Home > Media & Technology > Digital Twin Market

Digital Twin Market Size By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), By End Use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Energy, Others) & Forecast, 2023 - 2032

  • Report ID: GMI2196
  • Published Date: Apr 2023
  • Report Format: PDF

Digital Twin Market Size

Digital Twin Market size valued at USD 8 billion in 2022 and is projected to witness over 25% CAGR from 2023 to 2032. The increasing development of IoT and Industry 4.0 will increase the market demand.

The implementation of digital twin technology in conjunction with cutting-edge technologies, such as Artificial Intelligence (AI), IoT, and cloud computing, is expected to boost market growth. Companies are deploying AI and IoT technologies to collect & interpret behavioral data from the existing IoT devices and connected products. The data can then be applied to the digital twin model to replicate the usage and performance of the existing device. This allows product engineers & designers to monitor product performance, identify issues, and predict future iterations of common problems. The implementation of this technology also assists organizations in improving operations and system productivity, ultimately enhancing the industry performance.

Digital Twin Market

To understand key trends  
Download Free Sample

Privacy and security concerns hinder the adoption of digital twin solutions

The increased deployment of cloud and IoT technologies is posing security and data privacy risks as well as increasing the risks of cyberattacks. Cloud-based digital twins necessitate the online storage of asset information, which raises security and privacy concerns. The scarcity of skilled professionals makes it difficult for organizations to develop and implement effective cybersecurity strategies. As a result, several small- & medium-sized businesses are still hesitant to invest heavily in advanced technologies, which is expected to hamper the digital twin market revenue.

Digital Twin Market Analysis

The digital twin market size from the process support & services segment is predicted to expand at 31% growth through 2032. The implementation of digital twin solutions for designing workflows in organizations, supply chain processes, smart city projects, and warehouse processes is driving the market value. Organizations are increasingly focused on reducing their operational costs and improving operational coordination. Digital twin technology assists enterprises in developing workflow structures, improving collaboration among departments & suppliers, and increasing customer engagement.

Digital Twin Market Revenue Share, By Application

To understand key market trends  
Download Free Sample


The penetration of digital twin solutions in automotive applications is anticipated to achieve over 30% growth during the forecast period, attributed to the increased use of lean manufacturing, electric vehicles, and simulation technologies. The incorporation of digital twin technology into the automotive sector enables engineers to capture behavioral & operational data of vehicles, leading to improvements in automobile design and cost optimization. Future trends in the automobile industry, such as connected & autonomous vehicles and shared mobility, are expected to increase the adoption of digital twin technology market.

Digital Twin Market Share, By End-Use

To understand key market trends  
Download Free Sample


The Asia Pacific digital twin market share will register 31% CAGR between 2023 and 2032, due to well-established manufacturing and automotive industries in countries including China, India, Japan, and South Korea. Smart city development projects across the region as well as high consumer product demand are boosting the industry growth.

Global Digital Twin Market, By Region

To understand regional trends  Download Free Sample

Digital Twin Market Share

Prominent participants operating across the digital twin market include:

  • ABB
  •  AVEVA Group plc
  •  Dassault Systèmes
  •  General Electric, and Hexagon AB.

Intense competition among the leading players to introduce advanced and innovative products encourages companies to invest in product R&D as well as process automation. Several automotive brands are implementing digital twin technology to improve customer engagement using interactive automobile dashboards on websites where customers can customize vehicles at their leisure. This enables businesses to tap into consumer behavior and modify the existing models. Companies are developing customized products to capitalize on new market opportunities and target new customers.

This market research report on digital twin includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:

Click here to Buy Section of this Report

Market, By Application

  • Product Design and Development
  • Machine and Equipment Health Monitoring
  • Process Support and Service

Market, By End-Use

  • Manufacturing
  • Healthcare
  • Retail & Consumer Goods
  • Automotive
  • Aerospace & Defense
  • Energy & Utility
  • Infrastructure Buildings
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Southeast Asia
  • Latin America
    • Brazil
    • Mexico
  • Middle East
    • South Africa
    • GCC


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The industry size of digital twin was over USD 8 billion in 2022. Owing to the widespread application of novel technologies in varied end-use verticals, the market is anticipated to grow at more than 25% CAGR from 2023 to 2032.

The aerospace & defense end-use segment is expected to grow at over 30% CAGR through 2032 on account of the growing application of digital twin technology for detecting faults in equipment and for predictive maintenance.

The increasing integration of IoT devices and the presence of leading industry players in the region are expected to propel the expansion of the Europe market, which is slated to account for over 25% industry share by 2032.

Companies functioning in the market include AVEVA Inc., ABB Group, Ansys Inc., Bosch Rexroth AG, Autodesk Inc., Accenture Plc, Capgemini SE, Microsoft Corporation, IBM Corporation, Infosys Ltd., Rockwell Automation, Oracle Corporation, Schneider Electric Inc., Siemens AG, TIBCO Software Inc., Wipro Ltd., and others.

Digital Twin Market Scope

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2022
  • Companies covered: 22
  • Tables & Figures: 218
  • Countries covered: 18
  • Pages: 270
 Download Free Sample