The report provides an overview of the digital twin global market value and analyzes its trends. Using 2023 as the base year, the report provides estimated market data for the forecast period from 2024 through 2029. Revenue forecasts for this period are segmented by solution type, application, industry, enterprise size, and geographical region. It also highlights major trends and challenges that affect the market, concluding with an analysis of the vendor landscape and including detailed profiles of major players in the global digital twin market.
Report Scope
The report also includes emerging technologies that are expected to shape the digital twin market in the coming years. It also includes ESG analysis of the market with the companies’ ratings based on their performance. The competitive landscape provides detailed analysis of strategic decisions made by the leading companies in the digital twin market.
Report Includes
- 51 data tables and 61 additional tables
- An analysis of the global digital twin market
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025 and 2028, and projected CAGRs through 2029
- Estimate of the current market size and revenue prospects, along with market share analysis by solution type, application, enterprise size, end-use industry and region
- Facts and figures pertaining to the market dynamics, technological advances, regulations and the macroeconomic factors driving future demand and innovation
- Porter’s Five Forces, global supply chain, and use case analyses
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, the ESG practices of leading companies and their ESG scores
- A look at key granted patents and published patents
- Analysis of the vendor landscape, including company shares, strategic alliances, M&A activity and venture fundings outlook
- Company profiles of market leaders, including Autodesk Inc., ANSYS Inc., Schneider Electric, Hexagon AG, and Dassault Systèmes
Table of Contents
Executive Summary
The industry paradigm is drastically changing as technology stands at the transition of Industry 4.0, a revolutionary wave driven by the unrelenting advance of connectivity, artificial intelligence (AI), mobility and machine learning (ML). Businesses are looking for methods to reduce errors and to maximize the development and dissemination of technology, finding themselves at the nexus of innovation and financial responsibility. Digital twin technology isn’t limited to any one scale; it may be applied to everything from single parts to enormous urban environments. There are many applications for digital twins; they can be used to monitor a jet engine’s efficiency or to plan the smooth running of an entiresmart city.
Market Dynamics and Growth Factors
The global digital twin market was estimated to be worth $11.5 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 45.7% and is forecast to reach $119.3 billion by the end of 2029. Major drivers of the digital twin market include the adoption of 3D printing technologies combined with digital twin in manufacturing industries; increasing amounts of real-time data generated from the internet of things (IoT) and other smart devices; and the growing adoption of IoT, wireless connectivity and 5G technologies. High cost of deployment acts as a restraint to this market, whereas advances in cloud-based technology applications present future opportunities.
Companies Mentioned
- ABB
- ALTAIR ENGINEERING INC.
- ANSYS INC.
- AUTODESK INC.
- BENTLEY SYSTEMS INC.
- BOSCH REXROTH AG
- DASSAULT SYSTEMES
- GE VERNOVA
- HEXAGON AB
- IBM CORP.
- MICROSOFT
- ORACLE
- ROCKWELL AUTOMATION
- SCHNEIDER ELECTRIC
- SIEMENS
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 176 |
| Published | September 2024 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value ( USD | $ 18.2 Billion |
| Forecasted Market Value ( USD | $ 119.3 Billion |
| Compound Annual Growth Rate | 45.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
