Digital Twin Market By Application (Product Design, Manufacturing Process Planning, and Others), By Vertical (Natural Resources, Manufacturing, Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others (Automotive and Oil and Gas)), and By Region - Trends, Analysis and Forecast till 2030

Digital Twin Market size accounted for USD 3.1 Billion in 2020 and is estimated to be USD 260.77 Billion by 2030 and is anticipated to register a CAGR of 56.3%.

A digital twin is a virtual representation of an object or system that spans its lifecycle, updated from real-time data, and uses simulation, machine learning, and logic to aid decision-making. Generally speaking, there are types of digital twins – manufacturing, production and performance as the three digital twins evolve together and their combination and integration is known as a digital thread. The digital twin is an important component of the Industrial Internet of Things as it enables automated vehicle control and monitoring of industrial assets and processes such as product development, design and production planning, investment performance management, business and operation optimization and others.

Digital twins are being used in countless ways and are changing multiple operations. From manufacturing to healthcare, facility management to product design, the digital twin concept consists of three distinct parts: the physical product, the digital/virtual product, and the connection between the two products. The integration of digital twin technology with technologies such as IoT, machine learning and cloud computing is expected to further boost the market growth.

Increasing Adoption of digital twin technology & Lack of skilled labor

A digital twin is a digital representation of inanimate and animate physical objects such as objects, people, processes, etc. It is used to monitor operations and gain insight into critical processes. Due to these advantages, the demand for digital twins from end-use industries has increased, which is a major driving factor for the market growth during the forecast period.  Increasing Adoption of digital twin technology by scientists and healthcare professionals to create innovative platforms that can improve care delivery through effective patient monitoring is expected to drive market growth in the coming years. Lack of skilled labor is a major constraint to the growth of the digital twin market Lack of skilled manpower requires huge initial investment for installation along with high maintenance cost required and this factor is limiting the growth of digital twin market size during the forecast years.

Technological advancement

The integration of digital twin technology with technologies such as IoT, artificial intelligence (AI) and cloud computing is expected to fuel the market growth. Organizations are deploying IIoT and AI technologies to collect and analyze behavioral data from existing IoT devices and connected products, which can then be applied to digital twin models to replicate existing device performance and usage. This digital technologies increasingly being implemented in different areas of business, these digital technologies are increasingly being applied in various areas of business. The creation of a digital twin involves the virtualization of a physical twin using a variety of IOT sensors and the benefits of using the digital twin technology are well known even though it is still in its infancy. As further research is developed, the system may soon play an important role in many current robotics systems.

On the basis of application, the Global Digital Twin Market is segmented into Product Design, Manufacturing Process Planning, and Others On the basis of Vertical, the target market is classified into Natural Resources, Manufacturing, Healthcare, Consumer Goods, Transportation, Government and Utilities, and Others (Automotive and Oil and Gas). The automotive and transportation industries were the largest digital twin markets in 2021 and are expected to grow by 2030. This dominance in the overall market is mainly due to the widespread use of digital twin technology in automotive and transport vehicles. The automotive and transportation segment is divided into fleet management, vehicle designing and simulation. The increasing adoption of electric vehicles worldwide is likely to increase adoption of the technology in vehicle design.

Regional Insights:

On region the Global Digital Twin Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is one of the growing markets for software technology. It includes various industries that are expected to flourish in the coming years. The region is witnessing rapid growth in all areas of technology. With technological improvements in various industries and business operations, digital twin technologies are increasingly being implemented in businesses across the region.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the Global Digital Twin Market report based on application, vertical and region:

Global Digital Twin Market, By Application:

• Product Design
•  Manufacturing Process Planning
• Others

Global Digital Twin Market, By Vertical:

• Natural Resources
• Manufacturing
•  Healthcare
• Consumer Goods
•  Transportation
•  Government and Utilities
•  Others (Automotive and Oil and Gas)

Global Digital Twin Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the Global Digital Twin Market includes General Electric Company, PTC, Inc., Siemens AG, SAP SE, Alphabet Inc., Dell Inc., Cisco Systems, Inc., Robert Bosch GmbH, Microsoft Corporation, International Business Machines Corporation, and ANSYS, Inc. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance in August 2022, Wafer Systems and Microsoft launch new modern workplace solutions, the two companies will launch an AIoT-based smart building digital twin solution built on Wafer Systems' Artificial Intelligence of Things (AIoT) platform – called Virsical – and Microsoft Azure. It integrates building space management systems with various hardware to analyze workplace data, including employee behavior, terminal equipment, and space conditions.

• Electric Company
• PTC, Inc.
• Siemens AG
• SAP SE
• Alphabet Inc.
• Dell Inc.
• Cisco Systems, Inc.
• Robert Bosch GmbH
• Microsoft Corporation
• International Business Machines Corporation
•  ANSYS, Inc.