Global Digital Twin Market Outlook 2031

The global digital twin market is anticipated to grow with a CAGR of 44.2% over the forecast period, i.e., 2022-2031. Factors such as rise in demand for digital twin in healthcare and pharmaceutical sector, followed by transition towards digitalization are projected to drive the growth of market in the coming years. Additionally, rise in adoption of industry 4.0 to save energy, and increasing focus on partnership and product launch are also expected to boost the market trend. The market is estimated to garner a revenue of more than USD 284,500 Million by the end of 2031, up from a revenue of near to USD 7870 Million.

The global digital twin market is segmented into numerous segment, which includes segmentation by type, technology, function, deployment, component, end-user, and by region. By technology, the market is segmented into augmented reality & virtual reality, IoT & IIoT, artificial intelligence & machine learning, big data analytics, and others. By the end of 2031, the IoT & IIoT segment is anticipated to garner the largest revenue of close to USD 79740 Million, up from a revenue of about USD 1,440 Million in 2021.

On the basis of region, the global digital twin market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in the Asia Pacific is anticipated to garner the largest revenue of more than USD 88,480 Million by the end of 2031. Moreover, in the year 2021, the market in the Asia Pacific region generated a revenue of over USD 1,760 Million.

Some of the prominent industry leaders in the global digital twin market that are included in our report are Accenture plc, IBM Corporation, Atos SE, General Electric, Microsoft Corporation, DXC Technology Company, Infosys Limited, SAP SE, SAS Institute Inc., Gemini Digital Technologies, Tata Consultancy Services Limited, ANSYS Inc., Toshiba Digital Solutions Corporation, Matterport, Inc., Oracle Corporation, Honeywell International Inc., and Dassault Systemes S.A.