What is Biggest Trend in Global Digital Twin Market?

One of the major factors propelling the demand for digital twins is the increasing adoption of internet of things (IoT) across the world. Over 41 billion IoT and connected devices are expected in the world by 2025. The tracking and monitoring of these devices become easy with the help of the digital cloning technology, thereby increasing the efficiency of these devices. Since the last few years, there has been a massive surge in the amount of unstructured data being generated, and this is impelling businesses to adopt digital cloning in their ecosystem, in order to avoid spending on physical product innovation.

The increasing focus on intelligent product and system maintenance techniques throughout the world, on account of the rising complexities in manufacturing processes, is another important factor fuelling the adoption of the digital twin technology. As a result, the value of the global digital twin market size is expected to increase from $3,645.1 million to $73,245.4 million from 2019 to 2030. The market is also predicted to display a CAGR of 31.9% during the forecast period (2020–2030).

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The biggest trend currently being witnessed in the digital twin market is the rising usage of a common platform for device simulation. For instance, companies dealing with multiple jet engines are utilizing a common platform for digital clones, creating a separate twin for each engine. This technique is helping these companies in collecting data from all the systems at one place, in order to improve manufacturing analytics. This method allows the study and analysis of similar patterns and trends more efficiently and quickly, which further helps the companies derive important insights that can aid them in their growth.

Globally, North America recorded the highest adoption of the digital twin technology during the historical period. This is primarily attributed to the presence of advanced information technology (IT) infrastructure and digital twin software providers, huge technological improvements, and early adoption of industry 4.0 standards in the region. The Asia-Pacific (APAC) region is expected to witness the fastest growth in the utilization of the technology in the years to come, owing to economic growth, soaring IT investments, and increasing government support aimed at the integration of IoT and IT in the industrial sector in the region.

Thus, it can be undoubtedly said that owing to the rising adoption of IoT in numerous industries and burgeoning need for intelligent maintenance methods, the demand for digital twin will observe huge growth in the coming years.

Read more: https://www.psmarketresearch.com/market-analysis/digital-twin-market