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Digital Twin Statistics

Written by, Adavelli Muninder

Updated June, 14, 2022

Digital twin technology plays a pivotal role in driving innovation and improving the performance of products and processes in various industries. 

But, how big is the global digital twin market now, where is this tech used, and how can digital twins shape the future? 

Let’s look at the most recent digital twin statistics to find out.

Top 10 Fascinating Facts and Stats About The Digital Twin Market

  • In 2021, the global digital twin value was $7.48 billion.
  • The global digital twin market is projected to reach $35.5 billion in value through 2026.
  • The projected compound annual growth rate of the global digital twin market is 40%. 
  •  The COVID 19 pandemic caused a 27.8% decline in the global digital twin market.
  • The automotive and transport segment accounted for over 19% of the revenue share in 2021.
  • The aerospace and defence industry in the UK is projected to grow at a CAGR of 40% through 2027.
  •  The infrastructure protection segment accounted for 25% of overall revenue.
  • Microsoft Corporation is the world’s leading digital twin company, with a revenue of $143 billion.
  • North America dominated the global digital twin market, with over 30% revenue share in 2021.
  • China is forecast to reach a market size of $6.5 billion by 2026.

Digital Twin Market Size and Future Trends

1. In 2021, the global digital twin value was $7.48 billion.

(Grand View Research)

The digital twin market witnessed a drop in growth in the first half of 2020 due to the pandemic, but it quickly recovered and reached a value of more than $7 billion in 2021, when most of the restrictions were lifted.

2. The global digital twin market is projected to reach $35.5 billion in value through 2026.

(GlobeNewswire)

The integration of technologies such as IoT (Internet of Things) and AI (artificial intelligence) with digital twin technologies, is projected to significantly boost the market’s growth. Experts say that the global digital twin market can reach an estimated value of over $35 billion by 2026.

3. The projected compound annual growth rate of the global digital twin market is 40%. 

(Grand View Research)

Given the digital twin market trends, the market is expected to grow at a CAGR (compound annual growth rate) of 39.1 % by 2030, according to the Digital twin market size & share report by Grand View Research.

4. The COVID 19 pandemic caused a 27.8% decline in the global digital twin market.

(Fortune Business Insights)

The global digital twin market saw a decline of nearly 28% from 2019 to 2020 during the pandemic. The market started recovering during the first quarter of 2021, as several industries started to implement digital twin solutions as part of their economic reforms.

5. The automotive and transport segment accounted for over 19% of the revenue share in 2021.

(Grand View Research)

The transport and automotive segment led the digital twin market in 2021. Together, they make up the largest revenue share of more than 19% of the entire revenue.

6. The aerospace and defence industry in the UK is projected to grow at a CAGR of 40% through 2027.

(GM Insights)

In the UK, the industry that is increasingly adopting digital twin technologies is the aerospace and defence segment, which is looking to improve the efficiency of aircraft and reduce possible faults. Thus, this segment is projected to grow at a CAGR of 40% by 2027.

7. The manufacturing industry is projected to reach $6.69 billion in value by 2025.

(Grand View Research) (Statista)

According to the global digital twin market statistics, the manufacturing industry’s value, which reached $0.59 billion in 2020, is expected to reach nearly $6 billion by 2025.

8. The process segment is expected to grow with a CAGR of 40% from 2022 to 2030.

(Grand View Research)

According to Grand View Research’s digital twin market report, the process segment is on a path to becoming the fastest CAGR of 40% by 2030. The estimated growth is attributed to the emphasis to improve workflow structures. 

9. The infrastructure protection segment accounted for 25% of overall revenue.

(Grand View Research)

In 2021, the most successful segment in the digital twin market was the infrastructure protection segment, which raked in 25% of the entire revenue.

10. The inventory management market is expected to grow at a CAGR of 42.7% by 2027.

(Business Wire)

Based on Application, the segment that dominated 2020 was Predictive Maintenance & Performance Monitoring. According to Research and Markets digital twin market report, the Inventory management market is set to experience the highest growth by 2027, with a CAGR of 42.7%.

11. Microsoft Corporation is the world’s leading digital twin company, with a revenue of $143 billion.

(Emergen Research)

With the launch of Azure Digital Twins, which allows designing digital models with the help of AI algorithms, the multinational technology company became the world’s highest revenue digital twin company. 

Other digital twin companies that are considered to be key players in the global digital twin market are Siemens, Bosch, General Electric Company, IBM Corporation, and Ansys, among others.

12. Major industry companies are forming partnerships for developing innovative digital twin solutions.

(Fortune Business Insights)

Siemens collaborated with IBM Corporation to develop an advanced digital twin solution that combines Siemens’ Xceletor and IBM Maximo portfolio’s elements to enhance the Service Lifecycle Management.

Demographic Digital Twin Statistics

13. The digital twin market in the Asia Pacific region is projected to grow by 35% through 2026.

   (Graphical Research)

The Asia Pacific digital twin market, which grew to more than a billion in 2019, is set to see a 35% growth rate by 2026.

14. North America dominated the global digital twin market, with over 30% revenue share in 2021.

(GM Insights)

Due to the presence of major digital twin technology providers in the region such as Microsoft Corporation and IBM Corporation, North America which dominated the global digital twin market with one-third of its revenue share, is expected to generate a revenue share of approximately USD 15 billion by 2027.

15. China is forecast to reach a market size of $6.5 billion by 2026.

          (GlobeNewswire)

China is set to reach an estimated market size of more than $6 billion by the year 2026. Other geographic regions that are projected to observe growth are Japan and Canada. 

In Europe, Germany is forecast to see a jump of 32.3% CAGR over the same period.

Bottom Line

The digital twin market is constantly evolving as more players are jumping on the bandwagon to advance their products and expand their businesses globally. 

The latest digital twin statistics show that the market will continue ballooning in the next couple of years, with North America spearheading the effort, at least for the time being.

Sources