Digital Twin Market Overview
A digital twin is, in essence, a virtual model that employs the use of real-world data in order to create simulations that can be used to predict how a system or process will perform. Presently, the domain is dominated by the presence of small companies (30%), followed by mid-sized (25%) and very large (25%) players.
The global Digital Twin Market size is estimated to grow from $12.8 billion in 2024 to $240.3 billion by 2035, growing at a CAGR of 41% during the forecast period from 2024 to 2035.
Digital Twin Market Key Players
Key players in Digital twin market domain are Ansys, Azure, Bosch, Cisco, Dassault, Systèmes, General Electri, IBM, Oracle, Siemens. Examples of small players engaged in this market space include (arranged in alphabetical order, based in North America and established post-2015), Altis Labs, Basetwo, MAI, Navv Track, Verto and VictoryXR. Most of the digital twins (42%) are process twins. This can be attributed to their ability to optimize organization efficiency, reduce downtime and minimize the risks associated with their assets. This is followed by whole body twins (35%) and body parts twin (32%). Notable examples of whole-body digital twins include (in alphabetical order, developed by large and very large players based in Europe), Bodylogical, Emma Twin, Healthcheck and an unnamed technology by PwC.
Currently, the majority (88%) of digital twins are commercially available, followed by products / services that are currently under development. Notable examples of the digital twins that are currently available in the market, includes (in alphabetical order, developed by mid-sized companies based in North America), BreathEasy, Gemini Digital Twins, HighIQ Smart Hospital Solutions, TwinRCTs II, TwinRCTs, Whole Body Digital Twin, and other unnamed technologies by Faststream Technologies, Gramener, Leucine and Twin Health.
Since the emergence of digital twins, they have found their use in various healthcare applications. Such twins enable personalized medicine by creating virtual models of individual patients, aiding in treatment planning, predicting outcomes, monitoring patients in real-time and allowing for proactive interventions.
Furthermore, they facilitate medical education and training by providing realistic scenarios for students and professionals to learn from, improving overall healthcare practices.Asset / process management emerged as the most popular (44) application area of digital twins. Notable examples of companies that offer digital twins for asset / process management applications (arranged in alphabetical order, based in North America) include, Basetwo, Navv Track, Neo PLM, Verto and VictoryXR. This is followed by digital twins intended for personalized treatment (31) and health monitoring (27).
Digital Twin Market Segmentation
Key segments of Digital twin market are Distribution by Application Area (Business Optimization, Predictive Maintenance, Production Design and Development, and Others), Type of Twin (Parts Twin, Product Twin, Process Twin, and System Twin), End Users (Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing, Retail, Energy and Utilities, Real Estate, IT and Telecommunication, and Others) and Key Geographical Regions (North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World).
In order to outshine their proprietary offerings, developers are keen to integrate advanced technologies and innovations that can attract a wider audience Further, a detailed competitiveness analysis of the players offering digital twins, based on several relevant parameters, such as portfolio strength (in terms of number of products, status of development, areas of application, technology used, end users and type of twins), partnerships strength (in terms of number of partnerships, year of partnerships, and type of partnership) and funding strength (in terms of number of funding instances, amount of funding, year of funding and type of funding) is provided by Roots Analysis.
As per the proprietary scoring criteria, amongst companies based in North America, Certara emerged as the most prominent player based on its competitiveness score. The aforementioned company claims to offer two digital twin solutions, named Gene Therapy Platform and Simcyp Simulator, developed to optimize clinical trials and offer personalized treatments to patients. Additionally, the company raised a collective funding amount of over USD 1.4 billion to expedite the development and commercialization of its solutions, during the period 2018-2023. Examples of other prominent North America-based players in this domain include (arranged in decreasing order of competitiveness, having competitiveness score of more than 17.0), BigBear.ai, Unlearn, Navv Track, Thoughtwire and VictoryXR
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