According to our latest study on "Digital Twin Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by type, enterprise size, and end user," the digital twin market size was valued at US$ 10.30 billion in 2023 and is expected to reach US$ 140.93 billion by 2031; it is estimated to record a CAGR of 38.7% from 2023 to 2031.
The digital twin market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. The Europe digital twin market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, UK dominated the digital twin market share. The UK has the National Digital Twin Programme (NDTP), a government-led program committed to growing national capability in digital twinning technologies and processes throughout the country. This has encouraged the investment in the digital twin technologies in the country. In May 2024, Belfast Region City Deal and Innovate UK announced a ~US$ 47.5 million (GBP 37.6 million) investment in the UK Digital Twin Centre, a center of excellence that will revolutionize how industries develop products, services, and systems across the UK. Led by Digital Catapult, the Centre has been endorsed by the UK industry, launching with co-investment from three major industry partners: Thales UK, Spirit AeroSystems, and Artemis Technologies.
Germany is widely adopting digital technologies such as digital twins to build innovative models for railway networks, optimize water management, and enhance the overall infrastructure sector for sustainable development. In the country, central and local governments use digital twin technology to create virtual models for places or objects with the help of networking, intelligent control, and others. In February 2023, Germany's federal government launched the Connected Urban Twins project - part of a larger series of smart city pilot projects. The project is by Hamburg and involves Leipzig and Munich; this endeavor constructs centralized platforms for city data and digital twin development. The benefits of this project extend beyond these three cities, offering support to urban areas and municipalities in harnessing digitalization's potential to realize sustainable urban development. By 2025, Hamburg, Leipzig, and Munich will invest over ~US$ 13 million into crafting their digital twins.
Key Findings of Digital Twin Market Study:
The digital twin market is segmented into type, enterprise size, and end user. Based on type, the market is segmented into asset twins, system twins, process twins, and parts/component twins. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. Based on end user, the digital twin market is segmented into manufacturing sector, automotive sector, aerospace & defense sector, healthcare sector, retail sector, and others. By geography, the digital twin market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
Based on end user, the digital twin market is segmented into manufacturing sector, automotive sector, aerospace & defense sector, healthcare sector, retail sector, and others.. The manufacturing sector segment held the largest digital twin market share. The manufacturing industry has pioneered the use of digital twins. Digital twins have become ubiquitous in every stage of manufacturing, ranging from the design phase to the finishing stages. The complex operations of the manufacturing industry make it an ideal industry for implementing digital twins, as they can help manufacturers enhance product quality, improve efficiency, and lower costs. Moreover, with the emergence of smart manufacturing and Industry 4.0, digital twin technology has gained huge traction in the manufacturing sector. By creating a virtual replica connected to the physical asset, digital twins provide smart manufacturers the real-time insights to make quick production decisions. Using digital twins enables smart manufacturers to predict the quality of their end products.
Healthcare segment is expected to grow with the highest CAGR over the forecast period of 2024 to 2031. Digital twins in healthcare refer to the computer representations of a system, from patients to hospitals, both physical entities and processes. The technology is being increasingly used to evaluate the progress and success of processes such as organ donation and surgical training, along with procedure derisking. Digital twin systems are also developed to simulate the movement of patients through hospitals, identify potential infection hotspots, and monitor contact-related risks. Moreover, by using digital twins, healthcare professionals can enhance patient care and organizational efficiency by simulating staff's daily tasks and monitoring the real-time availability of vital resources such as ventilators and hospital beds. Thus, digital twins have the potential to bring significant transformation in healthcare and patient care.
General Electric Co, Microsoft Corp, Siemens AG, Dassault Systemes SE, PTC Inc, Robert Bosch GmbH, International Business Machines Corp, Oracle Corp, Ansys Inc, and Autodesk Inc are among the key players profiled in the digital twin market report. Several other major players were studied and analyzed during the digital twin market analysis to get a holistic view of the market and its ecosystem. The digital twin market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current digital twin market trends and their foreseeable impact during the forecast period.
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