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 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.
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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
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)
Automotive & Transport
Energy & Utilities
Healthcare & Life Sciences
Residential & Commercial
Retail & Consumer Goods
Digital Twin Solution Outlook (Revenue, USD Million, 2018 - 2030)
Digital Twin Regional Outlook (Revenue, USD Million, 2018 - 2030)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa (MEA)
List of Key Players of Digital Twin Market
AVEVA Group plc
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