The global market for digital twins was valued at $11.5 billion in 2023. The market is expected to grow from $18.2 billion in 2024 to $119.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 45.7% from 2024 to 2029.
The global market for digital twins in automotive and transportation is expected to grow from $4.0 billion in 2024 to $25.5 billion by the end of 2029, at a CAGR of 44.7% from 2024 to 2029.
The global market for digital twins in healthcare is expected to grow from $1.5 billion in 2024 to $12.4 billion by the end of 2029, at a CAGR of 52.2% from 2024 to 2029.
Report Scope:
The report provides an overview of the digital twin global market value and analyzes its trends. Using 2023 as the base year, the report provides estimated market data for the forecast period from 2024 through 2029. Revenue forecasts for this period are segmented by solution type, application, industry, enterprise size, and geographical region. It also highlights major trends and challenges that affect the market, concluding with an analysis of the vendor landscape and including detailed profiles of major players in the global digital twin market.
The report also includes emerging technologies that are expected to shape the digital twin market in the coming years. It also includes ESG analysis of the market with the companies' ratings based on their performance. The competitive landscape provides detailed analysis of strategic decisions made by the leading companies in the digital twin market.
Report Includes:
51 data tables and 61 additional tables
An analysis of the global digital twin market
Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025 and 2028, and projected CAGRs through 2029
Estimate of the current market size and revenue prospects, along with market share analysis by solution type, application, enterprise size, end-use industry and region
Facts and figures pertaining to the market dynamics, technological advances, regulations and the macroeconomic factors driving future demand and innovation
Porter's Five Forces, global supply chain, and use case analyses
Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, the ESG practices of leading companies and their ESG scores
A look at key granted patents and published patents
Analysis of the vendor landscape, including company shares, strategic alliances, M&A activity and venture fundings outlook
Company profiles of market leaders, including Autodesk Inc., ANSYS Inc., Schneider Electric, Hexagon AG, and Dassault Systemes
Table of Contents
Chapter 1 Executive Summary
Market Outlook
Scope of the Report
Market Summary
Technological Advances and Applications
Market Dynamics and Growth Factors
Future Trends and Developments
Segmental Analysis
Regional Insights and Emerging Markets
Conclusion
Chapter 2 Market Overview
Digital Twins Overview
Current Stage of Digital Twin Technology
Porter's Five Forces Analysis of Digital Twin Industry
Bargaining Power of Buyers
Bargaining Power of Suppliers
Threat from Substitutes
Potential of New Entrants
Competition in the Industry
Future of Digital Twin Industry
Digital Twin Solution Use Cases
Case Studies
Patent Analysis
Key Findings
Upcoming Conference List of Digital Twin Technology
Chapter 3 Market Dynamics
Market Dynamics Snapshot
Market Drivers
Manufacturing Shift Toward Industry 4.0
Real-Time Data Generated from Sensors and Other Smart Devices
Growing Adoption of Internet of Things Devices
Market Opportunities
Three-Dimensional Printing Technologies Combined with Digital Twin Applications
Digital Twin Technology Adoption in Healthcare
Market Challenges and Restraints
High Cost of Deployment
Inadequate Information Technology Infrastructure and Connectivity Issues
Growing Number of Global Cyberattacks
Chapter 4 Emerging Technologies and Developments
Digital Twin as a Service
Development in Augmented Reality and Virtual Reality Technology
Integration of Generative Artificial Intelligence and Digital Twin Solutions
Digital Twin as a Platform Expanding Metaverse Applications
Chapter 5 Market Segmentation Analysis
Segmentation Breakdown
Digital Twin Market, by Solution Type
System Digital Twins
Product Digital Twins
Process Digital Twins
Component Digital Twins
Digital Twin Market, by Application
Predictive Maintenance
Performance Monitoring
Supply Chain and Inventory Management
Product Design and Development
Other Applications
Digital Twin Market, by Enterprise Size
Large Enterprises
Small and Medium Enterprises
Digital Twin Market, by Industry
Automotive and Transportation
Aerospace and Defense
Smart Cities
Energy and Utilities
Healthcare
Food and Beverages
Agriculture
Construction
Chemical
Other Industries
Geographic Breakdown
Digital Twin Market, by Region
Americas
Europe
Asia-Pacific
Middle East and Africa
Chapter 6 Competitive Intelligence
Top Players in the Digital Twin Industry
Strategic Analysis
Major Key Developments
Chapter 7 Sustainability in Digital Twin Industry: An ESG Perspective