Digital Twin Market Size, Share & Trends Analysis Report By Type (System Digital Twin, Product Digital Twin, Process Digital Twin), by Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Others), By Region, And Segment Forecasts, 2023-2031

Report ID : 1598 | Published : 2023-03-10 | Pages: 180 | Format: PDF/EXCEL

The Global Digital Twin Market Size is valued at 9.10 billion in 2022 and is predicted to reach 195.96 billion by the year 2031 at a 40.76% CAGR during the forecast period for 2023-2031.

A digital twin is a virtual reproduction of a tangible asset, operation, or process that can ensure process and decrease outages beyond predetermined timeframes to thrive in cutthroat marketplaces. Digital twin models can now include information gathered from real-time asset monitoring technology like LiDAR (light detection and ranging) and FLIR (forward-looking infrared). As a result, in recent years, the CAGR of the global digital twin market progress has increased due to such medical conditions. The expansion results from the increased use of robotic technology like industry 4.0, robotic process automation (RPA), and others. Key companies would have the chance to provide specialized solutions to meet the needs of end customers as a result of the introduction of these technologies.

Digital Twin Market

Furthermore, one of the most recent digital twin market trends is the use of twin solutions throughout the healthcare and life science industries. There are fewer physical and real-world testing or process completions since these solutions are being used more frequently by the pharmaceutical industry to estimate the end of procedures.

Additionally, these elements help healthcare professionals develop and authenticate drug candidates. IoT and cloud computing usage are growing, raising the risk of attacks and privacy and data security concerns. Privacy risks are increased when asset data must be stored online for digital twins developed on the cloud. However, the adoption of 3D simulation and 3D printing software is another driver boosting the digital twin market expansion. 

Recent Developments:

  • In December 2021-Dassault Systems announced a collaboration with Renault Group. The collaboration aims to use the cloud-based 3DEXPERIENCE platform from Dassault Systems to create applications for new vehicles and other mobility services. 

Competitive Landscape:

List of major Digital Twin market Players are:

  • ABB (Switzerland),
  • Altair (US),
  • ANSYS Inc. (U.S.)
  • Autodesk Inc. (U.S.)
  • AVEVA Group plc
  • Bentley Systems (US)
  • Dassault Systemes SE (France)
  • Emerson (US),
  • General Electric (U.S.)
  • Hexagon AB
  • Hitachi Ltd. (Japan)
  • Honeywell (US)
  • IBM Corporation
  • Microsoft Corporation (U.S.)
  • Oracle (US),
  • Oracle (US)
  • DNV (Norway),
  • PTC Inc. (U.S.)
  • River Logic (US),
  • Robert Bosch (Germany),
  • SAP SE
  • Schneider Electric (France)
  • Siemens AG (Germany)
  • SWIM AI (US),

Market Segmentation

The digital twin market is divided into types and industries. Based on type, the market is categorized into a    system digital twin, product digital twin and process digital twins. The market is segmented by industry: aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication and others.

Based On Industry, The Automotive & Transportation Segment Is A Major Contributor To The Digital Twin Market

The automotive & transportation category is expected to hold a major share of the global digital twin industry in 2022. This is due to lean manufacturing techniques, electric automobiles, and increasing simulation technology. The use of digital twin technology in the automotive industry aids engineers in obtaining psychological and technical data about the vehicle, improving automobile design and lowering costs. The usage of digital twin technology is also anticipated to rise due to future automotive themes, including public transportation, connected and self-driving automobiles, and autonomous and linked vehicles. Thus, driving the digital twin market development.

The System Digital Twin Segment Witnessed Growth At A Rapid Rate

The system digital twin segment is projected to grow rapidly in the global digital twin market. The large market share is due, among other things, to the widespread use of digital twins in the development, construction, and prototyping of aerospace engines, assembly lines, communication systems, full-scale automobile models, and piping methods in the oil and gas sector. System twins are a collection of various assets that enable engineers to analyze and monitor the system's operation and synchronize its many components. Using digital twin technologies makes it easier to spot system performance and operation irregularities, which supports the digital twin market growth during the forecast period.

The North America, Digital Twin Market Holds A Significant Regional Revenue Share

The North America digital twin market position is anticipated to register the highest market share in revenue soon. Due to the accessibility of state-of-the-art health centers, the government helps the expansion of the healthcare sector, an older society, and a rise in the prevalence of rheumatism, psoriatic arthritis, and degenerative spinal degeneration. In many technological fields, this region likewise continues to grow quickly. Organizations are increasingly adopting digital twin technologies in this region due to technical advancements in many industries and business processes. The primary drivers of market expansion are the need to use digital solutions in product development processes to reduce downtime and the increased willingness of users to invest in digital solutions to thrive in cutthroat marketplaces. In addition, Asia Pacific is projected to expand at a rapid rate in the global digital twin market. The developed production and automotive sectors in nations like China, India, Japan, and South Korea are to blame for this region's expansion. The growth of smart cities around the region and the increasing demand for consumer goods also drive the regional market.

