Digital Twin Market

Digital Twin Market



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The digital twin market is estimated to grow at a CAGR 49.67% rate during the forecast period. Factors such as demand for digital twin include the growing adoption of emerging technologies such as IoT and cloud for the implementation of digital twin and promising prospect of digital twin in industries such as healthcare, aerospace & defense, and automotive & transportation are expected to drive the market.

System digital twin is expected to hold the largest share during the forecast period owing to its increasing demand in various industries, such as aerospace & defense, home & commercial, and automotive & transportation. There is increasing adoption of system digital twin as it provides visibility into a set of interdependent equipment for a complete system because system digital twin is a collection of assets/products and processes that together perform as a system. A few examples of system digital twins are a refinery or plant, production line in a factory, an assembly line, and a traffic network.

Healthcare is expected to be the fastest-growing industry for the market. The healthcare industry is among the most promising industries for the adoption of digital twins in various phases. The dynamic shift toward patient care will be the most significant factor contributing to the growth of digital twins in this sector. Digital twins are used in applications such as monitoring, diagnostics, and prognostics. The digital transformation in the healthcare industry enables dynamic growth opportunities for the adoption of digital twins.

APAC to be fastest-growing market for digital twin during forecast period. Automotive & transportation and aerospace & defense industries in APAC showed significant growth in the past few years. The growth in these industries has been propelled by a huge population shift and an increase in disposable income, which, in turn, has prompted a higher demand for products in APAC. Manufacturers are adopting new digital techniques in manufacturing to reduce cost, save time, and improve product quality. These factors will continue to propel the demand for digital twins in these industries in APAC during the forecast period.

Key market players include General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US)

Key Questions Addressed by the Report

  • What are the key drivers, restraints, opportunities, and challenges pertaining to the market?
  • Which industries are the leading adopters of digital twin solutions?
  • Who are the leading digital twin solution providers in the market?
  • Who are the leading software providers in the market?
  • What are the recent developments in the digital twin ecosystem related to mergers and acquisitions, and partnerships?


Market Definition

Study Scope

Study Period


2. Research Methodology

Secondary Research

Primary Research

Research Design

Data Validation

Limitation and Assumptions

3. Executive Overview

4. Market Overview





5. Digital Twin Market, By Industry

Automotive and transportation


Oil and gas

Aerospace and defense

Home and commercial

Energy and utilities


6. Digital Twin Market, By Type

Process digital twin

Product digital twin

System digital twin

7. Digital Twin Market,  By Region

North America









     Rest of Europe

Asia Pacific



     South Korea



     Rest of APAC

Middle East


     Saudi Arabia

     Rest of Middle East

Rest of the World

     Latin America


8. Company Profiles


Microsoft Corporation



Swim AI

General Electric


Siemens AG


Robert Bosch

9. Appendix



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