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Digital Twin Market Size, Share & Trends Analysis Report by End Use (Manufacturing, Agriculture), by Solution (Component, Process, System), by Region (North America, APAC), and Segment Forecasts, 2022-2030

  • ID: 5415584
  • Report
  • March 2022
  • Region: Global
  • 110 Pages
  • Grand View Research

FEATURED COMPANIES

  • ABB
  • AVEVA Group PLC
  • Dassault Systems
  • General Electric
  • Hexagon AB
  • IBM Corporation
The global digital twin market size is projected to reach USD 155,839.4 million by 2030, registering a CAGR of 39.1% from 2022 to 2030. Digital twin technologies were primarily developed and deployed in the manufacturing, aerospace, and automotive sectors for designing and simulating component and system twins. However, the rising need for virtualization and automation as well as the emergence of technologies, such as the Internet of Things (IoT) and Artificial Intelligence(AI) has opened up new avenues for digital twin solution providers across industries, such as retail, real estate, banking and finance, and healthcare, thereby driving the market growth.



Digital twins enable enterprises to create virtual representations of their existing workflow patterns, which can be then observed and optimized to reduce operational costs. The retail and residential sectors are expected to witness increased adoption of digital twin technologies with the increasing focus on optimizing vendor-to-customer supply chains, sales forecast, and development of smart city projects. The emergence of such varied applications has increased the demand for tailor-made solutions across the end-use industries to address specific requirements, which is anticipated to fuel market growth. The COVID-19 pandemic has expedited the adoption of digital twin technology across several industries owing to social distancing norms.

As offices are on the verge of reopening, several firms are expected to adopt the technology to facilitate employee safety by creating digital twins of workplaces and modifying furniture, workplaces, sitting arrangements, among other applications. In addition, the healthcare sector has witnessed a surge in the adoption of the digital twin technology to create virtual replicas of infected patients and use them for future research. For instance, in May 2021, Dell Technologies partnered with i2b2 tranSMART Foundation to create digital twins using de-identified patient data. The digital twin is then expected to help researchers perform innumerable treatment simulations for future treatments, which may help mitigate the spread of the disease.

Digital Twin Market Report Highlights

  • In terms of end-use, the automotive sector is expected to register the fastest CAGR over the forecast period. Increasing developments in electric and connected vehicles are the prime factors driving the adoption of digital twin technology in the automotive sector
  • In terms of solutions, the system segment held the highest revenue share in 2021 due to the high deployment of digital twins in the automotive, manufacturing, and aerospace sectors to enhance existing engine models & manufacturing lines
  • Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the presence of well-established automotive and manufacturing industries and the rising proliferation of connected devices
  • Key players in the market are adopting inorganic strategies to acquire a larger market share. For instance, in April 2021, Hexagon AB acquired CADLM, a design software company based in Wissous, France
  • The acquisition was aimed at leveraging CADLM’s technology and expertise in AI to enhance Hexagon AB’s Smart Manufacturing autonomous and digital twin capabilities
  • Furthermore, manufacturers would also be able to use digital twin for image recognition, predictive simulation, and fault prediction to address issues with downtime, quality, and flexibility throughout the manufacturing process


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Frequently Asked Questions about the Global Digital Twin Market

What is the estimated value of the Global Digital Twin Market?

The Global Digital Twin Market was estimated to be valued at $11126.2 Million in 2022.

What is the growth rate of the Global Digital Twin Market?

The growth rate of the Global Digital Twin Market is 39.1%, with an estimated value of $155839.4 Million by 2030.

What is the forecasted size of the Global Digital Twin Market?

The Global Digital Twin Market is estimated to be worth $155839.4 Million by 2030.

Who are the key companies in the Global Digital Twin Market?

Key companies in the Global Digital Twin Market include ABB, AVEVA Group PLC, Dassault Systems, General Electric, Hexagon AB, IBM Corporation, Microsoft Corporation, PTC and Siemens AG.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ABB
  • AVEVA Group PLC
  • Dassault Systems
  • General Electric
  • Hexagon AB
  • IBM Corporation