Digital Twin Market Report Scope:

Report Attribute


Market size value in 2022

USD 9.10 Bn

Revenue forecast in 2031

USD 195.96 Bn

Growth rate CAGR

CAGR of 40.76% from 2023 to 2031

Quantitative units

Representation of revenue in US$ Billion, and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year


Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Type, Industries

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

ABB Group, ANSYS Inc., Accenture plc, Autodesk Inc, bentley systems, AVEVA Inc., bosch rexroth ag, Oracle Corporation, Siemens AG, Rockwell Automation Inc., Schneider Electric

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Digital Twin Market Snapshot

Chapter 4. Global Digital Twin Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Type Estimates & Trend Analysis
5.1. by Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Type:

5.2.1. System Digital Twin
5.2.2. Product Digital Twin
5.2.3. Process Digital Twin

Chapter 6. Market Segmentation 2: by Industry Estimates & Trend Analysis
6.1. by Industry & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Industry:

6.2.1. Aerospace & Defense
6.2.2. Automotive & Transportation
6.2.3. Home & Commercial
6.2.4. Healthcare
6.2.5. Energy & Utilities
6.2.6. Oil & Gas
6.2.7. Agriculture
6.2.8. Telecommunication
6.2.9. Others

Chapter 7. Digital Twin Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
7.1.2. North America Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by Industry, 2023-2031
7.1.3. North America Digital Twin Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

7.2. Europe

7.2.1. Europe Digital Twin Market revenue (US$ Million) by Type, 2023-2031
7.2.2. Europe Digital Twin Market revenue (US$ Million) by Industry, 2023-2031
7.2.3. Europe Digital Twin Market revenue (US$ Million) by country, 2023-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Digital Twin Market revenue (US$ Million) by Type, 2023-2031
7.3.2. Asia Pacific Digital Twin Market revenue (US$ Million) by Industry, 2023-2031
7.3.3. Asia Pacific Digital Twin Market revenue (US$ Million) by country, 2023-2031

7.4. Latin America

7.4.1. Latin America Digital Twin Market revenue (US$ Million) by Type, 2023-2031
7.4.2. Latin America Digital Twin Market revenue (US$ Million) by Industry, 2023-2031
7.4.3. Latin America Digital Twin Market revenue (US$ Million) by country, 2023-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Digital Twin Market revenue (US$ Million) by Type, 2023-2031
7.5.2. Middle East & Africa Digital Twin Market revenue (US$ Million) by Industry, 2023-2031
7.5.3. Middle East & Africa Digital Twin Market revenue (US$ Million) by country, 2023-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. ABB (Switzerland),
8.2.2. Altair (US),
8.2.3. ANSYS Inc. (U.S.)
8.2.4. Autodesk Inc. (U.S.)
8.2.5. AVEVA Group plc
8.2.6. Bentley Systems (US)
8.2.7. Dassault Systemes SE (France)
8.2.8. Emerson (US),
8.2.9. General Electric (U.S.)
8.2.10. Hexagon AB
8.2.11. Hitachi Ltd. (Japan)
8.2.12. Honeywell (US)
8.2.13. IBM Corporation
8.2.14. Microsoft Corporation (U.S.)
8.2.15. Oracle (US),
8.2.16. Oracle (US)
8.2.17. DNV (Norway),
8.2.18. PTC Inc. (U.S.)
8.2.19. River Logic (US),
8.2.20. Robert Bosch (Germany),
8.2.21. SAP SE
8.2.22. Schneider Electric (France)
8.2.23. Siemens AG (Germany)
8.2.24. SWIM AI (US),
8.2.25. Other Prominent Players

Segmentation of Digital Twin Market:

Digital Twin Market By Type      

  • System Digital Twin
  • Product Digital Twin
  • Process Digital Twin

Digital Twin Market

Digital Twin Market By Industry

  • Aerospace & Defense
  • Automotive & Transportation
  • Home & Commercial
  • Healthcare
  • Energy & Utilities
  • Oil & Gas
  • Agriculture
  • Telecommunication
  • Others

Digital Twin Market By Region-

North America-

  • The US
  • Canada
  • Mexico


  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe


  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Digital Twin Market expected to grow at 40.76% CAGR during the forecast period for 2023-2031

ABB Group, ANSYS Inc., Accenture plc, Autodesk Inc, bentley systems, AVEVA Inc., bosch rexroth ag, Oracle Corporation, Siemens AG, Rockwell Automation

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