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Digital Twin Market Share

Report ID: GMI2196
Published Date: Mar 2024
Report Format: PDF

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Digital Twin Market Share

IBM Corporation and Siemens AG held significant market share of over 10% in 2023. IBM Corporation focuses on continuous innovation by investing heavily in R&D to enhance its digital twin technologies. The company lays major emphasis on developing advanced analytics capabilities, machine learning algorithms, and AI-driven solutions to improve the accuracy, scalability, and performance of digital twins.

Siemens AG focuses on expanding its portfolio of industry-specific digital twin solutions tailored to key verticals such as manufacturing, energy, transportation, and healthcare. By developing domain-specific digital twin applications that address the unique requirements of each industry, Siemens captures market share and drive adoption across diverse sectors.

Digital Twin Market Companies

Major companies operating in the digital twin industry are:

ABB Group
Autodesk Inc.
Capgemini
Dassault Systems
General Electric
IBM Corporation
Microsoft Corporation
Oracle Corporation
Rockwell Automation
Siemens AG

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of digital twin reached USD 9.9 billion in 2023 and is set to witness 33% CAGR between 2024 and 2032, owing to the increasing investments led by organizations on robust cybersecurity measures and compliance frameworks to protect sensitive data and ensure regulatory compliance.

The product design & development segment accounted for a market share of around 50% in 2023 and is expected to cross USD 57 billion by 2032, as it allows engineers to simulate and test various scenarios in a virtual environment before physical prototypes are built.

North America market share was around 35% in 2023, due to the robust growth of manufacturing, automotive, aerospace, and healthcare sectors, along with wider adoption of Industry 4.0 principles.

ABB Group, Autodesk Inc., Capgemini, Dassault Systems, General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rockwell Automation, and Siemens AG.