See full analysis Learn more 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 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No