The burgeoning demand for intelligent maintenance and the surging adoption of the internet of things (IoT) technology are expected to drive the global digital twin market at a CAGR of 31.9% during the forecast period (2020–2030). The market revenue stood at $3,645.1 million in 2019, and it is projected to reach $73,245.4 million by 2030.
In recent years, the increasing use of a common platform for device simulation has become a prominent market trend. The rising penetration of IoT is one of the key factors supporting the digital twin market growth worldwide. It is being estimated that by 2025, there will be more than 41 billion connected and IoT devices across the world. This will amplify the need for the digital twin technology, as it improves the efficiency of such devices and makes their monitoring easy.
This technology is also being deployed for digitally cloning the individual parts and components of such devices as their performance depends on the performance of these components. The surging deployment of this technology in the logistics and transportation sector is creating ample growth opportunities for companies operating in the digital twin market.
Owing to its cross-sectional operations, this sector is increasingly deploying big data analytics solutions, which are primarily supported by key performance indicator (KPI) management tools. The digital twin technology helps this industry in the visualization and processing of the data as it allows for the digital representation of physical assets. Moreover, the technology also reduces the challenges of the product delivery process and enhances engagement among the stakeholders by stimulating multiple scenarios to democratize the transport model.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
