Digital Twin Market Size, Share, Growth, Regional Trends, Business Opportunities, Competition and Forecast to 2028

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Growing adoption of IoT in industries and increasing use of digital twins technology for monitoring, tracking, and controlling industrial systems are factors driving global digital twin market growth   

According to the most recent report by Emergen Research, the size of the worldwide digital twin market is anticipated to reach USD 106.26 billion in 2028 at a consistent CAGR of 54.7%. The growing acceptance of IoT in businesses and the rising use of digital twin technology for monitoring, tracking, and controlling industrial systems are both contributing to the steady revenue growth of the digital twin market.

A virtual machine that offers a real-time online version of a physical object or process is called a “digital twin.” The performance of industrial assets is profiled, predicted, and optimised using simulation models and data intelligence. Because it enables automatic vehicle control and monitoring of industrial assets and processes like product development, design & manufacturing planning, investment performance management, business & operation optimization, and others, digital twins are a crucial part of the Industrial Internet of Things.

Digital innovations like the cloud, big data, IoT, and artificial intelligence are being used more and more in various business sectors. Using a range of IoT sensors and digital technologies, the physical twin must be virtualized in order to create a digital twin. Despite the fact that digital twin technology is still in its infancy, its advantages are well understood. The systems might soon play a vital part in many contemporary robotics systems with more study and development.

During the projected period, the automotive and transportation sector is anticipated to hold the greatest market share for digital twins. From 2022 to 2027, it is anticipated to expand significantly CAGR.

The expansion can be ascribed to the growing use of digital twins in production, MRO (maintenance, repair, and overhaul), design, simulation, and after-sales support. During the production stage of vehicle design, a digital twin is capable of assessing performance data gathered over time and under various conditions. A race car engine can be visualised using a digital twin, for instance, to determine which parts need to be maintained since they could burn out or get damaged. Digital twins are utilised to get feedback even in the post-sale phase. By monitoring the systems or components that require replacement and notifying the appropriate teams of the change, digital twins contribute to the safety of cars.

Key Highlights From the Report

For the use of Shell’s structural digital twin technology, Akselos and Shell agreed into an enterprise framework agreement in December 2020 that was valid for three years. The arrangement is meant to assist Shell teams across the globe with asset life extension, design, and process across oil and gas portfolios.

A process digital twin provides in-the-moment insight into how several manufacturing facility components work together. Individual operational units may produce too quickly throughout a production process, resulting in an excess of some parts and raising storage costs or posing other logistical difficulties. By enabling in-process study of operational performance, Process Digital Twin uses artificial intelligence, mixed reality, and high-speed computing to optimise equipment as well as the entire production process.

By recording operational and behavioural data from the car and using it to create a virtual model of a connected vehicle, digital twin is used in the automobile industry to analyse the overall performance of the vehicle as well as its connected capabilities. Additionally, digital twins in the automotive industry assist in offering specialized/personalized customer services.

The largest revenue contribution to the global digital twin market came from North America in 2020, which can be attributed to the region’s high adoption of cutting-edge technologies, rising industry 4.0 adoption in the manufacturing sector, and rising IoT demand in the healthcare and automotive sectors.

Key players in the market include Microsoft Corporation, Oracle Corporation, IBM Corporation, PTC Inc., Ansys Inc., General Electric Company, SAP SE, Siemens AG, Hexagon AB, and Aveva Group PLC.

Emergen Research has segmented the global digital twin market on the basis of type, technology, application, and region:

Type Outlook (Revenue, USD Billion; 2018–2028)

• Process Digital Twin

• Product Digital Twin

• System digital Twin

Technology Outlook (Revenue, USD Billion; 2018–2028)

• Internet of Things

• Artificial Intelligence & Machine Learning

• Blockchain

• Big Data Analytics

• Virtual Reality, Augmented Reality, and Mixed Reality

• 5G

Application Outlook (Revenue, USD Billion; 2018–2028)

• Automotive

• Healthcare

• Aerospace & Defense

• Retail

• Energy & Utilities

• Telecommunication

• Agriculture

• Others

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