Digital twins have been gaining market attention with increased adoption, particularly in the last seven to eight years since 2015. Digital twin use cases are diverse and penetrate virtually every
corner of the digital world to create virtual replicas of objects, processes, persons, places, and their lifecycles.
A study of online content investigated the activity, dynamics and maturity of the digital twin market. This study harvested and analyzed a corpus of 4950 targeted web content documents with
natural language processing (NLP) to evaluate digital twin market activity between 2015 and 2022. Although the analysis only captures digital twin activity reported online,
we believe it provides visibility for overall market activity and momentum, measured using a Online Activity Index (OAI). The MAI describes a market in terms of three phases:
Speculative : to reflect the early stages of market development when it is defining itself.
Transitional : when speculation has peaked, and market sentiment recalibrates towards a long-term position, and;
Clarity : when the market and its future development (or decline) are well understood.
Between 2015 and 2022, the OAI for digital twins has consistently increased in the speculative phase and, based on historical precedent, will likely transition between 2025 and 2027 toward
sustainable market expansion. Under this scenario and with historical cloud revenue growth as a precedent, global digital twin expenditures are forecast to increase from USD 8.4 to 77.4 billion between 2022 and 2030, with a 32 percent cumulative annual growth rate (CAGR).