Digital Twin Market Size Worth $155,839.4 Million By 2030
Digital Twin Industry Overview
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.
Digital Twin Market Segmentation
Grand View Research has segmented the global digital twin market on the basis of end-use, solution, and region:
Based on the End-use Insights, the market is segmented into Manufacturing, Agriculture, Automotive & Transport, Energy & Utilities, Healthcare & Life Sciences, Residential & Commercial, Retail & Consumer Goods, Aerospace, Telecommunication, and Others.
- The automotive and transport segment led the market in 2021 and accounted for the largest revenue share of more than 19.00% of the overall revenue. This can be attributed to the adoption of Electric Vehicles(EVs), lean adoption, and the rising usage of simulation technologies. The incorporation of digital twin technology in the automotive sector helps engineers capture operational and behavioral data of the vehicle, thereby facilitating further enhancements in automobile design and optimizing costs.
- The growth in the automobile industry is followed by the telecommunication, residential, and healthcare sectors, which are expected to exhibit healthy growth rates over the forecast period. Digital twin technology supports telecom service providers in designing complex network architectures and upgrading the existing network infrastructures to accommodate new solutions, such as Fiber to the Home (FTTH) and software-defined networking.
- The adoption of digital twin technologies has increased in the healthcare sector amid the COVID-19 pandemic, helping healthcare professionals study the infected patient’s data for future research in performing treatment simulations. Furthermore, the increasing usage of digital twin solutions in the residential and commercial segment for building 3D models of upcoming smart city projects is expected to fuel market growth.
Based on the Solution Insights, the market is segmented into Component, Process, and System.
- The process segment is expected to register the fastest CAGR of 40.0% over the forecast period. This growth can be attributed to the implementation of a digital twin for designing workflows in an organization, supply chain processes, smart city projects, warehouse processes, among other applications. Organizations are focusing on improving coordination across operations to optimize workflow processes and cut down on operational costs.
- The system segment accounted for the highest revenue share of the global market in 2021. The market share can be attributed to the high deployment of digital twins for designing and developing prototypes of aerospace engines, assembly lines, communication systems, full-scale automotive models, piping systems in the oil & gas industry, among other applications. System twins are a combination of several assets put together, which help engineers observe the system performance and synchronization of components during operation.
Digital Twin Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
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.
Companies are adopting strategies to leverage new opportunities in the market and target new customers by developing customized products. For instance, in December 2021, Dassault Systèmes announced a partnership with Renault Group. The partnership was aimed at using Dassault Systemes’ 3DEXPERIENCE platform on the cloud to develop programs for new vehicles and other mobility services. Renault Group would leverage the platform to manage the virtual twins of its product configurations. Some prominent players in the global digital twin market include:
- ABB
- AVEVA Group plc
- Dassault Systemes
- General Electric
- Hexagon AB
- IBM Corporation
- SAP
Order a free sample PDF of the Digital Twin Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
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