Digital Twin Market Size to hit USD 140.93 billion by 2031, Experiences Growth Due to Increasing Adoption of IoT Devices, Large-Scale Digital Transformation | The Insight Partners
NEW YORK, July 4, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global digital twin market is observing significant growth owing to the increasing adoption of IoT devices, large-scale digital transformation, and Industry 4.O adoption across enterprises and surging emphasis on predictive maintenance.
The digital twin market was valued at US$10.305 billion in 2023 and is projected to reach US$140.93 billion by 2031; it is expected to register a CAGR of 38.7% during 2023–2031. The increasing adoption of IoT devices, large-scale digital transformation, and industry 4.O adoption across enterprises and surging emphasis on predictive maintenance are a few of the significant factors driving the global digital twin market. Furthermore, the Integration of AI, AR, VR, and other advanced technologies is likely to propel the demand for digital twins in the future.
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the digital twin market comprises a vast array of types, enterprise sizes, and end users, which are expected to register strength during the coming years.
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Overview of Report Findings
Increasing Adoption of IoT Devices:
The Internet of Things (IoT) describes an extensive broad network of interconnected devices along with technologies that enable communication between these devices and the cloud. Recently, there has been a huge surge in the adoption of IoT technologies due to advancements in mobile and wireless connectivity technologies, and a gradual drop in the cost of sensors and other components. Several industries are using IoT to improve efficiency and reduce the costs of their operations.
According to Finance Online, there were approximately 14.76 billion connected IoT devices as of November 2023, and this figure is expected to rise to ~25.44 billion by 2030. As per a forecast by IoT Analytics, 75% of the total devices in use would be IoT by 2030. Furthermore, FinleyUSA estimated the global IoT spending at US$ 1.1 trillion in 2023. The use of digital twins is increasing with the surging adoption of IoT. Digital twins require a continuous flow of data to accurately replicate their physical counterparts. IoT devices can fulfill this requirement with built-in sensors. These sensors facilitate real-time data collection from the environment, human interactions, or objects' functions.
Digital twins rely on IoT sensor data to gather information from the real-world object to project it to create the digital-world object. The insights derived from these data allow organizations to react quickly to improve operational efficiency, customer satisfaction, and production quality, among others. As IoT devices transmit data, digital twins update the data in real time, which ensures that the virtual model is in sync with the physical entity. By leveraging IoT, a digital twin can represent a complex piece of equipment such as a wind turbine and processes such as customer activities in a retail shop. Thus, the increasing adoption of IoT devices drives the digital twin market.
Surging Emphasis on Predictive Maintenance:
Predictive maintenance is perceived as the most advanced means to manage maintenance within manufacturing plants. This maintenance approach is enabled by the implementation of technologies such as AI, ML, the Internet of Things (IoT), and Big Data to monitor equipment and check for part failure. Predictive maintenance helps save maintenance costs by selectively detecting the parts that need attention. It also guides organizations to make small repairs in a timely manner, which aids the extended lifecycle of equipment and helps reduce downtime.
A targeted maintenance approach enabled by predictive maintenance reduces unnecessary inspections and repairs and facilitates early intervention to prevent serious and complex problems down the line. Due to such benefits, predictive maintenance has increasingly been used in economically critical industries, such as manufacturing and automotive, in recent years. According to the Department of Energy, maintenance teams from different organizations expect an upsurge of 25% in production outcomes after the implementation of a predictive maintenance strategy and software. Thus, a growing focus on predictive maintenance bolsters the digital twin market.
Geographical Insights:
In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific.
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Market Segmentation
- On the basis of type, the global digital twin market is segmented into asset twins, system twins, process twin, parts/component twin. The asset twins segment dominated the market in 2023.
- Based on enterprise size, the global digital twin market is segmented into large enterprises, SMEs. The large enterprises segment dominated the market in 2023.
- In terms of end user, the global digital twin market is segmented into manufacturing, automotive, aerospace and defense, healthcare, retail, others. The manufacturing segment dominated the market in 2023.
Competitive Strategy and Development
- Key Players: General Electric Co, Microsoft Corp, Siemens AG, Dassault Systèmes SE, PTC Inc, Robert Bosch GmbH, International Business Machines Corp, Oracle Corp, Ansys Inc, and Autodesk Inc are among the key players profiled in the digital twin market report.
- Trending Topics: Industrial Metaverse, Machine Learning, AI & Machine Learning Integration, among others
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Global Headlines
- "L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global pure-play engineering services company, and Ansys, a global leader and pioneer of Multiphysics engineering simulation software, had signed an MOU to establish the LTTS-Ansys Center of Excellence (CoE) for Digital Twin. The center supports LTTS in demonstrating industry use cases, developing future-facing solutions, and enabling its customers to optimize design, manufacturing, and supply chain processes. Ansys' Twin Builder solution allows LTTS to further expand its market share in digital twin areas."
- "Ansys (NASDAQ:ANSS) and Rockwell Automation expanded digital twin connectivity to industrial control systems, enabling users to optimize the design, deployment, and performance of industrial operations. By implementing simulation-based digital twins, engineering teams can garner new insights that speed innovation and reduce costs from the design phase to the production phase."
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Conclusion
The digital twin technology is revolutionizing various industries, and it has the potential to shape the future of the manufacturing industry. The increasing use of cloud solutions and services, digital transformation measures taken by governments and industrial sectors, and an emphasis on sustainability are a few of the key factors driving the digital twin market growth. The implementation of digital twins helped end users improve their performance, lower operating costs, and provide convenience on a number of levels. Further, the integration of AI, AR, and VR technologies is expected to bring new digital twin market trends in the coming years.
The report from The Insight Partners, therefore, provides several stakeholders—including hardware providers, software providers, service providers, system integrators, and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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