Press release
Digital Twin Industry Outlook 2025-2029: Market Set to Cross $99.2 Billion Milestone
Digital Twin
Digital Twin Market Size Growth Forecast: What to Expect by 2025?
The size of the digital twin market has seen considerable expansion over the recent past. The market, which stands at $21.01 billion in 2024, is expected to escalate to $29.06 billion in 2025 at a compound annual growth rate (CAGR) of 38.4%. This growth during the historic phase is due to a rise in the use of industrial IoT, the absorption of 3d printing technology, and a swelling demand of digital twins in the manufacturing sector.
How Will the Digital Twin Market Size Evolve and Grow by 2029?
Expectations are high for the digital twin market size to experience significant expansion in the coming years, ballooning to $99.2 billion by 2029 with a compelling compound annual growth rate (CAGR) of 35.9%. The projected growth during this forecast period is backed by the escalating demand for digital twins in the healthcare sector, the burgeoning erection* of smart building infrastructure, and the repercussions of COVID-19. The forthcoming period will see several trends taking center stage, including the utilization of digital twin for metaverse, technology innovation, the creation of digital twin solutions to fine-tune supply chains and operational procedures, and the adoption of digital twins in the pharmaceutical industry for drug research.
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What Drivers Are Propelling the Growth of Digital Twin Market Forward?
Global manufacturing's shift towards digitalization is propelling the advancement of the digital twin market. Factories worldwide are incorporating digital strategies to amplify their operational proficiency, efficacy, and precision. The incorporation of digital solutions, including digital twin, is fostering enhanced responsiveness and flexibility amongst manufacturers in response to evolving customer needs and market scenarios. As noted in the InfinityQS study, over 52% of manufacturers are proactively investing in digital transformation technologies to bolster their operational abilities. Consequently, the intensifying adoption of digital technologies in the manufacturing sector is anticipated to augment the demand for digital twin alternatives during the forecasted period.
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Which Emerging Trends Are Transforming the Digital Twin Market in 2025?
One notable trend in the digital twin market is the rise of technological advancements. Numerous major players in this sector are creating innovative technological solutions to enhance their standing in the market. For example, Once Concern, a company based in the US that offers resilience-as-a-service solutions, introduced Domino - a sophisticated digital twin solution that can detect unusual alterations in complex networks and ecosystems - in February 2022. Similarly, in March 2023, Holcim Group, a Swiss manufacturer of building materials, unveiled the world's first digital twin of a cement manufacturing plant. This digital twin, an exact 3D virtual replica of its Swiss facility, merges enterprise software with performance prediction algorithms, permitting more nimble, cost-effective operations. Additionally, this technology uses sensors, data analysis, and machine learning to anticipate maintenance needs and avoid unexpected downtime.
What Are the Key Segments in the Digital Twin Market?
The digital twin market covered in this report is segmented -
1) By Type: Product Digital Twin, Process Digital Twin, System Digital Twin
2) By Technology: IoT, IIoT, Blockchain, Artificial Intelligence And Machine Learning, Extended Reality And Other Technology, Big Data Analytics, 5G
3) By Application: Manufacturing, Energy and Power, Aerospace, Automotive, Transportation, Other Applications
Subsegments:
1) By Product Digital Twin: Virtual Prototyping, Performance Monitoring, Lifecycle Management
2) By Process Digital Twin: Workflow Simulation, Process Optimization, Predictive Maintenance
3) By System Digital Twin: Infrastructure Modeling, Network Performance Analysis, Integrated System Simulation
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Who Are the Key Players Shaping the Digital Twin Market's Competitive Landscape?
Major companies operating in the digital twin market include SAP SE, IBM Corporation, ANSYS Inc, Microsoft Corporation, General Electric, Siemens AG, Bentley Systems, Dassault Systèmes, ABB Ltd., Oracle Corporation, 51World, FARO, Freedo Technology, Genesys International, Datumix, Esri India, Pauley, Sp. z o.o., NCC, PTC, TIBCO Software Inc, SAS Institute Inc, Wilson Sons, Kraken Robotics Inc, ReStudio, Blue Orange Digital, Pagarba Solutions, Aryng, Accern, Azumo, accenture* Analytics, Tableu Software, Axilion, Beeah Group, TCTx, ShaikhTech, Neom Tech & Digital Company, Experion Technologies, Clariba Consulting, Nice Software Solutions, Sigma Data Systems, BearingPoint, Bosch, Aveva Group, Amazon Web Services.
What Geographic Markets Are Powering Growth in the Digital Twin Market?
North America was the largest region in the digital twin market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital twin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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