Digital Twin Industry Overview

The global digital twin market size is projected to reach USD 155.84 billion by 2030, registering a CAGR of 35.7% from 2024 to 2030, according to a new study by Grand View Research Inc. Increasing public and private investments in digital transformation solutions, rising significance of smart factories, and global proliferation of cloud-based platforms are collectively contributing to market growth. The digital twin facilitates enterprises to efficiently reduce expenses and increase revenue. Various factors, such as social media, cloud computing, and process automation, also contribute to the use of digital twins to increase process efficiency and propel market expansion.

Gather more insights about the market drivers, restrains and growth of the Digital Twin Market

The emergence of advanced technologies, such as robotic process automation (RPA), the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and big data analytics is creating a positive outlook for the market. Implementing IoT in manufacturing allows electronic devices to communicate with each other without any human interference within a prevailing internet infrastructure. Therefore, IoT could have a profound impact on the digital twin industry. IoT allows connected devices to interact with each other and exchange critical notifications, such as defective or damaged ping, supporting market growth. Several industries have adopted digital twin technology.

For instance, a new packaging machine can be tested virtually before being introduced commercially. At the same time, a fan motor of an industrial HVAC unit can also be tested virtually before it is installed. Digital twins enable end-users to conduct tests on the product while enhancing the digital world’s decision-making capabilities. Digital twins are rapidly gaining momentum in the healthcare, automotive, and manufacturing industries. Various digital twin platform-developing companies have launched different solutions to cater to specific business areas. High demand for automation in various industries is anticipated to trigger market growth over the forecast period.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• The global AI in cybersecurity market size was estimated at USD 25.35 billion in 2024 and is expected to witness a CAGR of 24.4% from 2025 to 2030.

• The global rope access services market size was valued at USD 3.24 billion in 2024 and is projected to grow at a CAGR of 8.4% from 2025 to 2030. 

Digital Twin Market Segmentation

Grand View Research has segmented the global digital twin market on the basis of solution, deployment, enterprise size, application, end-use, and region:

Digital Twin Solution Outlook (Revenue, USD Billion, 2018 - 2030)

• Component
• Process
• System

Digital Twin Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Cloud
• On-premise

Digital Twin Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Enterprises
• Small and Medium Enterprises (SMEs)

Digital Twin Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Product Design & Development
• Predictive Maintenance
• Business Optimization
• Others

Digital Twin End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Manufacturing
• Agriculture
• Automotive & Transport
• Energy & Utilities
• Healthcare & Life Sciences
• Residential & Commercial
• Retail & Consumer Goods
• Aerospace
• Telecommunication
• Others(Aerospace & Defense, Mining, Financial Services)

Digital Twin Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • India
  • China
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa

Key Companies profiled:

• ABB Group
• Amazon Web Services, Inc.
• ANSYS, Inc.
• Autodesk Inc.
• AVEVA Group plc
• Bentley Systems Inc.
• Dassault Systemes
• General Electric
• Hexagon AB
• International Business Machines Corporation
• Microsoft Corporation
• PTC Inc.
• Robert Bosch GmbH
• Rockwell Automation
• SAP SE
• Siemens AG

Key Digital Twin Company Insights

Some of the key players operating in the market include ABB Group; International Business Machines Corporation; Microsoft Corporation; and Rockwell Automation.

• ABB Group is a technology company that aids in the transformation of industry and society toward a productive and sustainable future. ABB operates its business through four business areas, namely Electrification, Process Automation, Motion, and Robotics & Discrete Automation. The Robotics & Discrete Automation segment offers industrial robots, software, robotic solutions and systems, field services, spare parts, and digital services
• International Business Machines Corporation is a global Information Technology (IT) company that provides software and solutions for digital technologies. The services offered by the company include business process & operations, cloud services, digital workplace services, technology support services, business resilience services, network services, application services, and security services.The company has several fully owned subsidiaries, such as WTC Insurance Corporation, Ltd.; IBM Canada Limited; IBM Global Financing Denmark ApS; IBM Egypt Business Support Services; International Business Machines Gabon SARL; PT IBM Indonesia; International Business Machines Madagascar SARLU; and Companhia IBM Portuguesa, S.A.; among others

PTC Inc. and AVEVA Group Plc are some of the emerging market participants in the digital twin market.

• PTC Inc. is a provider of design and modeling software and services. The company offers solutions for improving manufacturing, operations, and designs for industrial products. The company’s product portfolio includes Augmented Reality (AR) tools & solutions, Industrial Internet of Things (IIOT) software, CAD software, PLM software, PTC Mathcad software, and Services Lifecycle Management (SLM) software, among other products. The company caters to the incumbents of various industries and industry verticals, including automotive, life sciences, oil & gas, retail & consumer products, aerospace & defense, electronics & high-tech, and manufacturing
• AVEVA Group Plc provides industrial and engineering software. The company’s offerings include process engineering & simulation, asset maintenance, asset analysis, industrial information management, supply chain scheduling, network & distribution optimization, and operations optimization, among others

Recent Developments

• In January 2024, Valeo, an automotive technology provider, partnered with Applied Intuition, a vehicle software supplier, to provide a digital twin platform for advanced driver-assistance systems (ADAS) sensor simulation. OEMs would be able to bring reliable and safe ADAS features to market faster with the joint solution
• In April 2023, Rockwell Automation installed a Robotic Supervision System (RSS) for TotalEnergies. RSS combines the Internet of Things (IoT), gamification, and digital twin technology to improve industrial robot management and monitoring. The system aims to maximize robot performance, upkeep, and productivity, reflecting the continued growth of manufacturing automation and digital technologies in the renewable energy sector
• In March 2023, WSP collaborated with Amazon Web Services, Inc. to develop digital twins for complex infrastructure. The collaboration intends to leverage Amazon Web Services, Inc.'s cloud data processing and analytics services to drive innovation and long-term solutions across several industries. It aims to utilize Amazon Web Services, Inc.’s technology to improve WSP's services in areas, such as planning for infrastructure, environmental sustainability, and data-driven choices

Order a free sample PDF of the Digital Twin Market Intelligence Study, published by Grand View Research.