Interscale Content Hub – Digital twin statistics show how quickly this technology is changing the way industries work.
For instance, in Australia, digital twins are being used in lots of different sectors, which is in line with what’s happening globally.
From changing the way we maintain manufacturing to transforming how we design and manage buildings.
So, let’s take a look at the numbers for digital twins.
Digital Twin Market Overview
The digital twin market is booming like never before, set to transform how industries operate and innovate.
The global digital twin market is seeing some pretty impressive growth, thanks to advances in IoT, AI, and data analytics.
Precedence Research reckons the global digital twin market was worth USD 14.25 billion in 2023, USD 19.80 billion in 2024, and is set to reach around USD 383.61 billion by 2033. That’s a CAGR of 39% from 2024 to 2033.
In their paper, “Digital Twin & Official Statistics,” Steve MacFeely and Hossein Hassani point out that Gartner has named digital twins one of the top 10 strategic technology trends every year since 2017.
This shows how important digital twins are becoming in different industries.
The rise of Industry 4.0 has been a big factor, as digital twins help manufacturers to make their operations more efficient, cut down on downtime and improve product quality.
P&S Intelligence uses Chevron Corporation as a good example here. The Chevron Corporation reckons they’ll save a few million dollars on maintenance costs by 2024 thanks to virtual modelling technology.
This tech lets you combine sensory data, historical data and simulation techniques to get better business results.
As a point of reference, you might want to take a look at “Digital Twins vs Metaverse: Which One is Your Winning Move for Business.”
Adoption Rates Across Industries
Digital twins are being used in lots of different industries, to varying degrees. Manufacturing is one of the top industries using digital twin technology.
It uses digital twins to test out production processes, predict when maintenance is needed, and make sure supply chains are running smoothly.
Leveraging digital twins helps manufacturers improve efficiency and cut costs.
For instance, predictive maintenance helps spot potential equipment failures before they happen, which cuts down on downtime and boosts productivity.
Global Market Insights says the manufacturing sector accounted for 26% of the digital twin market in 2023.
This growth is down to the increasing need to create virtual replicas of production processes, equipment and supply chain operations.
The construction industry, which is a big part of the Australian economy, is also seeing more and more interest in digital twins.
Being able to create virtual copies of buildings and infrastructure projects makes it easier to plan, design and manage them throughout their whole life cycle.
Innowise reckons the digital twin market in construction was worth $2.3 billion in 2023. We’re looking at a digital twin market size of around $55 billion by 2028.
Finally, the digital twin market in construction is set to grow at a compound annual rate of around 17% from 2023 to 2028.
In other sectors, digital twins are being used more and more in healthcare for things like patient monitoring, personalised medicine and surgical simulations.
We’re expecting to see an increase in the use of digital twins in healthcare in Australia, driven by the need for more efficient healthcare delivery systems.
Grand View Research reckons the global healthcare digital twins market was worth USD 572.4 million in 2022. They think it’ll grow at a compound annual growth rate (CAGR) of 25.6% from 2023 to 2030.
The “2022 Digital Twin Global Survey Report” by Altair gives us some insight into how things are going with adoption across different regions.
The survey shows that the Asia-Pacific region, including Australia, is leading the way in digital twin adoption. In fact, 78% of respondents said that their organisations are already using this technology.
This shows how keen the region is to embrace new ideas and how it sees digital twins as a way to grow and stay competitive.
Key Digital Twin Statistics
Market Growth
The digital twin market is really taking off, thanks to all the new tech out there like IoT, AI, and data analytics.
Grand View Research estimates there was USD 16.75 billion in the global digital twin market in 2023 and it’s set to grow at a compound annual growth rate (CAGR) of 35.7% from 2024 to 2030.
The Australian market is following this global trend, with big investments in digital twin technologies across different sectors, including manufacturing, healthcare, and smart city projects.
Investment and Funding
There’s a lot of investment going into digital twin technology at the moment and it’s still growing.
We can take a look at the MarketsandMarkets report.
The MarketsandMarkets report shows how Leucine, a startup focusing on AI-generated digital twin platforms for drug manufacturing, secured USD 7 million in series A funding in 2023.
Another great example is from the Mordor Intelligence report.
Mordor Intelligence’s digital twins market report shows how Prevu3D, a developer of 3D digital twin technology, raised USD 10 million in a Series A funding round to expand its platform’s industrial applications.
Implementation Costs
The initial investment in digital twin technology can vary depending on how complex and large the project is, but the long-term benefits often make it worth it.
