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Industrial digital twin market to reach $ 34 billion by 2030

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Experts at the consulting company ABI Research predict that the market for industrial digital twins will grow from $ 3.5 billion in 2021 to $ 33.9 billion in 2030. These figures correspond to an average annual growth rate of 29%.

ABI Research estimates that by 2026, the rate of adoption of digital twins in the world will reach 34.9%, which corresponds to the support of more than 10 million workers in manufacturing. Currently, the United States is in the lead in the introduction of digital twins and the volume of products produced using them. However, China may overtake the United States in this area by 2024.

Recall that the term “digital twin” (digital twin) denotes a digital copy of a physical object or process, which helps to optimize the efficiency of the business. Although the concept itself emerged earlier, it was only in the second half of the last decade that the degree of digitalization of production processes and the development of technologies such as CAD modeling, constant connection to the Web, cloud computing, the industrial Internet of things, remote monitoring tools, wearable electronic devices, including augmented reality terminals. reached the level that allowed to bring it to life. Digital twins are considered part of the fourth industrial revolution. Analysts at ABI Research clarify that it is not a stand-alone technology, but “a set of solutions aimed at connecting the physical and digital worlds, from design to modeling, manufacturing, assembly and after-sales service and support.”

“Digital twins are no longer a niche concept, but are becoming mainstream thanks to IIoT and near real-time information updates,” says Ryan Martin, ABI Research’s director of research, adding that the biggest changes in the last 12 months in this area were associated with the need to respond to the pandemic, including increasing the degree of automation of production and the spread of remote work.

Dassault Systèmes, Hitachi Vantara, PTC and Siemens are cited as examples of companies offering customized end-to-end solutions in this area. It is believed that interest in ready-made solutions that are easier to implement will lead to a greater degree of standardization and unification, which, in turn, will contribute to the development of the market.

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