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Digital Twin Market Expansion Continues, with Forecast Valuation of $96.01 Billion by 2029
Digital Twin
Digital Twin Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for digital twins has seen an exponential expansion in the past few years. The sector is set to expand from $21.01 billion in 2024 to a whopping $28.9 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 37.6%. The significant growth observed in the historical period can essentially be credited to the surge in the use of industrial IoT, the adoption of 3D printing technologies, and the heightened utilization of digital twins in the manufacturing field.
Digital Twin Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the digital twin market is predicted to witness extraordinary expansion. The market value is projected to reach $96.01 billion in 2029, growing at a compound annual growth rate (CAGR) of 35.0%. The market growth during this predicted period can be credited to the escalating demand for digital twins in the healthcare sector, the surge in the setting up of intelligent building infrastructures, and the impact of COVID-19. The forecast period is likely to see major trends such as applying digital twins for the metaverse, technological innovation, the development of digital twin solutions for optimizing supply chains and operational procedures, and the adoption of digital twins in the pharmaceutical sector for drug discovery.
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What Are the Drivers Transforming the Digital Twin Market?
The rise of digital transformation in the manufacturing sector is fueling the global digital twin marketplace. Manufacturing entities worldwide are backing digital strategies to boost their operational proficiency, productivity, and precision. These digital solutions, including digital twins, are playing a pivotal role in augmenting manufacturer adaptability and quickness in adapting to consumer needs and market fluctuations. As per a research report by InfinityQS, over 52% of manufacturers are proactively pouring their investments into digital transformation technologies to amplify their operational strength. Consequently, this upward trend in the embrace of digital tech or trends within the manufacturing landscape is anticipated to propel the demand for digital twin solutions in the coming years.
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What Long-Term Trends Will Define the Future of the Digital Twin Market?
Innovations in technology are becoming a significant trend within the digital twin industry. Major players in this sector are prioritizing the development of new tech solutions to fortify their market standing. For instance, Once Concern, a US firm offering resilience-as-a-service solutions, unveiled Domino - a high resolution digital twin system that detects abnormal alterations in intricate networks such as power grids, transport networks, and communities, in February 2022. Additionally, in March 2023, Holcim Group, a Swiss building materials manufacturer, launched the first-ever digital twin of a cement plant which is a real-time 3D virtual model of their Swiss location. This digital twin merges enterprise software with performance prediction algorithms, allowing for operations to be conducted faster and more efficiently, thus reducing costs. With sensor technology, data analytics, and machine learning, it aids in avoiding downtime and supports predictive maintenance.
Which Segments in the Digital Twin Market Offer the Most Profit Potential?
The digital twinmarket 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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Which Firms Dominate the Digital Twin Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential 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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