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Digital Twin Market Report 2023-2027

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A 233-page report detailing the market for digital twins, including definition & disambiguation, standardization efforts, market size & outlook, competitive landscape, market hotspots, case studies, trends & developments.
Document type: PDF, XLSX, PPTX
Published: February 2023
Main author: Mohammad Hasan
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About the report

The Digital Twin Market Report 2023–2027 is part of IoT Analytics’ ongoing coverage of IoT software and platforms. The information presented in this report is based on the results of multiple surveys, secondary research, and qualitative research, i.e., interviews with 20+ digital twin experts such as vendors and end users between April 2022 and December 2022. The document includes definitions for digital twins, market projections, adoption drivers, competitive landscapes, key trends and developments, and case studies.

Table of Contents

Digital Twin Market Report 2023–2027 (PDF)

  1. Executive Summary
  2. Introduction
    1. 2.1 Evolution of digital twins
    2. 2.2 Definition of a digital twin
    3. 2.3 Interest in digital twins
    4. 2.4 Digital thread
    5. 2.5 Digital twin implementation example
  3. Technology Overview
    1. 3.1 Key concepts for understanding digital twin architectures
    2. 3.2 Key technological components to create and work with digital twins
    3. 3.3 Introducing digital twin reference architectures
    4. 3.4 Creating digital twin models
    5. 3.5 Technical realization of a digital twin
  4. Key authorities and standardization efforts
    1. 4.1 Overview: Key authorities
    2. 4.2 Deep-dive 1: Asset Administration Shell (AAS)
    3. 4.3 Deep-dive 2: Digital Twin Consortium (DTC)
    4. 4.4 Deep-dive 3: Adoption of AAS and DTC standard
  5. Market size & outlook
    1. 5.1 Primer: What IoT Analytics considers as the market for digital twin software
    2. 5.2 Ways to look at the digital twin market : broad and narrow definitions
    3. 5.3 Expected effect of different macro factors on the digital twin market (2022 – 2027)
    4. 5.4 Global digital twin market size
    5. 5.5 Manufacturing digital twin market – Discrete, hybrid, process
    6. 5.6 Global digital twin market – Regional and country specific distribution
  6. Competitive landscape
    1. 6.1 Competitive Landscape: What We Learned from Looking at 110+ Vendors
    2. 6.2 Strategic Focus on Digital Twin as Measured by Mentions in Earnings Calls
    3. 6.3 Key Technological Components to Create and Work with Digital Twins
    4. 6.4 Digital Twin Ecosystem
    5. 6.5 Digital Twin Vendor Profiles
    6. 6.6 Pricing of Digital Twin Platforms
  7. Current state of digital twin projects and market hotspots
    1. 7.1 Analysis based on 100 recent digital twin projects
    2. 7.2 Current state of digital twin projects: hotspots based on frequency
    3. 7.3 Procurement channels for AR software
    4. 7.4 End-user opinions
  8. Case studies
  9. End-user insights
    1. 9.1 End-User Insights—Overview of the Three Surveys
    2. 9.2 What End Users Typically Do with Digital Twins
    3. 9.3 Implementation of Different Industry 4.0 Strategies – Based on type of asset
    4. 9.4 Adoption of Smart Manufacturing Use Cases
    5. 9.5 Deployment of Factory Digital Twins by Region and Industry
    6. 9.6 Planned Investment in Smart Manufacturing Use Cases in the Next Three Years
    7. 9.7 Main Challenges When Adopting Digital Twins in a Factory: Integration, Time, and Complexity
    8. 9.8 Spending Patterns Related to Digital Twin Software
    9. 9.9 Digital Twin Global Survey Report
  10. Trends and developments
  11. Investments and M&A activity
    1. 11.1 Funding of digital twin companies between 2015 and 2022
    2. 11.2 Notable recent acquisitions related to digital twin
  12. Methodology and market definitions
  13. About IoT Analytics


Mohammad Hasan, Philipp Wegner

Questions answered

  • What are digital twins (i.e., a digital twin definition)?
  • Which capabilities are used for digital twins (including a deep dive into reference architectures)?
  • Who are the leading digital twin vendors?
  • What are the most common use cases of digital twins today?
  • What are some notable digital twin case studies?
  • How much is being spent on digital twin software by regions and industries?
  • What is the share of companies that have deployed digital twins? How many are planning to invest in it?
  • Who is adopting digital twins?
  • How much is being invested into digital twin-related start-ups?
  • What are some of the main trends and challenges in the digital twin space?

Related reading

Companies mentioned

A selection of companies mentioned in the report.



Alibaba Cloud





Dassault Systemes








Rockwell Automation

Schneider Electric


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