The Digital Twin market is possibly one of those with the highest growth, and part of the reason is that it is both fuelling the digital transformation and it is fuelled by the digital transformation. Another reason is that the success of digital twins in areas like manufacturing and operation is pushing their adoption in other areas, with healthcare expected to adopt them in the next decade and education knowledge management following suit. In a way, Digital Twins are both a consolidated technology and an emerging one, both in terms of application areas and in terms of technology. Standardization is ongoing and will play a role in their adoption and in market development.
The global market value, as of 2018, is around 3B$ (actually, digital twins include several software and hardware components and there is no unanimous agreement on what to count – e.g. are CAD systems to be counted? -, so different boundaries result in different market estimates) and are expected to grow to 26B by 2025.
Currently, 2019, Digital Twins are becoming a consolidated reality in several enterprises in the value chain of product manufacturing, as show in the figure. Notice in the figure how digital twin can mirror the operation through mirroring sensors (and most IoTs are now expected to be connected to the cyberspace through Digital Twins) and on the other side Digital Twins can mirror enterprise processes. Several Industries are now developing and providing platforms that become aggregators of third party applications by sharing services and data through Digital Twins (like Siemens Mindsphere). This is important since these platforms stimulate Digital Twins adoption and creation of value out of Digital Twins fostering the growth of the market.
Main players as of 2019 in the Digital Twins area are: Allerin, Altair, Amazon Web Services, ANSYS, Aucotec, Autodesk, CADFEM, HP, CoSMo Company SAS, Dassault Systems, DNV GL, FEINGUSS BLANK, GE, IBM, Mevea, Microsoft, Oracle, Bosch, SAP, Siemens, Sight Machine, TIBCO Software, Toshiba, Virtalis.
Autonomous systems are already mirrored by Digital Twins (think of a Tesla car) and we can expect most, if not all, autonomous systems in the coming years being associated with a Digital Twin. In the next decade Digital Twin can move to stage 4, where they are becoming an integral part of a product delivering part of its functionality through the cyberspace.