Hexagon-digital-header-statistics

2024 digital twin statistics

Discover this year’s key insights and trends in digital twins.

 2024 digital twin statistics

Digital twins are precise digital representations of the physical world that use dynamic data to simulate, analyse, monitor and optimise performance. This technology is used across various sectors, from manufacturing to smart cities, highlighting its versatility and potential to upend traditional processes.

Through data published by several firms in 2024, Hexagon unravels the significance, applications and growth digital twins will achieve in the coming years.

The data covers:

General digital twin statistics

Digital twins are gaining popularity for a few key reasons. First, there’s more data available than ever before. Newer technologies like the Internet of Things (IoT), cloud computing and artificial intelligence (AI) have made it easier to manage this data and use it in digital twins.

Companies are also seeing the financial benefits, improved efficiency and better decision-making digital twins offer.

  • The projected growth of the global digital twin market is significant, increasing from €16.55 billion in 2024 to an estimated €242.11 billion by 2032. This represents a compound annual growth rate (CAGR) of 39.8% throughout the forecast period. (Fortune Business Insights)

  • The deployment of digital twins is projected to see an average growth of 36% within five years. (Capgemini)

  • Approximately 70% of technology leaders in major corporations actively pursue and allocate resources to digital twin initiatives. (McKinsey)

  • More than 42% of executives across various industries recognise the benefits of digital twins, with 59% planning to integrate them into their operations by 2028. (ResearchAndMarkets.com)

  • Researchers, enterprises and stakeholders across diverse fields — healthcare, agriculture, urban science, aerospace engineering, marine engineering and Earth systems — acknowledge the value of digital twins. (Nature Computational Science)

  • 57% of organisations identified sustainability as a key motivator behind their investments in digital twins. (IoT Analytics)

  • Organisations have achieved an average improvement of 16% in their sustainability metrics thanks to digital twins. (Capgemini)

  • Job listings featuring the term “digital twin” experienced an 11% increase compared to their numbers two years earlier, as of October 2023. (IoT Analytics)

  • Nearly half (47%) of IT decision-makers are unfamiliar with the concept of digital twins. (ResearchAndMarkets.com)

  • The implementation of digital twins has accelerated the creation and setup of new projects, reducing the time required to launch AI-enabled features by up to 60% and decreasing costs by approximately 15%. (McKinsey)

  • Organisations using digital twins report an average of 15% improvement in sales, turnaround time and operational efficiency, with system performance gains exceeding 25%. (Capgemini)

Digital twin statistics for aerospace and defence

Digital twin applications in the aerospace and defence industry cover a wide range, from design and development to deployment and maintenance. They provide crucial insights into equipment health, helping with predictive maintenance and cutting down on unexpected downtime.

Digital twins also offer a safe space for running simulations and training, ensuring teams are prepared and resilient in unpredictable situations.

Digital twin statistics for buildings

Digital twins are reshaping construction and building management by improving planning, design, operations and maintenance. This technology creates detailed virtual models of buildings, allowing for accurate simulations and efficient decision-making.

  • The global market for digital twins in the buildings sector, valued at €1.49 billion in 2023, is forecasted to expand to €18.87 billion by 2032, growing at an annual rate of 32.6% from 2024 to 2032. (Astute Analytica)

  • Digital twins can reduce a building’s carbon emissions by 50%, significantly enhancing sustainability efforts. (EY)

  • Implementing digital twins can improve operational and maintenance efficiency by 35%, streamlining building management processes. (EY)

  • In the United States, buildings contribute over 30% of all greenhouse gas emissions. Integrating digital twin technology and AI can enhance building management systems by predicting maintenance needs, testing various scenarios, managing risks and automating real-time environmental, social and governance reporting. (World Economic Forum)

Digital twin statistics for manufacturing

In smart manufacturing, digital twins provide real-time monitoring and control of production processes. By creating a digital replica of a factory or production line, manufacturers can analyse data, spot bottlenecks and optimise operations for better efficiency.

Digital twins also allow for virtual simulations and testing, eliminating the need for physical prototypes and reducing costs.

