According to Tractica, global revenue for digital twins will increase to $9.4 billion in 2025, up from $2.4 billion in 2018. A digital twin is a digital representation that provides the elements and dynamics of how a device or ecosystem operates and lives throughout its life cycle. Digital twins are useful for simulating the capabilities of machine tools in a safe and cost-effective way, as well as identifying the root causes of problems occurring in physical tools or infrastructure.
The digitisation of nearly every industry type is helping to fuel the demand for twinning platforms, as is the desire to monitor, control, and model the future behaviour of real-world equipment, systems, and environments. Manufacturing, aerospace, connected vehicles, smart cities, retail, healthcare, and industrial IoT are key sectors for digital twins market adoption. Asia Pacific is one of the largest geographic regions for digital twins, forecasted to generate $11.2 billion in cumulative revenue.
“Like any technology, digital twins must be understood and accepted by several different stakeholders, from the operations workers up to the C-suite,” said Principal Analyst Keith Kirkpatrick.
“Vendors are highlighting their expertise in analytics and demonstrating domain expertise with specific industry verticals. Some are also spotlighting their experience with incorporating artificial intelligence (AI) and machine learning (ML) technologies, which can provide the ability to model future behaviour via digital twins. These technologies are anticipated to drive the functionality of digital twins beyond simply being enhanced analytics tools,” he added.
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