concentrating on the development of next-generation technological solutions, such as AI-enabled digital twin platforms, to digitize and analyze critical infrastructure assets. AI-enabled digital twin platforms integrate artificial intelligence (AI) capabilities into the creation and management of digital twins, enhancing their functionalities. For instance, Looq AI, a US-based software company, introduced its AI-enabled digital twin technology, the Looq platform, in March 2024. This platform serves as a comprehensive solution for surveyors, engineers, contractors, and asset owners to digitally map infrastructure assets with survey-grade precision in minutes. The Looq platform, driven by a handheld 'Q' camera, combines high-resolution cameras, survey-grade GPS, and an AI processor to provide extensive coverage and quick data gathering capabilities. This platform offers an end-to-end workflow for project teams to engage with digital twins and AI-derived data for engineering, surveying, analysis, and coordination purposes.
In October 2023, Clockworks Analytics, a US-based SaaS startup specializing in building operating system monitoring, acquired digital twin assets from Animated Insights for an undisclosed sum. This acquisition aims to enhance Clockworks Analytics' capabilities in the digital twin domain, particularly in 3D digital twin visualization and device monitoring technology, thereby consolidating its position as a comprehensive provider of digital twin solutions for the built environment. Animated Insights, based in the US, is known for its digital twin technology offerings.
Major companies operating in the digital twin technology market are Microsoft Corporation, Siemens AG, General Electric Company, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Limited, NTT DATA Corporation, Infosys Limited, Emerson Electric Co., Dassault Systèmes, Hexagon AB, Autodesk Inc., ANSYS Inc., PTC Inc., Bosch Global Software Technologies Private Limited, AVEVA Group Limited, Bentley Systems Incorporated, TIBCO Software Inc., L&T Technology Services Limited, Altair Engineering Inc., Digital Twin Consortium.
North America was the largest region in the digital twin technology market in 2023. The regions covered in the digital twin technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital twin technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Digital twin technology involves creating a digital replica or simulation of a physical object, process, system, or entity using sensor data to simulate behaviors and predict performance. This facilitates optimization and predictive maintenance, ultimately enhancing productivity and reducing downtime across various sectors.
The primary types of digital twin technology include product digital twins, process digital twins, system digital twins, asset performance digital twins, and others. Product digital twins are virtual replicas of physical objects that capture their design, structure, and behavior. They find applications in predictive maintenance, product design and development, supply chain optimization, remote monitoring and control, and performance enhancement, among others. These applications cater to diverse industries such as manufacturing, energy and utilities, transportation and logistics, healthcare, among others.
The digital twin technology market research report is one of a series of new reports that provides digital twin technology market statistics, including digital twin technology industry global market size, regional shares, competitors with a digital twin technology market share, detailed digital twin technology market segments, market trends and opportunities, and any further data you may need to thrive in the digital twin technology industry. This digital twin technology 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 technology market includes revenues earned by entities by providing services, such as simulation and modeling, optimization and control, virtual prototyping and testing, and personalization. The market value includes the value of related goods sold by the service provider or included within the service offering. 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Digital Twin Technology Market Characteristics3. Digital Twin Technology Market Trends and Strategies32. Global Digital Twin Technology Market Competitive Benchmarking33. Global Digital Twin Technology Market Competitive Dashboard34. Key Mergers and Acquisitions in the Digital Twin Technology Market
4. Digital Twin Technology Market - Macro Economic Scenario
5. Global Digital Twin Technology Market Size and Growth
6. Digital Twin Technology Market Segmentation
7. Digital Twin Technology Market Regional and Country Analysis
8. Asia-Pacific Digital Twin Technology Market
9. China Digital Twin Technology Market
10. India Digital Twin Technology Market
11. Japan Digital Twin Technology Market
12. Australia Digital Twin Technology Market
13. Indonesia Digital Twin Technology Market
14. South Korea Digital Twin Technology Market
15. Western Europe Digital Twin Technology Market
16. UK Digital Twin Technology Market
17. Germany Digital Twin Technology Market
18. France Digital Twin Technology Market
19. Italy Digital Twin Technology Market
20. Spain Digital Twin Technology Market
21. Eastern Europe Digital Twin Technology Market
22. Russia Digital Twin Technology Market
23. North America Digital Twin Technology Market
24. USA Digital Twin Technology Market
25. Canada Digital Twin Technology Market
26. South America Digital Twin Technology Market
27. Brazil Digital Twin Technology Market
28. Middle East Digital Twin Technology Market
29. Africa Digital Twin Technology Market
30. Digital Twin Technology Market Competitive Landscape and Company Profiles
31. Digital Twin Technology Market Other Major and Innovative Companies
35. Digital Twin Technology Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Digital Twin Technology Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on digital twin technology 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.
Reasons to Purchase:
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- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for digital twin technology? 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 technology market global report 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 Twins; Process Digital Twins; System Digital Twins; Asset Performance Digital Twins; Other Types2) By Application: Predictive Maintenance; Product Design And Development; Supply Chain Optimization; Remote Monitoring And Control; Performance Optimization
3) By End-User Industry: Manufacturing; Energy And Utilities; Transportation And Logistics; Healthcare; Other End Users
Key Companies Mentioned: Microsoft Corporation; Siemens AG; General Electric Company; Amazon Web Services Inc.; International Business Machines Corporation
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 Segmentation: 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.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Microsoft Corporation
- Siemens AG
- General Electric Company
- Amazon Web Services Inc.
- International Business Machines Corporation
- Oracle Corporation
- Schneider Electric SE
- Honeywell International Inc.
- SAP SE
- ABB Limited
- NTT DATA Corporation
- Infosys Limited
- Emerson Electric Co.
- Dassault Systèmes
- Hexagon AB
- Autodesk Inc.
- ANSYS Inc.
- PTC Inc.
- Bosch Global Software Technologies Private Limited
- AVEVA Group Limited
- Bentley Systems Incorporated
- TIBCO Software Inc.
- L&T Technology Services Limited
- Altair Engineering Inc.
- Digital Twin Consortium
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 14.97 Billion |
Forecasted Market Value ( USD | $ 47.4 Billion |
Compound Annual Growth Rate | 33.4% |
Regions Covered | Global |