In recent years, this technology has gained prominence in the manufacturing sector, owing to rapid digitization. The ongoing Industry 4.0 revolution is, therefore, expected to help the digital twin market progress at an exceptional CAGR of 50.0% during 2020–2030. The market revenue is projected to surge from $3,210.1 million in 2020 to $184,517.4 million by 2030.
Industry 4.0 is transforming the manufacturing and distribution process of production facilities by integrating advanced technologies, such as cloud computing and analytics, ML, internet of things (IoT), and artificial intelligence (AI), and advanced sensors. Currently, enterprises monitoring or managing multiple systems of the same type of assets are using digital twin aggregates to collect data from all systems.
The deployment of a common platform enables easy identification and analysis of similar patterns and trends, which further helps in the refinement of the systems. Bringing all digital twins on a common platform allows the development of an effective learning system. This recent concept of creating a digital model of a physical object before an asset is constructed and analyzing data from an array of digital twins can result in the development of a powerful digital construct.
According to PS Intelligence, North America dominated the digital twin market in the preceding years due to the surging penetration of AI, ML, 5G, and IoT technologies in the region’s manufacturing, aerospace and defense, automotive, and energy and utilities sectors. Whereas, the Asia-Pacific (APAC) region is expected to adopt this technology at the highest rate in the forthcoming years, owing to the mounting investments being made in the IT sector, booming economy, and soaring number of private and government initiatives to support AI and IoT deployment in the manufacturing sector in the region.
Thus, the growing proliferation of Industry 4.0 standards and the surging adoption of advanced technologies across verticals will propel the usage of digital twin technology worldwide.
