Digital Twin Market to be Worth $155.83 Billion by 2030: Grand View Research, Inc.

Rhea-AI Summary

The digital twin market is set to reach USD 155.83 billion by 2030, with a CAGR of 37.5% from 2023 to 2030, according to Grand View Research. Initially focused on manufacturing, aerospace, and automotive sectors, the demand is expanding into retail, healthcare, and finance due to rising virtualization and automation needs. The automotive sector is projected to grow over 40% during this period, driven by advancements in electric vehicles. The Asia Pacific region is expected to lead growth, aided by established industries and connected device proliferation. Key players adopt inorganic strategies to enhance market share and capabilities.

Positive

• Digital twin market projected to reach USD 155.83 billion by 2030.
• CAGR of 37.5% from 2023 to 2030.
• Automotive sector expected to grow over 40% during the forecast period.

Negative

• None.

SAN FRANCISCO, Feb. 15, 2023 /PRNewswire/ -- The global digital twin market size is projected to reach USD 155.83 billion by 2030, registering a CAGR of 37.5% from 2023 to 2030, according to a new study by Grand View Research Inc. Digital twin technologies were primarily developed and deployed in manufacturing, aerospace, and automotive sectors for designing and simulating component and system twins. However, the rising need for virtualization and automation as well as the emergence of technologies such as the Internet of Things (IoT) and artificial intelligence has opened up new avenues for digital twin solution providers across industries such as retail, real estate, banking and finance, and healthcare, thereby driving the market growth.

Key Industry Insights & Findings from the report:

• In terms of end use, the automotive & transport sector is expected to register the fastest growth rate of more than 40% during the forecast period. Increasing developments in electric and connected vehicles are the prime factors driving the adoption of digital twin technology in the automotive sector.
• In terms of solutions, the system segment held the highest revenue share of more than 42% in 2022. The high deployment of digital twins in the automotive, manufacturing, and aerospace sectors to enhance existing engine models and manufacturing lines can be attributed to the segment's high market share.
• Asia Pacific is expected to register the fastest growth in the forecast period owing to the presence of well-established automotive and manufacturing industries and the rising proliferation of connected devices.
• Key players in the market are adopting inorganic strategies to acquire a larger market share and kill competition. For instance, in April 2021, Hexagon AB acquired CADLM, a design software company based in Wissous, France. The acquisition was aimed at leveraging CADLM's technology and expertise in AI to enhance Hexagon AB's Smart Manufacturing autonomous and digital twin capabilities. Furthermore, manufacturers would also be able to use digital twin for image recognition, predictive simulation, and fault prediction to address issues with downtime, quality, and flexibility throughout the manufacturing process.

Read 110-page market research report for more Insights, "Digital Twin Market Size, Share & Trends Analysis Report By End-use (Manufacturing, Agriculture), By Solution (Component, Process, System), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Digital Twin Market Growth & Trends

Digital twins enable enterprises to create virtual representations of their existing workflow patterns, which can be then observed and optimized to reduce operational costs. The retail and residential sectors are expected to witness increased adoption of digital twin technologies with an increasing focus on optimizing vendor-to-customer supply chains, sales forecasts, and the development of smart city projects. The emergence of such varied applications has increased the demand for tailor-made solutions across end-use industries to address specific requirements, which is anticipated to fuel market growth.

The COVID-19 pandemic has expedited the adoption of digital twin technology across several industries owing to social distancing norms in place. As offices are on the verge of reopening, several firms are expected to adopt the technology to facilitate employee safety by creating digital twins of workplaces and modifying furniture, workplaces, and sitting arrangements, among other applications. Additionally, the healthcare sector has witnessed a surge in the adoption of digital twin technology to create virtual replicas of infected patients and use them for future research. For instance, in May 2021, Dell Technologies partnered with i2b2 tranSMART Foundation to create digital twins using de-identified patient data. The digital twin is then expected to help researchers perform innumerable treatment simulations for future treatments, which may help mitigate the spread of the disease.

Digital Twin Market Segmentation

Grand View Research has segmented the digital twin market report based on end-use, solution, and region

Digital Twin Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Manufacturing
• Agriculture
• Automotive & Transport
• Energy & Utilities
• Healthcare & Life Sciences
• Residential & Commercial
• Retail & Consumer Goods
• Aerospace
• Telecommunication
• Others

Digital Twin Market - Solution Outlook (Revenue, USD Million, 2018 - 2030)

• Component
• Process
• System

Digital Twin Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa

List of Key Players of the Digital Twin Market

• ABB
• AVEVA Group plc
• Dassault Systemes
• General Electric
• Hexagon AB
• IBM Corporation
• SAP

Check out more related studies published by Grand View Research:

• U.K. Digital Transformation Market - The U.K. digital transformation market size is expected to reach USD 146.63 billion by 2030 and grow at a CAGR of 22.2% from 2022 to 2030, according to a recent report by Grand View Research, Inc. The growth can be attributed to the increasing e-government and smart city initiatives, growing internet penetration, and rapid adoption of digital services in various industry sectors. The expanding use of the Internet of Things (IoT), machine learning, and Artificial Intelligence (AI) in digital transformation has prompted a key trend in the market for digital transformation strategy consulting. This has created unrivaled opportunities for organizations to harness the disruptive power of emerging technologies for better decision-making, distinct competitive advantages, and other profitable payoffs.
• Europe Digital Experience Platform Market - The Europe Digital Experience Platform market size is expected to reach USD 8.09 billion by 2030 and grow at a CAGR of 12.4% from 2022 to 2030, according to the recent reports of Grand View Research, Inc. The growth can be attributed to the rising deployment of cloud-based solutions, demand for big data analytics, and implementation of Artificial Intelligence (AI) and data analytics. These digital capabilities help organizations automate, track, and manage budgets by eliminating the complexities in software. Thus, it allows organizations to customize and prefer user-friendly solutions for digital transformation projects. This is attributed to the rise in demand for digital experience platforms in the region during the forecast period.
• Digital Lending Platform Market - The global digital lending platform market size is expected to reach USD 44.50 billion by 2030, registering a CAGR of 26.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing adoption of digitalization in the BFSI sector is expected to create new opportunities for market growth. According to the European Central Bank, in 2020, 46% of European banks could process mortgages digitally in two days compared to 8% in 2015.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

FAQ

What is the projected value of the digital twin market by 2030?

The digital twin market is projected to reach USD 155.83 billion by 2030.

What is the expected growth rate of the digital twin market?

The digital twin market is expected to register a CAGR of 37.5% from 2023 to 2030.

Which sector is expected to grow the fastest in the digital twin market?

The automotive sector is expected to register the fastest growth rate of more than 40% during the forecast period.

What regions are driving growth in the digital twin market?

The Asia Pacific region is expected to register the fastest growth, supported by established automotive and manufacturing industries.

Who are the key players in the digital twin market?

Key players include ABB, AVEVA Group, Dassault Systemes, General Electric, Hexagon AB, IBM Corporation, and SAP.