BIMScaler Blog – The global digital twin market is booming like never before, thanks to the latest tech like the Internet of Things (IoT), big data analytics, and artificial intelligence.
The great thing about digital twins is you can simulate, monitor and optimise real-world processes, which ultimately cuts costs and makes things more efficient.
In Australia, sectors like energy, transportation, and manufacturing are already using digital twins to boost productivity and sustainability efforts.
Global Digital Twin Market Size and Growth
The latest report from Grand View Research, “Digital Twin Market Size, Share & Trends Analysis Report,” shows how the market is on the brink of exponential growth.
The global digital twin market was worth a whopping USD 16.75 billion in 2023 and is set to grow at a compound annual growth rate (CAGR) of 35.7% from 2024 to 2030.
This is a pretty amazing trajectory, which shows just how transformative digital twins can be.
Businesses all over the world are realising that they can optimise operations, streamline processes and accelerate time-to-market.
The combination of new technologies with digital twin solutions is also driving this growth, allowing the creation of increasingly sophisticated and insightful virtual replicas.
The healthcare sector is a big player here, using digital twins to keep an eye on patients in real time and make predictions based on their data.
Meanwhile, manufacturing companies are using the technology to make their processes more efficient, develop products better and manage their supply chains better.
How Much is the Digital Twin Worth?
As of 2023, the global digital twin market was worth USD 16.75 billion and is expected to skyrocket to USD 155.84 billion by 2030.
The rapid adoption of the Internet of Things (IoT), AI and big data analytics is fueling this expansion.
But the financial value of a digital twin is actually much more than just the initial investment cost.
As Dr. Zhihan Lyu explains in the “Handbook of Digital Twins,” digital twins are a cost-effective way to drive innovation and performance.
They help businesses make better decisions, spot problems before they get out of hand and run their operations more efficiently.
The “Building Digital Twins,” report by Granlund also makes a good point about how digital twins can help to reduce vacancy rates, make services cheaper, and increase building valuations.
Adopting digital twin technology is a great way for Australian companies to make their operations more efficient and cut costs.
Local companies are especially interested in using digital twins in the energy and infrastructure sectors.
This can help them to keep things running smoothly, predict when things might go wrong, and make decisions in real time.
So, the real value of a digital twin is in how it can create long-term benefits through increased productivity, reduced costs and better decision-making.
Learn more: Digital Twin Market in 2024: Growth, Trends, and Future Outlook
Industries with Highest Digital Twin Usage
Digital twins are being adopted across the board, but certain industries are leading the way because their operations are pretty complex and high-stakes.
The Grand View Research report shows the automotive and transport sector currently makes up the largest slice of the pie, at around 21.0% in 2023.
This is down to the many benefits digital twins bring to this area, including cutting costs, making vehicles safer and boosting productivity.
The telecommunications sector is also set for some big growth, with a projected CAGR of 40% from 2024 to 2030.
Digital twins help telecom companies keep an eye on their network systems, spot potential issues, and tweak their network design, which leads to better customer experiences and less downtime.
We’re also seeing a growing interest in digital twins in other sectors like manufacturing, healthcare, and energy.
Leading Companies in Digital Twin Technology
The ABB Group is a big name in automation and electrification solutions. It’s a key player in the industrial digital twins space, with its robotics and digital services leading the way.
The company’s focus on sustainability and efficiency chimes with the growing global emphasis on responsible and optimised operations.
IBM has a long history in IT and a solid cloud infrastructure, which helps businesses use digital twins to get data-driven insights and make smart decisions.
Microsoft, through its Azure cloud platform and advanced analytics capabilities, offers a scalable and flexible environment for building and deploying digital twins.
Newcomers like PTC Inc. and AVEVA Group Plc are also making big moves in the digital twin space.
PTC Inc. has a strong presence in design and modelling software and offers solutions that integrate seamlessly with digital twin platforms, which helps with product design, development and lifecycle management.
AVEVA Group Plc is a leading provider of industrial and engineering software.
They offer a comprehensive framework for creating and managing digital twins in complex industrial environments.
The “Handbook of Digital Twins” also shows how industry leaders like Siemens, Tesla, ANSYS, and General Electric are leading the way in digital twin technology.
These companies have already used digital twins in their operations, which shows how they can help make things more efficient, encourage new ideas, and give them an edge over their rivals.
Learn more: What We Need to Know About Digital Twins in AEC Industry of Australia
Countries Leading in Digital Twin Adoption
The adoption of digital twin technology is a global phenomenon, but certain countries are spearheading this digital revolution.
Right now, North America is the market leader, with about 34% of the global revenue share in 2023.
The region’s got a strong tech infrastructure, a thriving innovation ecosystem and some big market players, which helps to explain why it’s leading the way.
The US is a real hotspot for digital twins, with companies like IBM, Microsoft and General Electric leading the way.
Europe is also starting to make a big impact in the digital twin market, with a projected CAGR of 38.1% from 2024 to 2030.
Germany and the UK are leading the way in this growth, thanks to the quick uptake of Industry 4.0 tech and government support.
The Asia-Pacific region is set to see a lot of growth in digital twin adoption, thanks to its growing economies and focus on digital transformation. China and India are set to play a big part in the market’s growth.
How to Get Digital Twin with Limited Resources
Let’s be honest, when companies first start using a digital twin system, it’s not always easy.
The cost and complexity of implementing digital twin technology is a significant obstacle.
The good news is you can still get the benefits of digital twins even if you don’t have a lot of resources.
The solution is simple: team up with a service provider specialising in this kind of thing, like BIM Scaler.
We at BIM Scaler provide practical solutions for businesses looking to adopt digital twin technology without the need for a big upfront investment.
We can help you with Revit modelling, digital engineering, model auditing, and content and template creation.
What does that mean for you?
Your business can access the expertise and technology you need to create and manage digital twins without spending a fortune on expensive software and infrastructure.
When you’re ready to experience the difference for yourself, kindly visit our BIM Management Support page to see how we can help.
Or, let’s grab lunch – no sales, no pushy pitches; just a friendly talk about how to make your complex digital dreams a reality, one step at a time.
Just drop us a line to arrange a time that suits you.
In Closing
The global push for digital twin adoption is unstoppable. Leading companies like Microsoft and Siemens are leading the way, as are countries such as Germany and China.
The digital twin market is set to become one of the most influential technologies in the coming decade, with a projected growth rate of 35.7% through 2030.
The future is digital, and the global digital twin market is at the forefront of this transformation. Are you ready to face it?
