Press Release

A USD 13.42 Billion Global Digital Twin Market to Grow at a CAGR of Around 57.98% During 2024-30

The Global Digital Twin Market size is valued at around USD 13.42 billion in 2024 and is anticipated to grow at a CAGR of about 57.98% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The surging adoption of digital twin technology across various industries, such as manufacturing, automotive & transportation, agriculture, residential & commercial, etc., for product, process, and asset optimization would lead the industry toward a monstrous expansion through 2030.

Various businesses globally are utilizing digital twins to optimize the quality, yield, & efficiency of their operations and identify how certain changes in the manufacturing process can affect their outcomes to improve accordingly. In addition, the ever-increasing demand for digital twin technology in the healthcare & pharmaceutical sectors, especially since the COVID-19 pandemic, for monitoring patient health & the impact of medicine, is also likely to be instrumental in propelling the growth of the digital twin industry in the forecast years.

Moreover, combining artificial intelligence (AI) with sophisticated data analytics is a common trend in the digital twin industry. This trend has led to the usage of digital twins for purposes beyond basic real-time monitoring and simulation in several industries. Using contemporary data analytics, digital twins can assess massive amounts of data from several sources, exposing patterns and insights that were previously difficult to detect. These abilities are improved by artificial intelligence (AI), which makes it possible for autonomous decision-making, anomaly detection, and predictive maintenance. All things considered, increased productivity, creativity, and competitiveness across a range of sectors are being fueled by the synergy of AI, data analytics, and digital twin technologies, which are speeding up market growth and expansion.

Additionally, globally, industry demands for digital twin solutions are changing at an accelerating rate. However, there are growing dangers to security, compliance, data protection, and regulation internationally as a result of the development of these solutions, including the use of various IoT sensors and other technologies like big data, cloud computing, artificial intelligence, etc. Therefore, these factors are impeding the market for digital twins because of growing privacy concerns, particularly in data-intensive industries like healthcare and government agencies, further states the research report, “Global Digital Twin Market Analysis, 2024.”

Global Digital Twin Market Segmentation Analysis

The Manufacturing Segment Holds the Largest Market Share

Based on end users, the market is further bifurcated into agriculture, manufacturing, automotive & transportation, energy & utilities, healthcare & life sciences, residential & commercial, retail & consumer goods. The immense need for optimization in different production processes while maintaining optimum equipment health & production schedules is driving the digital twin market across the manufacturing sector. Digital twin solutions offer real-time simulations of manufacturing processes that help companies improve operational efficiency & stay ahead in a highly competitive market.

The emerging trend of smart manufacturing, which involves internet-connected equipment that monitors manufacturing processes in a facility in real-time and aids in enhancing productivity & efficiency, is another prominent driving force for digital twin technology in the manufacturing sector.

A large number of companies are deploying digital twin technology within their manufacturing facilities to eliminate the risks of any disruption in the manufacturing process or unplanned downtime that can shut down the entire production line & introduce substantial losses to businesses. Hence, these aspects indicate lucrative prospects for the digital twin industry across the manufacturing sector over the coming years.

North America to Dominate the Global Digital Twin Market

Across North America, the US & Canada are the early adopters of advanced technologies, and the former is home to leading IT companies like Microsoft Corporation, IBM Corporation, PTC, Google, etc. The region is witnessing an increasing proliferation of digital twin technology, especially parts & product twins, across various verticals like healthcare, home, and commercial, among others. The growing utilization of AI, IoT, & ML in numerous applications across different industries, coupled with the state-of-the-art IT infrastructure across the region, is driving the North America Digital Twin Market.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., Ansys, Inc., Oracle Corporation, Dassault Systems, Robert Bosch, Google, Amazon Web Services, Inc. (AWS), and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?