Digital Twin

• 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.
• 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%.

Last updated: 22 November 2020