  • The worldwide market for digital twins is set to increase from about €16.42 billion in 2024 to €240.11 billion by 2032, with an annual growth rate of 39.8%. Manufacturing is expected to be the fastest-growing sector in this market. (Fortune Business Insights)


  • 29% of manufacturing companies worldwide have either fully executed or partially adopted digital twin strategies. (IoT Analytics)

  • 65% of manufacturing technology decision-makers said they plan technology like digital twins to optimise operations in the future. 67% reported that they would prioritise technology like digital twins to optimise full product lifecycle sustainability. (A commissioned study conducted by Forrester Consulting on behalf of Hexagon, May 2023)

When does your company plan to prioritise this initiative?

Base: 524 global manufacturing technology decision-makers

Source: A commissioned study conducted by Forrester Consulting on behalf of Hexagon, May 2023

Digital twin statistics for oil and gas

Digital twins in the oil and gas industry provide a dynamic view of physical assets and operations. Using data from IoT devices and advanced analytics, they offer real-time monitoring and predictive insights for drill rigs, pipelines, refineries and other essential systems.

  • In 2023, the worldwide market for digital twins in the oil and gas field was worth €102.33 million. By 2032, it’s expected to grow to €851.58 million. That’s an average annual growth rate of 26.54% from 2024 to 2032. (Astute Analytica)
  • Companies using digital twin technology in the oil and gas market have seen their unexpected work stoppages drop by as much as 20%. For one rig, that can mean saving roughly €3.03 million every month, which adds up to nearly €36.41 million a year. (Astute Analytica)

  • A study on the global digital twin market in the oil and gas sector reveals that approximately 70% of key stakeholders consider digital twins essential to their operations and close to 27% have already adopted the technology. (Astute Analytica)

  • By the end of 2022, more than 43% of oil and gas businesses had already started using digital twin technology for predictive analysis or were ready to do so. (Astute Analytica)

Digital twin statistics for smart cities

Urban digital twins are transforming cities by creating virtual models of city operations, infrastructure and services. Using IoT, AI and data analytics, these models simulate urban environments, providing a detailed and interactive virtual view.

By replicating elements like buildings, roads, utilities and residents, digital twins offer a continuous stream of real-time data. This allows for precise monitoring, predictive analysis and strategic planning, enhancing areas such as traffic management, energy use, disaster preparedness and overall urban development.

  • ABI Research forecasts that using digital twins for more efficient urban planning is expected to help cities save approximately €259.26 billion by 2030. (ABI Research)

  • Digital twin-supported solutions in smart cities are projected to reach €4.8 billion by 2028. (ResearchAndMarkets.com)

  • Ikea has applied digital twin technology and AI across nearly 42 million square feet of its East Asia locations. This has led to a 30% reduction in energy used by its HVAC systems, saving millions in energy costs annually. (World Economic Forum)

  • Chattanooga, Tennessee, USA, uses a digital twin fed by data from 500 sources, including traffic cameras and weather stations, to manage its traffic. Experiments with the digital twin have improved traffic flow by up to 30%, enhancing energy efficiency and reducing passenger delays. (Capgemini)

  • Using digital twins, Nanyang Technological University in Singapore achieved 31% energy savings and reduced carbon emissions by 9.6 kilotons. (Capgemini)

The outlook for digital twins

As we look towards the future, the digital twin market is projected to grow significantly in 2024 and beyond. This technology has gained momentum in recent years and is expected to continue upward.

A key factor behind the effectiveness of digital twins is the increase in collaboration and partnerships. Companies are coming together to develop and refine digital twin technologies, combining their expertise to explore new possibilities. These collaborations foster the exchange of ideas, resources and knowledge, benefiting the entire industry.

At Hexagon, we’re enabling organisations to fully use their data for informed decision-making. Our digital twin solutions span a wide range of applications, from manufacturing and construction to infrastructure and smart cities.

The impact of digital twin technology is best seen in Hexagon’s client success stories. These examples demonstrate how various industries have used our solutions to achieve improvements and results.

Hexagon is dedicated to providing industries with digital twin technology that simplifies complexities, boosts efficiency and opens up new opportunities. We’re focused on building a future where organisations can use digital advancements to achieve great results.