14.09.2021 Бизнес

Digital Twin Market Competitive Landscape, Insights by Geography, and Growth Opportunity

The surging adoption of advanced technologies, including the internet of things (IoT), machine learning (ML), artificial intelligence (AI), and 5G; rising penetration of Industry 4.0 standards; growing focus on intelligent maintenance; and increasing need for cloud services are expected to drive the growth of the digital twin market at a CAGR of 50.0% during 2020–2030.

According to P&S Intelligence, the digital twin market size is projected to reach $184,517.4 million by 2030 from $3,210.1 million in 2020. Moreover, the market is witnessing the increasing use of common platforms for digital twins. The surging adoption of IoT for interconnecting environments across several sectors is one of the main factors boosting the digital twin market growth. For instance, over 41 billion connected IoT devices are likely to be adopted by 2025.

For the successful execution and operation of IoT devices, the digital twin technology is essential, being used to improve the performance and lifetime of a system. Additionally, product developers and vendors are increasingly embracing this technology in order to reduce operational costs and speed up the marketing of products.

Another major factor behind the growing demand for the digital twin technology among large, small, and medium enterprises is their rising focus on intelligent maintenance. Before the advent of sensors, it was impossible to predict when a machine will malfunction, and when it did, the entire production process would get stalled.

Thus, digital twins are now being used to leverage the data being gathered by the sensors embedded in the individual components of a machine to simulate their real-time functioning, so that predictive maintenance becomes possible.