Digital Twin

• [New] Businesses will save US$ 1 trillion each year in asset maintenance by using IoT through digital twins.
• [New] 40% of IoT platform vendors and 70% of manufacturers will be making use of Digital Twin technology by 2022.
• [New] The Global Digital Twin market is expected to grow at a significant rate during the forecast period, owing to the demand from all corners of the globe.
• Global Digital Twins Market is accounted for $2.37 million in 2017 and is expected to reach $39.39 million by 2026 growing at a CAGR of 36.6% during the forecast period.
• By 2023, one-third of mid-to-large companies that implemented IoT will have implemented at least one digital twin associated with a COVID-19-motivated use case.
• By 2023, one-third of mid-to-large-size companies that implemented IoT will have implemented at least one digital twin associated with a Covid-19-motivated use case.
• The digital twin market is expected to grow at a CAGR of 24.7% during the forecast period 2017-2023: Currently, cloud deployment is expected to contribute a major share followed by the on-premises and hybrid during the forecast period 2017-2023.
• The Digital twin software market is expected to grow worth of USD+15 Billion and at a CAGR of +37% over the forecast period 2018-2025.
• By 2020, 30 percent of g2000 companies will be using data from digital twins of IoT connected products and assets.
• By 2020, 30% of the world's largest public companies will be using data from digital twins of IoT-connected products and assets to improve product innovation success rates and organizational productivity, producing gains of up to 25%.
• In 2018, more organizations will implement digital twins to visualize complex technologies and achieve new efficiencies with an increasingly digital approach.
• Digital Twins made Gartner's list of the Top 10 Strategic Technology Trends for 2018 and the Digital Twin market is expected to grow to over $15 B by 2023.
• Industry researchers expect the digital twins market to grow by 38% annually over the next few years, reaching USD $26 billion by 2025.
• By 2021, 50% of established industrial companies will use Digital Twins, with an estimated outcome of 10% improvement and effectiveness in their operations.
• Digital twin technology is valued presently at US$ 1.88 billion and is expected to have an exponential growth to reach US$ 13.5 billion by the end of 2025, growing at a CAGR of 32.4% during the forecasted period.
• Digital twin market is expected to reach USD 44.34 billion by 2027 witnessing market growth at a rate of 35.0% in the forecast period 2020 to 2027.
• The worldwide market for digital twin technologies is expected to reach $16 billion in four years.
• Gartner recently predicted that half of large industrial companies will use digital twin technologies by 2021, and according to Juniper Research, digital twin revenues will rise from US$ 9.8 billion this year to US$ 13 billion in 2023.
• The Digital Twin Market is expected to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8% during the forecast period.
• By 2021 approximately 50% of industrial companies will integrate the use of digital twin technologies to increase workforce performance and manufacturing efficiency.
• By 2023, 30 percent of the Philippines' top 1,000 companies will have implemented advanced digital twins of their operational processes, which will enable flatter organizations and one-third-fewer knowledge workers.
• The market for digital twins is expected to grow more than 38% each year, passing the $26 billion mark by 2025.
• By 2020 50% of major enterprises will use digital twin technologies to optimize their business processes, cutting overhead costs and increasing efficiency.

Last updated: 17 January 2021