Digital Twin Market Analysis

Product (Augmented Reality & Virtual Reality, IoT & IIoT, Artificial Intelligence & Machine Learning, Big Data Analytics)

The global digital twin market is segmented and analyzed for demand and supply by product into augmented reality & virtual reality, IoT & IIoT, artificial intelligence & machine learning, big data analytics, and others. Out of these segments, the augmented reality & virtual reality segment is estimated to gain the largest market share of about 35% in the year 2037. The primary factor for segment growth is the rising popularity of augmented reality & virtual reality in the recent period owing to its greatest advantages and benefits for attracting customers and revenue generation. Recent statistics of a report stated by the end of 2023, there is estimated to be approximately 110 million augmented reality users and 170 million virtual reality users across the world. The implementation of virtual reality (VR) and augmented reality (AR) requires technologically advanced programs such digital twin for effective operation, thus with the rising adoption rate of VR and AR is projected to increase market size along with segment size. Furthermore, augmented reality and virtual reality is in high demand from various industries such as gaming, information technology (IT), architecture, military, archaeology which is also anticipated to bring in favorable opportunities for expansion of segment size in the upcoming years.

Deployment (Cloud, On-Premises)

The global digital twin market is also segmented and analyzed for demand and supply by deployment into cloud and on premise. Amongst these two segments, the cloud segment is expected to garner a significant share of around 61% in the year 2037. The main reason for segment growth is the rising adoption rate of cloud services owing to its advantages across a wide spectrum of industries as well as rapid increase of data being generated every day. It has been predicted from the recent data that the rate of cloud adoption spending is estimated to increase to around USD 485 billion by the end of 2023. Also, the cloud computing industry is projected to reach approximately USD 950 billion by 2026. Furthermore, the various advantages offered by cloud solutions are propelling large scale enterprises along with medium and scale enterprises as cloud services are very much effective in ensuring advanced identity protection and reducing the chances of cyberattacks and cyber-crimes in the long run. For instance, in the year 2021, more than 65% of global enterprise infrastructure was cloud-based. All these factors couple up to positively contribute towards segment growth in the assessment period.

Our in-depth analysis of the global market includes the following segments: