Digital Twin Statistics 2023
– Everything You Need to Know

Last Updated on by | Reviewed by Editorial Staff

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Digital Twin Statistics 2023: Facts about Digital Twin outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Digital Twin, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Digital Twin Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

On this page, you’ll learn about the following:

Top Digital Twin Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Digital Twin Statistics on this page 🙂

Digital Twin “Latest” Statistics

  • The worldwide digital twin market was valued at USD 6.75 billion in 2021 and is expected to expand to USD 8.88 billion by 2029, at a CAGR of 40.6% during the forecast period.[1]
  • According to InvestIndia.gov, important firms and governments worldwide invested over USD 17 billion in the digital twin industry in 2017 and are expected to spend approximately USD 60 billion by 2021.[1]
  • According to a recent IoT implementation survey* conducted by Gartner, Inc., 13 percent of firms adopting Internet of Things (IoT) projects now utilize digital twins, while 62 percent are either in the process of establishing digital twin use or plan to do so.[2]
  • 61 percent of enterprises that have adopted digital twins have already merged at least one pair of digital twins with each other, and an even higher proportion — 74 percent of organizations that have not yet linked digital twins — plan to do so over the next five years.[2]
  • Nearly half of those polled in a recent survey had never heard of digital twins.[3]
  • By 2027, the value of digital twin-supported smart city solutions will be $4.8 billion.[3]
  • By 2027, up to 93% of all IoT Platforms will have some type of digital twinning capacity.[3]
  • Over 95% of suppliers realize the importance of IIoT APIs and platform connectivity for industrial verticals, as well as digital twinning capability.[3]
  • Over 42% of executives across a wide range of business verticals see the benefits of digital twinning, and 59% want to adopt it into their operations by 2028.[3]
  • The size of the Digital Twin Market crossed USD 8 billion in 2022 and is predicted to expand at a 25% CAGR between 2023 and 2032.[4]
  • Due to an increasing organizational focus on digital twin deployment to modernize the asset monitoring and maintenance process, the machine and equipment health monitoring market is expected to increase at a 25% pace through 2032.[4]
  • By 2023, Europe’s digital twin market is expected to account for more than 25% of total revenue.[4]
  • The worldwide digital twin market was worth USD 11.12 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 37.5% between 2023 and 2030.[5]
  • When it comes to the worldwide digital twin market, Asia Pacific is predicted to develop the quickest, with a CAGR of more than 40% during the forecast period.[5]
  • According to current predictions, the European market for digital twins will be worth roughly €7 billion by 2025, with an annual growth rate of 30 to 45 percent.[6]

Also Read

Reference

  1. fortunebusinessinsights – https://www.fortunebusinessinsights.com/digital-twin-market-106246
  2. gartner – https://www.gartner.com/en/newsroom/press-releases/2019-02-20-gartner-survey-reveals-digital-twins-are-entering-mai
  3. globenewswire – https://www.globenewswire.com/en/news-release/2022/03/18/2405965/28124/en/Global-Digital-Twins-Market-Report-2022-Digital-Twin-Supported-Solutions-in-Smart-Cities-to-Reach-4-8-billion-by-2027.html
  4. gminsights – https://www.gminsights.com/industry-analysis/digital-twin-market
  5. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/digital-twin-market
  6. mckinsey – https://www.mckinsey.com/business-functions/operations/our-insights/digital-twins-the-art-of-the-possible-in-product-development-and-beyond

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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