Chapter 1. Methodology and Scope
1.1. Methodology Segmentation & Scope
1.2. Information procurement
1.2.1. Purchased database
1.2.2. internal database
1.2.3. Secondary sources & third-party perspectives
1.2.4. Primary research
1.3. Information analysis
1.3.1. Data analysis models
1.4. Market formulation & data visualization
1.5. Data validation & publishing
Chapter 2. Executive Summary
2.1. Digital Twin Market-Industry Snapshot & Key Buying Criteria, 2018-2030
Chapter 3. Digital Twin Market Variables, Trends & Scope
3.1. Market Size and Growth Prospects, 2018-2030
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Penetration & Growth Prospect Mapping (Key Opportunities Prioritized)
3.5. Business Environment Analysis Tools
3.5.1. Industry Analysis-Porter's Five Forces Analysis
3.5.2. PEST Analysis
3.6. COVID-19 Impact Analysis
Chapter 4. Digital Twin Market Product Outlook
4.1. Digital Twin Market Share by Product, 2021 & 2030 (USD Million)
4.2. Manufacturing
4.2.1. Market Size Estimates and Forecasts, 2018-2030 (USD Million)
4.2.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.3. Agriculture
4.3.1. Market estimates and forecast, 2018-2030 (USD Million)
4.3.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.4. Automotive & Transport
4.4.1. Market estimates and forecast, 2018-2030 (USD Million)
4.4.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.5. Energy & Utilities
4.5.1. Market Size Estimates and Forecasts, 2018-2030 (USD Million)
4.5.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.6. Healthcare & Lifesciences
4.6.1. Market estimates and forecast, 2018-2030 (USD Million)
4.6.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.7. Residential & Commercial
4.7.1. Market estimates and forecast, 2018-2030 (USD Million)
4.7.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.8. Retail & Consumer Goods
4.8.1. Market estimates and forecast, 2018-2030 (USD Million)
4.8.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.9. Aerospace
4.9.1. Market estimates and forecast, 2018-2030 (USD Million)
4.9.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.10. Telecommunication
4.10.1. Market estimates and forecast, 2018-2030 (USD Million)
4.10.2. Market estimates and forecast by region, 2018-2030 (USD Million)
4.11. Others
4.11.1. Market estimates and forecast, 2018-2030 (USD Million)
4.11.2. Market estimates and forecast by region, 2018-2030 (USD Million)
Chapter 5. Digital Twin Market Solution Outlook
5.1. Digital Twin Market Share by Solution, 2021 & 2030 (USD Million)
5.2. Component
5.2.1. Market Size Estimates and Forecasts, 2018-2030 (USD Million)
5.2.2. Market estimates and forecast by region, 2018-2030 (USD Million)
5.3. System
5.3.1. Market estimates and forecast, 2018-2030 (USD Million)
5.3.2. Market estimates and forecast by region, 2018-2030 (USD Million)
5.4. Process
5.4.1. Market estimates and forecast, 2018-2030 (USD Million)
5.4.2. Market estimates and forecast by region, 2018-2030 (USD Million)
Chapter 6. Digital Twin Market: Regional Outlook
6.1. Digital Twin Market Share by Region, 2021 & 2030 (USD Million)
6.2. North America
6.2.1. Market estimates and forecast, 2018-2030 (USD Million)
6.2.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.2.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.2.4. U.S.
6.2.4.1. Market estimates and forecast, 2018-2030 (USD Million)
6.2.4.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.2.4.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.2.5. Canada
6.2.5.1. Market estimates and forecast, 2018-2030 (USD Million)
6.2.5.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.2.5.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.3. Europe
6.3.1. Market estimates and forecast, 2018-2030 (USD Million)
6.3.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.3.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.3.4. U.K.
6.3.4.1. Market estimates and forecast, 2018-2030 (USD Million)
6.3.4.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.3.4.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.3.5. Germany
6.3.5.1. Market estimates and forecast, 2018-2030 (USD Million)
6.3.5.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.3.5.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.3.6. France
6.3.6.1. Market estimates and forecast, 2018-2030 (USD Million)
6.3.6.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.3.6.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.3.7. Rest of Europe
6.3.7.1. Market estimates and forecast, 2018-2030 (USD Million)
6.3.7.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.3.7.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.4. Asia Pacific
6.4.1. Market estimates and forecast, 2018-2030 (USD Million)
6.4.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.4.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.4.4. China
6.4.4.1. Market estimates and forecast, 2018-2030 (USD Million)