A Capgemini Research Institute report, “Digital Twins: Adding Intelligence To The Real World,” found on average, organisations working on digital twins have seen a 15% improvement in key sales and operational metrics and an improvement of over 25% in system performance.
This shows there might be some upfront costs, but the return on investment in terms of improved efficiency and productivity can be significant.
Another great example is Chevron Corporation, which is expecting to save millions in maintenance costs by using digital twins in its oil fields and refineries by 2024.
But it’s not just big businesses that are getting on board with digital twins.
Small and medium-sized enterprises (SMEs) are also adopting them because there are now more affordable solutions out there that help to cut product development costs and prevent machine failures.
Maybe this is something useful you need to look at “How Can Digital Twins be Used in IoT Applications: Your Cheat Code Here.“
Operational Efficiency
Being able to keep an eye on your assets in real time means you can predict when something might go wrong and stop it from becoming a costly breakdown.
This not only means less downtime but also better maintenance schedules, which saves a lot of money.
For instance, Grand View Research says the predictive maintenance sector brought in the most revenue in 2023.
This is because businesses are using digital twins to schedule maintenance based on what they actually need, which helps to reduce downtime and prevent equipment from breaking down.
In Australia, the Sovereign Manufacturing Automation for Composites CRC (SoMAC) uses digital twins to make composite manufacturing processes more efficient, showing how the technology can help improve productivity in production environments.
Product Development
By using virtual testing and simulation, companies can spot and fix design issues early on in the development process, which means they don’t have to spend as much on physical prototypes.
Take BMW and Hyundai, for instance. They use digital twins to make their research and development processes more efficient and innovative.
Global Market Insights also shows that over 50% of the market share in 2023 was held by product design and development.
Customer Satisfaction
Having real-time data and insights means businesses can tackle performance issues head-on, keep service levels up and avoid expensive repairs.
So, the digital twins let your business create products and services that are tailored to the customer.
This personalisation can lead to a better customer experience and more loyal customers.
The Altair survey found that 92% of people who used digital twin technology said it made their products and processes more sustainable.
This will also lead to happier customers, because we’ll be able to deliver better quality and more reliable products.
Digital Twin Technology Trends
Yuntao Wang et al., in their survey paper “A Survey on Digital Twins: Architecture, Enabling Technologies, Security and Privacy, and Future Prospects,” highlight the increasing integration of artificial intelligence (AI) and machine learning (ML) into digital twin frameworks.
These technologies are crucial for analysing the vast amounts of data generated by digital twins, enabling more accurate predictions and informed decision-making.
Another trend is the convergence of digital twins with augmented reality (AR) and virtual reality (VR).
This integration offers immersive experiences for interacting with digital twins, making them more accessible and user-friendly.
Then, we will see an increase in the cloud-based deployment segment, which is expected to register the fastest CAGR from 2024 to 2030.
Companies like Dassault Systems have transitioned their digital twin operations to the cloud, providing end-to-end cloud services that generate value from data at various levels.
The Altair survey also touches upon a fascinating trend: the potential for digital twins to replace physical prototypes.
A significant 43% of respondents believe that digital twin solutions will render physical testing obsolete within the next four years.
This highlights the growing confidence in the accuracy and reliability of digital twins.
Manage Your Digital Twins in So Many Ways
Given all these numbers, it’s fair to say that adopting digital twin technology can be tricky. We need to be aware of the complexity and initial costs involved.
That’s why we’re here at Interscale to help you get to grips with digital twin integration.
We can help with all sorts of things, like managing your BIM, setting up and implementing digital twins, and training and support.
Our team of experts knows digital twins and how they can be used in lots of different industries.
One example of our work is our collaboration with Ewert Leaf, a leading Australian construction company.
We helped Ewert Leaf implement a digital twin solution for one of their big projects. As a result, they saved a lot of money and got better results.
We know we have a lot to offer, so we’d like you to do some research.
Please feel free to take a look at our Interscale BIM Management Support Service page.
Or, if you need to make a few more tweaks, we’d be happy to run them by you.
Let us know when you can meet to talk. We’re here 24/7, whenever you need us.
In Closing
As the digital twin market grows fast, you must capitalize on it to generate new ideas and improve their operations.
If you keep up with the latest trends and statistics and get advice from experts, you can successfully navigate the digital twin landscape and achieve long-term growth.
That’s why keeping up with the latest digital twin statistics is an essential part of the process.
