Northbrook, IL 60062 -- (SBWIRE) -- 07/11/2022 -- The digital twin market is expected to grow from USD 6.9 billion in 2022 to USD 73.5 billion by 2027, at a CAGR of 60.6% during the forecast period. Rising emphasis on digital twins in manufacturing industries to reduce cost and improve supply chain operations is driving the market for digital twin. Increasing demand for digital twin from healthcare industry; and growing focus on predictive maintenance further drives the digital twin market.
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The digital twins incorporated with cloud/edge computing, artificial intelligence (AI), machine learning (ML), and internet of things (IoT) play a key role in the Industry 4.0 and are predominantly used in the Industrial Internet of Things (IIoT), engineering, and manufacturing business space. The widespread usage of the IoT has made digital twins more cost-effective and accessible for the business world. The Internet of Things (IoT) is an environment where complex systems are networked together in such a way that the sensor data is transmitted over the Internet for remote monitoring and performance analysis. Digital twin uses an IoT platform for the virtual representation of a physical asset, product, process, machine, vehicle, device, or system. It digitally represents the data, processes, state of operation, and lifecycle of the asset. Data is fetched from the IoT sensor mesh and further processed using various technologies according to the desired results.
Implementing IoT with digital twin offers numerous benefits or characteristics such as better visibility, accurate prediction, what-if analysis, documentation and communication, and integration of disparate systems. Digital twins created in the IoT space are increasingly used for digitalizing the physical world. For instance, GE (US) has highly invested in the Industrial IoT (IIoT) to increase focus on digital twins, creating virtual versions of billions of physical assets that make a global industrial infrastructure. Digital twins are key to exploring the impact of these insights and realizing full cost-saving benefits. Due to the increasing usage of IoT sensors, a digital twin receives continuous, real-time data/information from the twin's real-world object or asset. Such one-to-one correspondence makes it possible to test future scenarios, including potential performance enhancements, and proactively anticipate maintenance faults. Few other players such as Microsoft (US), Amazon Web Service (US), Robert Bosch (Germany), and Siemens (Germany) are involved in rapid development of IoT for digital twin.
The digital twin market for SMEs segment is expected to at the higher CAGR during the forecast period. Many startups are offering digital twin products/solutions that are cost-efficient to some extent and, therefore, a perfect fit for SMEs. For instance, Pratiti Technologies (India) offers cost-efficient digital twin solutions for the renewable energy industry. QiO Technologies (UK) offers PARCs and Digital Health Record algorithms to businesses to measure and benchmark their asset performance, and continuously rank next best actions. The firm provides multi-platform compatibility as well as the ability to install on any cloud or IoT platform. Interoperability with legacy information technology (IT) and operational technology (OT) systems is a key feature of the solutions. Similarly, Kalam Innovations LLP (India), a digital twin provider, offers solutions for SMEs.
The digital market for business optimization application is expected to grow at the highest CAGR throughout the forecast period. The main reason for the highest growth of business optimization application is the fact that business optimization is the critical requirement for each and every industry. The virtual models created by digital twin are used to optimize the characteristic parameters for the production of an asset or process. The optimization of internal processes includes operability, manufacturability, sustainability, model implementation, and simulations applied during the entire life cycle of the product or asset. Digital twin enables automotive OEMs to optimize expenses and customer value at the same time. Similarly, in the infrastructure industry, digital twin plays a vital role in optimization of the entire operations of modern and smart buildings. The organizations nowadays are more oriented towards optimization of their business and this creates a lucrative opportunity for digital twin providers to expand their business.
The digital twin market for healthcare industry is expected to grow at highest CAGR during the forecast period. The rapid growth of the healthcare sector is due to the increasing value of patient safety and advancements in the patient care systems with the integration of technologies, such as internet of things (IoT), artificial intelligence (AI), and extended reality (XR). In addition, the use of digital twins is also growing for monitoring, diagnostics, and prognostics, for example, digital twins of organs such as the heart, lung, and brain are developed that help surgeons and doctors to test various parameters on the twin and then implementing it in the real-life situation.
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The North America region accounted for the largest share of digital twin market in 2021 and is also expected to grow at the highest CAGR during the forecast period. The major factors driving the growth of the digital twin market in North America are the rising demand for smart sensors due to increasing automation in industries; growing adoption of technologies such as IoT, and Industrial IoT (IIoT); and the increasing need to optimize productivity and reduce operational and maintenance costs. North America is one of the early adopters of digital twin technology. The region leads in terms of advanced automation technology and the use of digital twin and related/complementary technologies. All these factors contribute to the growth of the market in North America.