6.4.4.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.4.4.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.4.5. India
6.4.5.1. Market estimates and forecast, 2018-2030 (USD Million)
6.4.5.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.4.5.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.4.6. Japan
6.4.6.1. Market estimates and forecast, 2018-2030 (USD Million)
6.4.6.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.4.6.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.4.7. Rest of Asia Pacific
6.4.7.1. Market estimates and forecast, 2018-2030 (USD Million)
6.4.7.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.4.7.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.5. Latin America
6.5.1. Market estimates and forecast, 2018-2030 (USD Million)
6.5.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.5.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.5.4. Brazil
6.5.4.1. Market estimates and forecast, 2018-2030 (USD Million)
6.5.4.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.5.4.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.5.5. Mexico
6.5.5.1. Market estimates and forecast, 2018-2030 (USD Million)
6.5.5.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.5.5.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.5.6. Rest of Latin America
6.5.6.1. Market estimates and forecast, 2018-2030 (USD Million)
6.5.6.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.5.6.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
6.6. Middle East & Africa
6.6.1. Market estimates and forecast, 2018-2030 (USD Million)
6.6.2. Market estimates and forecast by end-use, 2018-2030 (USD Million)
6.6.3. Market estimates and forecast by solution, 2018-2030 (USD Million)
Chapter 7. Competitive Landscape
7.1. ABB
7.1.1. Company overview
7.1.2. Financial performance
7.1.3. Product benchmarking
7.1.4. Recent developments
7.2. AVEVA Group PLC
7.2.1. Company overview
7.2.2. Financial performance
7.2.3. Product benchmarking
7.2.4. Recent developments
7.3. Dassault Systems
7.3.1. Company overview
7.3.2. Financial performance
7.3.3. Product benchmarking
7.3.4. Recent developments
7.4. General Electric
7.4.1. Company overview
7.4.2. Financial performance
7.4.3. Product benchmarking
7.4.4. Recent developments
7.5. Hexagon AB
7.5.1. Company overview
7.5.2. Financial performance
7.5.3. Product benchmarking
7.5.4. Recent developments
7.6. IBM Corporation
7.6.1. Company overview
7.6.2. Financial performance
7.6.3. Product benchmarking
7.6.4. Recent developments
7.7. Microsoft Corporation
7.7.1. Company overview
7.7.2. Financial performance
7.7.3. Product benchmarking
7.7.4. Recent developmentsDaiichi J
7.8. PTC
7.8.1. Company overview
7.8.2. Financial performance
7.8.3. Product benchmarking
7.8.4. Recent developments
7.9. SAP
7.9.1. Company overview
7.9.2. Financial performance
7.9.3. Product benchmarking
7.9.4. Recent developments
7.10. Siemens AG
7.10.1. Company overview
7.10.2. Financial performance
7.10.3. Product benchmarking
7.10.4. Recent developments
List of Tables
1. Digital twin market, 2018-2030 (USD Million)
2. Global digital twin market, by region, 2018-2030 (USD Million)
3. Global digital twin market, by end-use, 2018-2030 (USD Million)
4. Global digital twin market, by solution, 2018-2030 (USD Million)
5. Manufacturing market, 2018-2030 (USD Million)
6. Manufacturing market, by region, 2018-2030 (USD Million)
7. Agriculture market, 2018-2030 (USD Million)
8. Agriculture market, by region, 2018-2030 (USD Million)
9. Automotive & Transport market, 2018-2030 (USD Million)
10. Automotive & Transport market, by region, 2018-2030 (USD Million)
11. Energy & Utilities market, 2018-2030 (USD Million)
12. Energy & Utilities market, by region, 2018-2030 (USD Million)
13. Healthcare & Life Sciences market, 2018-2030 (USD Million)
14. Healthcare & Life Sciences market, by region, 2018-2030 (USD Million)
15. Residential & Commercial market, 2018-2030 (USD Million)
16. Residential & Commercial market, by region, 2018-2030 (USD Million)
17. Retail & Consumer Goods market, 2018-2030 (USD Million)
18. Retail & Consumer Goods market, by region, 2018-2030 (USD Million)
19. Retail & Consumer Goods market, 2018-2030 (USD Million)
20. Aerospace market, by region, 2018-2030 (USD Million)
21. Telecommunication market, 2018-2030 (USD Million)
22. Telecommunication market, by region, 2018-2030 (USD Million)
23. Others market, 2018-2030 (USD Million)
24. Others market, by region, 2018-2030 (USD Million)
25. Component market, 2018-2030 (USD Million)
26. Component market, by region, 2018-2030 (USD Million)
27. Process market, 2018-2030 (USD Million)
28. Process market, by region, 2018-2030 (USD Million)
29. System market, 2018-2030 (USD Million)
30. System market, by region, 2018-2030 (USD Million)
31. North America digital twin market, 2018-2030 (USD Million)
