Digital Twin Market Size to Surpass USD 137.67 Billion by 2030, exhibiting a CAGR of 42.6%
As per the report by Fortune Business Insights, the global digital twin market size is projected to reach USD 137.67 billion in 2030, at a CAGR of 42.6% during the forecast period, 2023-2030
Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global digital twin market size was valued at USD 8.60 billion in 2022 and is projected to grow from USD 11.51 billion in 2023 to USD 137.67 billion by 2030, exhibiting a CAGR of 42.6% during the forecast period. The surge can be used for the adoption of various technologies for the creation of a digital representation and the provision of significant insights on the collected information. Fortune Business Insights presents this information in their report titled “Global Digital Twin Market Forecast, 2023-2030.”
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Key Industry Development:
February 2023 – Quest Global entered a partnership with Nvidia Omniverse Enterprise platform for the delivery of 3D visualization, design collaboration, simulation, and next-gen digital twin solutions for the automotive and manufacturing industries to optimize the operational efficiency.
Key Takeaways
- Digital twin market size in North America was USD 2.94 billion in 2022
- Rise in Product Demand Amid Growing Investments in IT Projects
- Predictive Maintenance Segment to Gain Prominence Considering Rising Demand
- Automotive & Transportation Segment to Gain Traction Owing to Increasing Adoption of 3D Printing Software
Discover the Leading Players Featured in the Report:
“Companies leading the global digital twin market are General Electric (U.S.), Microsoft Corporation (U.S.), Hitachi Ltd. (Japan), Dassault Systemes SE (France), Autodesk Inc. (U.S.), SAP SE (Germany), Siemens AG (Germany), ANSYS Inc. (U.S.), PTC Inc. (U.S.), IBM Corporation (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 42.6% |
| 2030 Value Projection | USD 137.67 Billion |
| Base Year | 2022 |
| Digital Twin Market Size in 2022 | USD 8.60 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Type, Application, End-user and Geography |
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Drivers and Restraints:
Market Value to Surge Owing to Growing Adoption of 3D Printing and 3D Simulation Software
One of the key players propelling digital twin market growth include an upsurge in the deployment of 3D printing and 3D simulation software. The twins are useful in predicting the possibility and place of distortions, enabling their effective repairing on the 3D model.
However, the industry expansion is likely to be hampered by the escalating demand for twin solutions based on cloud, artificial intelligence, Big Data, and IoT.
Segmentation
By Type
- Parts Twin
- Product Twin
- Process Twin
- System Twin
By Application
- Predictive Maintenance
- Product Design & Development
- Business Optimization
- Others (Inventory Management)
By End-user
- Aerospace & Defense
- Automotive & Transportation
- Manufacturing
- Healthcare
- Retail
- Energy & Utilities
- Real Estate
- IT and Telecom
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Lead Driven by Growing Product Demand Across Various Industries
North America digital twin market share is estimated to register lucrative growth throughout the forecast period. The surge can be attributed to the presence of key providers in the region and an increase in partnerships and merger agreements.
The Asia Pacific market is slated to record commendable expansion over the study period. The rise is driven by the presence of various industries such as energy & utility, manufacturing, automotive & transportation, and others.
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Competitive Landscape:
Leading Companies Ink Partnerships to Strengthen Industry Landscape
Major players are adopting and implementing a range of strategic initiatives for strengthening their positions in the industry. Some of these steps comprise merger agreements, acquisitions, and the launch of new solutions. Additional initiatives include a rise in research activities and growing participation in trade conferences.
FAQs
How big is the digital twin market?
The digital twin market size was USD 8.60 billion in 2022. It is expected to reach USD 137.67 billion by 2030.
How fast is the digital twin market growing?
The digital twin market will exhibit a CAGR of 42.6% during the forecast period, 2023-2030.
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