Global digital twin market is projected to grow from $ 3.1 billion in 2018 to $ 17.4 billion by 2024, exhibiting a CAGR of more than 33% during 2019-2024, on account of rising adoption of Industrial Internet of Things (IIoT) and use of virtual model for production line & automate the decision process. Some of the other factors expected to drive global digital twin market include rising adoption of connected devices and Industry 4.0, which refers to the application of mining and data analytics in manufacturing technologies. Moreover, rising technology demand in diverse sectors including energy & utilities, consumer goods and transportation would fuel digital twin market, globally, through 2024.

Years considered for this report:

  • Historical Years: 2014-2017
  • Base Year: 2018
  • Estimated Year: 2019
  • Forecast Period: 2020-2024

Objective of the Study:

  • To define, classify and forecast global digital twin market on the basis of application, end use sector, region and company.
  • To analyze and forecast global digital twin market size
  • To scrutinize the detailed market segmentation and forecast the market size on the basis of end user sector by segmenting global digital twin market into various end-use sectors, namely, manufacturing, transportation, energy & utilities, healthcare, consumer goods and others (aerospace & defense, agriculture, etc.)
  • To scrutinize the detailed market segmentation and forecast the market size on the basis of regions, namely, Asia-Pacific, South America, North America, MEA and South America.
  • To identify the drivers and challenges for the global digital twin market.
  • To strategically profile the leading players operating in global digital twin market.


Some of the leading players in global digital twin market include General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., ANSYS, Inc., Dassault Syst?mes, Siemens AG, Bosch Software Innovation Gmbh and SAP SE.

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of digital twin software developers, procurers and industry experts. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. TechSci Research further analyzed the product offerings or variants, distribution channels, and regional presence of major digital twin software providers.

TechSci Research calculated global digital twin market size by using a bottom-up approach, where data standard applications (user sectors such as Manufacturing, Transportation, Energy & Utilities, Healthcare, Consumer Goods and Others) was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and these were externally validated through analyzing historical data of digital twin market to arrive at the overall market size. Various secondary sources such as company websites, annual reports, World Bank website, government websites, press releases, company annual reports, whitepapers, investor presentations and financial reports were also reviewed by TechSci Research.

Key Target Audience:

  • Digital Twin Software Providers and other stakeholders
  • IoT Vendors
  • End users of Digital Twin such as Manufacturing, Transportation, Energy & Utilities, Healthcare, Consumer Goods and Others
  • Application or Software Developers, Entrepreneurs, Digital Twin Software Integrators
  • Associations, Organizations, Forums and Alliances associated with Digital Twin Technology & Start ups Government bodies such as regulating authorities and policy makers
  • Market research and consulting firms


The study is useful in providing answers to several critical questions that are important for industry stakeholders such as digital twin software providers, procurers, customers and policy makers. The report would enable the stakeholders in identifying which market segments should be targeted in the coming years and accordingly strategize investments and capitalize on the growth opportunities.

Report Scope:
In this report, global digital twin market has been segmented into the following categories in addition to the industry trends which have also been detailed below:

  • Market, by Application:


o Manufacturing Process Planning
o Product Design
o Others

  • Market, by End Use Sector:


o Manufacturing
o Transportation
o Energy & Utilities
o Healthcare
o Consumer Goods
o Others

  • Market, by Region:


o North America
 United States
 Canada
 Mexico
o Europe
 Germany
 UK
 France
 Italy
 Spain
 Rest of Region
 Asia-Pacific
 China
 Japan
 South Korea
 India
 Singapore
 Rest of Region
o Middle East & Africa
 Turkey
 Saudi Arabia
 UAE
 South Africa
 Rest of Region
 South America
 Brazil
 Argentina
 Colombia
 Rest of Region

Competitive Landscape
Competition Benchmarking: Benchmarking of leading 10 players
Company Profiles: Detailed analysis of the major companies providing digital twin software.

Available Customizations:
The following customization options are available for the report:

  • Five more players in the market
  • Further bifurcation in the regional market