Digital Twin Market Size, Share, Scope and Comprehensive Analysis

With the increasing rate of digitization, internet connectivity is moving beyond computers, tablets, and mobile phones. Every kind of machine and even buildings are being integrated with sensors and internet connectivity so that real-time data on their operations can be gathered and the operations optimized. The pace of sensor integration is so high that by 2025, over 41 billion connected devices are expected to be in operation around the world.

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This is why P&S Intelligence expects the digital twin market size to display a massive 50.0% CAGR between 2020 and 2030, to reach $184,517.4 million by 2030 from $3,210.1 million in 2020. This is because keeping track of the data being generated by each and every sensor in a machine is slightly difficult individually. This is why the data is used to create a virtual representation of how the entire machine or any other piece of connected infrastructure is performing, so that problems with the functioning can be identified and action taken before any real damage occurs.

Apart from predictive maintenance, digital twins are used for performance monitoring, business optimization, product design & development, inventory management, fault detection, and anomaly detection. This is why almost every industry, including manufacturing, healthcare, automotive, energy & utilities, oil & gas, aerospace & defense, retail, hospitality, banking, financial services, & insurance (BFSI), and chemical, are using them. Among these, the manufacturing sector makes the most use of this technology because of the rapid implementation of Industry 4.0 standards, which include the integration of IoT sensors in machines.

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The expensive nature of the technology is also the reason that North America has been the largest digital twin market till now. The region is home to a multitude of large enterprises that have adopted it for various applications. Further, North America is usually the first in the world to embrace advanced technologies, primarily because it is home to a large number of firms that provide them. Another reason behind the wide adoption of these solutions here is the easy availability of 5G, which allows for faster data transfer and access.

Hence, with the rapid digitization and increasing complexities in the production and maintenance processes, the use of digital twins will grow.

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This release was published on openPR.