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Digital Twin Market Report Overview
The digital twin market size was valued at $17.5 billion in 2023 and is expected to grow at a CAGR of 36.3% over the forecast period. The following are some of the key highlights of the digital twin market.
The digital twin market encapsulates software/platform that is used to create a virtual representation of a component, asset, system, process, or enterprise. The visual representation of these types of digital twins is carried out by various enabling technologies such as Enterprise IoT platforms, asset performance management software, analytics software, or simulation tools created by various software vendors and service providers. The market also features service revenue generated by software vendors and third-party service providers offering digital twin software services.
Favorable government initiatives to develop smart urban infrastructure and create a sustainable environment are expected to drive digital twin adoption globally over the forecast period. For instance, in September 2022, Energy Queensland, a Queensland government-owned unlisted public company, partnered with ESRI to develop a 3D digital twin for its above and below-ground infrastructure. The partnership enables the former company to implement the latter company’s ArcGIS software, notably the ArcGIS utility network, to create and manage virtual replicas of the utility assets that include 178,000 kilometers of overhead lines, 53,000 substations, and 1.7 million power poles. Similarly, in May 2022, Barcelona Local Government announced that the government created a digital twin replica of Bologna city on a trial basis to plan potential city projects.
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The continuous feedback provided by digital twins during production enables enterprises to reduce operating costs and extend the life of equipment and assets. These factors make predictive maintenance one of the most used cases of digital twin technology, a trend that is expected to continue over the forecast period.
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