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Digital Twin Market Size, Share & COVID-19 Impact Analysis, By Type (Parts Twin, Product Twin, Process Twin, and System Twin), By Application (Predictive Maintenance, Business Optimization, Product Design & Development, and Others), By End-user (Aerospace & Defense, Automotive & Transportation, Manufacturing, Healthcare, Retail, Energy & Utilities, Real Estate, IT and Telecom, and Others), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI106246

 

KEY MARKET INSIGHTS

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The 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.


Digital twin includes four core technologies: the Internet of Things (IoT), artificial intelligence, Extended Reality (XR), and cloud. These technologies are used for the creation of a digital representation, collection, and storage of real-time data, and the provision of important insights based on the gathered information.


The solutions considered in the scope include 3DEXPERIENCE Cloud Platform, Azure Digital Twins, GE Digital’s ADMS, and Ansys Twin Builder.


COVID-19 IMPACT


Rising Investment in IT Projects Augmented Product Demand amid Pandemic


Considering various preliminary indicators from the post-COVID-19 era, a decline was witnessed in the overall demand for digital solutions across various industries. In addition, owing to the pandemic, various business strategies, projected investments, and others were on hold considering the lack of operability. However, during the first quarter of 2021, key players in the market adopted various strategies to restructure their business model and expand their commercial globally. For instance,



  • In May 2021: Microsoft Corporation has collaborated with Aera Technology, an automation company that provides digital technology solutions to customers around the world. The partnership will bring together Microsoft Azure's twin technologies and Aera's cognitive operating system to develop virtual representations of physical entities in automated processes.


In the short term, this market witnessed a drop in growth in 2020. Post-pandemic, the increasing application of the technology is likely to boost the digital twin market growth.


LATEST TRENDS


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Adoption of Product Twin across Healthcare & Life Science Sectors to be an Emerging Trend


The integration of dual solutions in the fields of healthcare and life sciences is seen as one of the emerging trends. These solutions are rapidly being used across the pharmaceutical industry to project process completion, resulting in fewer physical and real-world tests or process closures. These factors support medical users in the development and certification of drug applicants. The Swedish Digital Twin Consortium stated that product twin solutions are in the developing phase and could be used for personalized healthcare treatment, which helps to develop secure network models and then match those twins analytically.


With the rise in awareness of digital solutions, companies are engaged in launching new digital life science R&D models. For instance, Hewlett Packard Enterprise collaborated with the Ecole Polytechnique Federale de Lausannes (EPFL) and use their supercomputers to create digital models of the brain for research. Therefore, increasing development in the industry and increasing demand for advanced technology will increase the market share of digital twins.


DRIVING FACTORS


Increasing Adoption of 3D Simulation and 3D Printing Software to Fuel Market Growth


3D printing is rapidly evolving, and a rising number of materials are now 3D printable. Some materials may distort throughout the 3D printing process, necessitating a lengthy trial and error period. As a result, the cost of printing parts increases, as does the time it takes to print them. Twins can be used to imitate the 3D printing production process. The twins can predict whether and where distortions may arise, allowing them to be repaired on the 3D model. As a result, a new model is created that is fully optimized to adjust for the differences. For instance,



  • In May 2021, the U.S. Army Aviation and Missile Command collaborated with a Wichita State University team to integrate twin technology into its helicopter fleet Black Hawk. Using the technology, 3D scanning technologies will create a virtual model of the UH-60L Black Hawk. The National Institute for Aviation Research is also a part of the collaboration (NIAR).


Thus, the increasing demand for 3D simulation is expected to boost the market growth.


RESTRAINING FACTORS


Concerns of Privacy and Security to Impede the Adoption of Twin Solutions


The demand for twin solutions based on technologies, such as the Internet of Things (IoT), Big Data, cloud, and artificial intelligence, is becoming more common in industries. For developing the physical twin, the solution involves the integration of multiple IoT sensors and other digital technologies. With the increasing number of IoT sensors and programmable electronic devices, there is an augmented risk of security, compliance, and data protection, as well as legislation.


