The Global Digital Twin Market is projected to grow in double digits

The Global Digital Twin Market stood at $5.715 billion in 2020 and is projected to grow with a CAGR of 33.28% during the forecast period, 2022-2026. Meanwhile, other consultancies and systems integration leaders expanded their respective digital twins’ practices to improve product development, manufacturing, and supply chains. Lessons from these early implementations are helping to shape best practices that will allow more enterprises to succeed in 2022. Most digital twin efforts focus on the physical aspects of things in the real world, such as how they are built and how they will respond to the physical environment.

New digital twin APIs provide standard ways to communicate with and control equipment made by different manufacturers. The manufacturing industry is considered one of the major revenues generating industries around the globe. Increasing awareness about the benefits of using automation technology and integrating novel technologies like cloud computing and analytics, machine learning, artificial intelligence, blockchain in the production process to amplify the production volume is fuelling the adoption of digital twin technology in the manufacturing industry.

New age technologies used in Robotics, advanced sensors and the use of embedded software is aiming at the collection of real-time data, to allow analyzing and monitoring of data to make smart decisions during the production process are proliferating the adoption of digital twin technology in the manufacturing industries. Advancements in the field of Virtual Reality and Augmented Reality, and the rise in the adoption of digital twin technology in the supply chain management is expected to boost the demand of the Global Digital Twin Market.

On the basis of regional analysis, the Asia-pacific region is expected to witness the fastest incremental growth in the next five years. High internet penetration and the increase of advanced consumer electronic devices in the region are fuelling the demand for the implementation of advanced technologies to boost the sales of the product. Favourable government policies of developing countries like India aiming to strengthen the ICT infrastructure and undertaking initiatives to accelerate digital transformation and construction of smart cities is expected to create significant growth opportunities for the digital twin market in the regions.

Finally, development of the digital healthcare system to magnify the living standards and offer quality healthcare services are bolstering the adoption of the digital twin technology in the healthcare sector.