The Digital Twin Global Market Report 2023 by The Business Research Company, provides digital twin market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Digital Twin Global Market Report 2023, the market size is expected to grow from $10.91 billion in 2022 to $15.17 billion in 2023 at a compound annual growth rate (CAGR) of 39.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the digital twin is expected to grow to $56.66 billion in 2027 at a CAGR of 39.0%.
The emergence of digitalization in manufacturing is driving the global digital twin market. Manufacturing units across the globe are investing in digitalization strategies to increase their operational efficiency, productivity and accuracy. These digitalization solutions including digital twin are contributing to an increase in manufacturer responsiveness and agility through changing customer demands and market conditions.
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The digital twin market is segmented:
1) By Type: Product Digital Twin, Process Digital Twin, System Digital Twin
2) By Technology: IoT & IIoT, Blockchain, Artificial Intelligence & Machine Learning, Augmented Reality, Virtual Reality, and Mixed Reality, Big Data Analytics, 5G
3) By Application: Manufacturing, Energy & power, Aerospace, Oil & Gas, Automobile, Others Applications
Technological advancement is a key trend gaining popularity in the digital twin market. Major companies operating in the digital twin sector are focused on developing new technological solutions to strengthen their position in the digital twin market. For instance, In February 2022, Once Concern, a US-based provider of resilience-as-a-service solutions, launched Domino, a high-resolution digital twin solution that identifies abnormal changes in complex networks and ecosystems including the power grid, transportation networks, and communities.
The digital twin market report table of contents includes:
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Top Major Players
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