There might be a high prospect of some anonymous individual or a hacker effortlessly stealing the information of mechanisms owing to a lack of privacy-related rules. Increasing concerns about privacy and security are predicted to affect the demand across healthcare, government, and critical infrastructure sectors. This is likely to hamper the digital twin market share.


SEGMENTATION


By Type Analysis


Adoption of Product Twin across Healthcare to Boost Segment Growth


Based on type, this market has been divided into parts twin, process twin, product twin, and system twin. Amongst these, the product twin is predicted to capture the major share during the forecast period. Due to the growing demand for electronic manufacturing and IoT sensors across the healthcare industry, massive growth has been observed in integrating digital twins.


For Instance, as per the IoT World Today Report, virtual twins are widely used across the medical industry to develop advanced product twin applications. In healthcare, technology is beginning to help doctors better understand their patients' ailments, such as the impact of the coronavirus on their lungs.  


By Application Analysis


Increasing Demand for Predictive Maintenance to Maintain the Production Lines to Propel the Market Growth


Based on application, this market is segmented into predictive maintenance, business optimization, product design & development, and others.


Rising usage of predictive maintenance helps focus on proactive methods used for production, which helps reduce the cost and boost the machine uptime, significantly improving the production line's performance.


By End-user Analysis


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Adoption of 3D Simulation and 3D Printing Software Across Automotive & Transportation to Boost Growth   


Based on end-user, this market is categorized into real estate, aerospace & defense, manufacturing, automotive & transportation, healthcare, retail, energy & utilities, IT and telecom, and others.


Among end-users, automotive & transportation is expected to hold the major part during the anticipated period. The adoption of 3D printing software and 3D simulation across applications such as vehicle designing & simulation and fleet management is likely to surge the demand.


Similarly, aerospace & defense, retail, healthcare, energy & utilities, IT and telecom, and others are expected to rise with a significant growth rate. The growth is owing to the rising adoption of automation technologies such as Robotic Process Automation (RPA), Industry 4.0, and others. The adoption of these technologies would create opportunities for key players to develop customized solutions to cater to end-users.


REGIONAL INSIGHTS


North America Digital Twin Market Size, 2022 (USD Billion)

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The global market scope is classified across five regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.


The North America Digital Twin Market size was valued at USD 2.94 Billion in 2022 and is growing at a CAGR of 40.3% from 2023 to 2030. North America dominated the global market with a share of 34.18% in 2022. End-users in healthcare, real estate, and other industries in the US are investing in the adoption of part twins and product twins, which is expected to boost the growth of this market. In countries such as the United States and Canada, large vendors such as IBM Corporation, Cisco Systems, Inc., Microsoft Corporation, and Oracle Corporation have a strong presence. Market participants are engaging in mergers and partnerships with technology providers to enhance their product offerings and expand their customer base. For instance,



  • In June 2020: Siemens AG and IBM Corporation expanded their long-term partnership and announced the availability of an advanced solution that combines elements of IBM Maximo portfolio and Siemens’ Xcelerator. The solution is used to enhance the Service Lifecycle Management (SLM) assets by developing a digital thread between equipment manufacturers, product designers, and project owners to increase production capacity.


The Asia Pacific region is expected to grow with the maximum CAGR during the forecast period. End-users across manufacturing processes in China, India, Japan, South Korea, and others are increasing their venture investment to adopt twin technologies. Similarly, the presence of a huge number of industries, such as automotive & transportation, manufacturing, energy & utility, among other sectors in the region, is likely to contribute to the market expansion. China is the leading country in adopting technology.


Europe is expected to showcase significant gains during the forecast period. The growing demand for advanced industrial technologies across European countries is likely to surge the demand for virtual twin technology. The automotive and transportation industry in the region is significantly implementing the technology across the processes. For instance, in July 2021, Robert Bosch and car manufacturing company Volkswagen are using a virtual twin model to enhance self-driving car performance. 


The South American market is in the emerging phase, owing to growing investment done by local governments and global key players in the energy & utility sectors. Key players in the market are aiming to escalate their terrestrial presence across Caribbean nations by offering twin types enabled with innovative technologies.


The market in the Middle East & Africa is in the developing phase owing to an increasing number of start-ups and domestic players such as Vervelogic, XPLOR, and others. These companies are investing in the advancement of twin types based on cloud services.


