Digital Twin 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. By 2020, 20% of NZ100 companies will have implemented advanced digital twins of their operational processes, which will enable flatter organisations and one-third fewer knowledge workers. Research firm Gartner predicts that by 2021 half of large industrial companies will use digital twins and estimates that those that do could save up to 25% in operational running costs as a result. Gartner predicts that by 2021 half of large industrial companies will use digital twins, resulting in those organizations gaining a 10% improvement in effectiveness. Also by 2020, 30% of Global 2000 companies - the world's largest public companies - will have implemented advanced digital twins of their operational processes, enabling flatter structures and fewer knowledge workers. IDC predicts that by 2020, 30 percent of Global 2000 companies will be using data from digital twins of IoT connected products and assets to improve product innovation success rates and organizational productivity, achieving gains of up to 25%. By 2021 half of all industrial companies will use digital twins and see an average efficiency gain of 10% from them. USA is the largest market of Digital Twin in the world in the past few years and it will keep increasing in the next few years. The global market for digital twins is expected to grow 38 percent annually to reach $16 billion by 2023. By 2021, 50 percent of large industrial companies will use digital twins. By 2021, 50% of large industrial companies will deploy digital twins with a 10% gain in effectiveness: IDC predicts the gains from digital twin technology to be as high as 25%. Gartner predicted that by 2021, half of large industrial companies would use digital twins with especially digital twins in the context of IoT projects being particularly promising over the next three to five years. More than 80 percent of all IoT platforms will have some form of digital twin functionality within the next five years. See full forecast Last updated: 02 August 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
