According to Future Market Consulting, Worldwide Digital Twin Market was valued at 6.63 USD Billion in 2021 & will reach to 9.23 USD Billion in 2022. It is estimated to generate revenue of 48.56 USD Billion in 2026 & will rise sharply to 126.3 USD Billion until 2030. It is expected grow at CAGR of 39.6% from 2023 to 2030.

Digital twins are virtual replicas of any physical object, methodology, and process that can be employed to achieve predictive maintenance and lower failures over just a specified period of time. Thus, a digital twin is developed using a variety of IoT sensors that gather the actual data produced during the stage of product development and then analyze, evaluate, and upgrade itself based on operational parameters. Due to its benefits, the adoption of IoT and cloud-based solutions as well as the increased use of digital twins for predictive maintenance are important factors propelling the expansion of the digital twin market. However, the market is constrained by data security risks and a shortage of qualified workers for successfully adopting digital twins.

Automobile with Aerospace & Defense sectors are expected hold the largest market share during the projected timeframe due to the increased demand for EV’s & rising expenditure of nations on defense products owing to the Russia-Ukraine War Crisis. Aircraft Production will achieve a significant market share in forecasted period.

The manufacturing industry is adapting as a result of the growing utilization of industrial IoT and digital twin technology to build complex architecture while using AI & ML to learn from historical data. To satisfy demand for production and expedite the process, digital Twins simulate unforeseen changes in supply. Additionally, it reduces expenses, manages assets, and lessens unplanned downtime due to equipment failure, allowing businesses to increase operational effectiveness.

Key players:

• General Electric (U.S)
• IBM (U.S)
• PTC (U.S)
• Microsoft Corporation (U.S)
• Oracle Corporation (U.S)
• ANSYS (U.S)
• Siemens AG (U.S.)
• SAP SE (Germany)
• Oracle Corporation (U.S)
• Robert Bosch (Germany)
• Rescale, Inc. (U.S)
• Dassault Systems (France)
• ABB Ltd. (Switzerland)
• Honeywell International Inc. (U.S.)
• Schneider Electric (France)

Segmentation:

By Type:

• Component Twins
• Asset Twins
• System Twins
• Process Twins

By Application:

• Engineering (Systems)
• Automobile Manufacturing
• Medical & Healthcare
• Aircraft Production
• Railcar Design
• Building Construction
• Manufacturing
• Power Utilities

By Region:

• North America (U.S., Canada, and Mexico)
• Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, and the Rest of Asia Pacific)
• South America (Brazil, Argentina, and Rest of South America)
• Middle East & Africa (GCC, South Africa, and Rest of MEA)