32. North America digital twin market, by end-use, 2018-2030 (USD Million)
33. North America digital twin market, by solution, 2018-2030 (USD Million)
34. U.S. Digital twin market, 2018-2030 (USD Million)
35. U.S. digital twin market, by end-use, 2018-2030 (USD Million)
36. U.S. digital twin market, by solution, 2018-2030 (USD Million)
37. Canada digital twin market, 2018-2030 (USD Million)
38. Canada digital twin market, by end-use, 2018-2030 (USD Million)
39. Canada digital twin market, by solution, 2018-2030 (USD Million)
40. Europe digital twin market, 2018-2030 (USD Million)
41. Europe digital twin market, by end-use, 2018-2030 (USD Million)
42. Europe digital twin market, by solution, 2018-2030 (USD Million)
43. U.K. digital twin market, 2018-2030 (USD Million)
44. U.K. digital twin market, by end-use, 2018-2030 (USD Million)
45. U.K. digital twin market, by solution, 2018-2030 (USD Million)
46. Germany digital twin market, 2018-2030 (USD Million)
47. Germany digital twin market, by end-use, 2018-2030 (USD Million)
48. Germany digital twin market, by solution, 2018-2030 (USD Million)
49. France digital twin market, 2018-2030 (USD Million)
50. France digital twin market, by end-use, 2018-2030 (USD Million)
51. France digital twin market, by solution, 2018-2030 (USD Million)
52. Rest of Europe digital twin market, 2018-2030 (USD Million)
53. Rest of Europe digital twin market, by end-use, 2018-2030 (USD Million)
54. Rest of Europe digital twin market, by solution, 2018-2030 (USD Million)
55. Asia Pacific digital twin market, 2018-2030 (USD Million)
56. Asia Pacific digital twin market, by end-use, 2018-2030 (USD Million)
57. Asia Pacific digital twin market, by solution, 2018-2030 (USD Million)
58. China Digital twin market, 2018-2030 (USD Million)
59. China digital twin market, by end-use, 2018-2030 (USD Million)
60. China digital twin market, by solution, 2018-2030 (USD Million)
61. India digital twin market, 2018-2030 (USD Million)
62. India digital twin market, by end-use, 2018-2030 (USD Million)
63. India digital twin market, by solution, 2018-2030 (USD Million)
64. Japan digital twin market, 2018-2030 (USD Million)
65. Japan digital twin market, by end-use, 2018-2030 (USD Million)
66. Japan digital twin market, by solution, 2018-2030 (USD Million)
67. Rest of Asia Pacific digital twin market, 2018-2030 (USD Million)
68. Rest of Asia Pacific digital twin market, by end-use, 2018-2030 (USD Million)
69. Rest of Asia Pacific digital twin market, by solution, 2018-2030 (USD Million)
70. Latin America digital twin market, 2018-2030 (USD Million
71. Latin America digital twin market, by end-use, 2018-2030 (USD Million)
72. Latin America digital twin market, by solution, 2018-2030 (USD Million)
73. Brazil digital twin market, 2018-2030 (USD Million)
74. Brazil digital twin market, by end-use, 2018-2030 (USD Million)
75. Brazil digital twin market, by solution, 2018-2030 (USD Million)
76. Mexico digital twin market, 2018-2030 (USD Million)
77. Mexico digital twin market, by end-use, 2018-2030 (USD Million)
78. Mexico digital twin market, by solution, 2018-2030 (USD Million)
79. Rest of Latin America digital twin market, 2018-2030 (USD Million)
80. Rest of Latin America digital twin market, by end-use, 2018-2030 (USD Million)
81. Rest of Latin America digital twin market, by solution, 2018-2030 (USD Million)
82. Middle East & Africa digital twin market, 2018-2030 (USD Million)
83. Middle East & Africa digital twin market, by end-use, 2018-2030 (USD Million)
84. Middle East & Africa digital twin market, by solution, 2018-2030 (USD Million)
List of Figures
1. Market segmentation & scope
2. Information procurement
3. Primary research pattern
4. Primary research process
5. Market formulation and data visualization
6. Industry Snapshot
7. Industry value chain analysis
8. Industry Analysis-Porter’s
9. PEST Analysis
10. Digital twin market, by end-use, key takeaways (USD Million)
11. Digital twin market, by solution, key takeaways (USD Million)
12. Regional market size estimates & forecasts, 2018–2030 (USD Million)
13. North America digital twin market outlook and market share by country, 2021 & 2030 (USD Million)
14. Europe digital twin market outlook and market share by country, 2021 & 2030 (USD Million)
15. Asia Pacific digital twin market outlook and market share by country, 2021 & 2030 (USD Million)
16. Latin America digital twin market outlook and market share by country, 2021 & 2030 (USD Million)
17. Middle East & Africa digital twin market outlook and market share by country, 2021 & 2030 (USD Million)
Note: Product cover images may vary from those shown
  • ABB
  • AVEVA Group PLC
  • Dassault Systems
  • General Electric
  • Hexagon AB
  • IBM Corporation
  • Microsoft Corporation
  • PTC
  • SAP
  • Siemens AG
Note: Product cover images may vary from those shown

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