Digital Twin Market Insights: Top Vendors, Outlook, Drivers & Forecast To 2030

Digital Twin Market: By End-User Application (Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial and Others)

Market Snapshot

The global digital twin market 2020, according to MRFR, is estimated to grow from USD 2.15 billion in 2020 to USD 63.23 billion by the end of 2030, at a substantial CAGR of 33.31% till 2030. 

Market Highlights

The economy is at its nascent stage and is expressing strong prospects for growth. It has paved its way successfully through major vertical industries such as construction, automotive, and electronics. It assists end-users in achieving quality improvement and creativity capable of inspiring more verticals to implement the technology in the years to come. During the forecast period, robust demand from the electronics and machine/machine manufacturing sector will continue to generate growth for the global digital twin industry. Digital twin technology's growth is being propelled in part by the rapid adoption of 3D printing and 3D modeling. The technology has quickly increased in developed countries across North America, Europe, and Asia. In the years ahead, the digital twin will undoubtedly find vast opportunities for deployment across major industry verticals. Digital twin technology incorporates large-data modeling to integrate physical and digital platforms. The rapid advances in sensor technology and IoT are expected to accelerate the upward trajectory of the digital twin market.

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Additionally, the increasing need for automation and digitization in the manufacturing industry further assures market participants of sales acceleration. Quite a several industries have implemented big data analytics. That has paved the way in the coming years for the adoption of the digital twin technique. Also, the increasing use of 3D printing and 3D simulation software is expected to increase the digital twin market over the assessment period.

Segmental Outlook

The research provides the global digital twin market with a comprehensive segmental overview based on end-user, application, and size.

The market has been segmented by end-user application into automotive transportation, aerospace defense, electronics electrical / machine manufacturing, retail, healthcare, electricity utilities, home company, and others. Aerospace defense section was sub-segmented into space-based surveillance and the design and manufacture of aircraft engines. Among these, the segment of electronics electrical / machine manufacturing is poised over the forecast period to account for the significant share of the global digital twin market. Its valuation has been assessed to touch USD 9416.3 million towards the end of 2025.

By type, the digital twin market has been segmented into process twin, product twin, parts twin, and system twin. The product twin is predicted to hold the most significant share of the market. Meanwhile, the system twin segment is projected to strike the fastest CAGR of 33.31% over 2025.

Regional Outlook

The global twin digital market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World, by country.

North America is the largest digital twin-technology market. The participation of the region's major players encouraged the early adoption of the technology. It has powered market growth, and the same pattern is expected to continue over the next few years. It was valued at USD 691.2 million in 2017 and has been projected to strike a CAGR of 42.77% between 2018 and 2025.

The Asia Pacific offers lucrative prospects for development and has been expected to draw investment from global leaders in the years ahead. The region's digital twin market is projected to prosper over the evaluation period at a comparatively higher CAGR of 45.19%.

Competitive Dashboard

Some of the prominent players profiled in this MRFR report are PTC Inc., General Electric, ANSYS Inc., SAP SE, Siemens AG, Cisco Systems, Inc., Oracle Corporation, Dassault Systemes SE, Microsoft Corporation, Accenture PLC, and IBM Corporation.

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Hemant Kolhe

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