Industrial digital twin market to reach US$ 33.9 Billion in 2030 at a 29% CAGR
ABI Research estimates the industrial digital twin market will grow from US$3.5 billion in 2021 to US$33.9 billion in 2030 at a 29% CAGR. Digital Twin technologies includes composition of technologies such as CAD modelling, connectivity, cloud computing, IIoT software platforms, remote monitoring, hardware for shop-floor workers (tablets, AR glasses), physics-based simulation, machine learning, and systems integration.
“Digital twins are no longer a niche concept but rather becoming mainstream with the help of IIoT dashboards and near real-time reporting,” explains Ryan Martin, Research Director, ABI Research. “The biggest changes in the last 12 months include pandemic response uplift alongside new requirements such as increased factory and shop floor automation; greater data transparency; real-time planning and change management; and better worker augmentation and remote support.”
ABI Research estimates average global adoption of digital twins will reach 34.9% by 2026, supporting more than 10 million frontline workers in manufacturing. The United States currently leads in both the adoption of digital twins and in products manufactured using digital twins. However, China has the potential to overtake the United States in terms of products manufactured using digital twins by 2024 under current conditions, finds ABI.
“Many vendors provide a few of the core products and services for digital twins very well, but few provide a customizable end-to-end solution,” continued Martin. “Some companies that provide the most complete solutions include Dassault Systèmes, Hitachi Vantara, PTC, and Siemens. Other companies with a prominent position are Ansys, Autodesk, GE Digital, and Microsoft, due to their work on standards through organizations like the Digital Twin Consortium (DTC).”
There is rising interest in solutions that can be deployed and configured versus built from the ground up. “Eventually, this will lead to the rise of standards and model libraries/digital twin marketplaces that accelerate and ease the deployment process,” Martin concludes.
Author: Srinivasa Reddy N