KEY INDUSTRY PLAYERS


Key Players Developing Digital Twin Platform to Strengthen Their Positions


SAP SE, Siemens AG, ANSYS, Inc., Hitachi Ltd., Microsoft Corporation, and others are the prominent players in the market. The increasing share of these companies is accounted for through the constant expansion in virtual twins based on cutting-edge technologies such as artificial intelligence (AI), IoT smart devices, cloud, and others. Market players are concentrated on completing various business approaches to advance twin types.


List of the Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • March 2022 – NVIDIA Corporation launched a platform consisting of an artificial intelligence framework for a virtual twin to solve scientific and engineering problems using machine-learning models. The twin platform offers fast operation and quick results. It helps research works such as analyzing extreme weather events with higher accuracy.

  • March 2022 – L & T Technology Services Limited in collaboration with Microsoft and Bentley System rolled out a next-generation IoT-based engineering practice based on digital twins for the industrial and manufacturing sectors.

  • April 2021 – Dassault Systemes renewed its partnership with Bouygues Construction, a construction company headquartered in Paris, France. Through this partnership, the company aims to power the construction industry by using the 3DExperience platform to increase productivity and provide an enhanced construction experience by simplifying the value chain process.

  • April 2021: Autodesk Inc. launched Autodesk Tandem, a virtual twin tool, to streamline the flow of real-time data between architectural, engineering, and contracting (AEC) teams and project owners to create a twin technology model.

  • March 2021 – ANSYS, Inc. collaborated with ENGIE, a supplier of energy-efficient services located in France. In this collaboration, Ansys twin technology is used by Engie Lab Green to develop a high fidelity platform to deliver 3D Computational Fluid Dynamics (CFD) results in real-time.


REPORT COVERAGE


An Infographic Representation of Digital Twin Market

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The report highlights leading regions across the world to offer a better understanding to the user. Furthermore, it provides insights into the latest industry, market trends, and competitive landscape and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION


























































ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 42.6% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type, By Application, End-user, and Geography



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

    • Aircraft Engine Design and Production

    • Space-Based Monitoring



  • Automotive & Transportation

    • Fleet Management

    • Vehicle Designing & Simulation



  • Manufacturing

  • Healthcare

    • Medical Device Simulation

    • Patient Monitoring



  • Retail

  • Energy & Utilities

    • Wind & Gas Turbines

    • Power Infrastructure



  • Real Estate

  • IT and Telecom

  • Others



By Region




  • North America (By Type, By Application, By End-user, and By Country)





    • U.S. (By End-user)

    • Canada (By End-user)

    • Mexico (By End-user)





  • Europe (By Type, By Application, By End-user, and By Country)





    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Spain (By End-user)

    • Russia (By End-user)

    • Benelux (By End-user)

    • Nordics (By End-user)

    • Rest of Europe





  • Asia Pacific (By Type, By Application, By End-user, and By Country)




    • China (By End-user)

    • Japan (By End-user)

    • India (By End-user)

    • South Korea (By End-user)

    • ASEAN (By End-user)

    • Oceania (By End-user)

    • Rest of Asia Pacific




  • Middle East & Africa (By Type, By Application, By End-user, and By Country)





    • Turkey (By End-user)

    • Israel (By End-user)

    • GCC (By End-user)

    • North Africa (By End-user)

    • South Africa (By End-user)

    • Rest of Middle East & Africa





  • South America (By Type, By Application, By End-user, and By Country)





    • Brazil (By End-user)

    • Argentina (By End-user)

    • Rest of South America





Frequently Asked Questions

The market is projected to reach USD 137.67 billion by 2030.

In 2022, the market size stood at USD 8.60 billion.

The manufacturing segment is likely to lead the market.

Increasing adoption of 3D simulation and 3D printing software will drive market growth.

General Electric, Microsoft Corporation, Hitachi Ltd., LLC, Dassault Systemes SE, Autodesk Inc., SAP SE, and Siemens AG are the top players in the market.

Asia Pacific is expected to hold the highest market share.

Asia Pacific is expected to grow with a remarkable CAGR over the forecast period.

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