The total global spend on digital twins will increase by 17% between 2019 and 2021, according to Juniper Research.
Revenue generated within the market is expected to increase from $10.8 billion to $12.7 billion during the forecast period.
A 1% drop in the overall market spend is anticipated in 2020 due to COVID-19.
The ability of the technology to help maximise return on investments on IoT spending will drive the market.
The manufacturing industry will dominate the sector with a 34% share of the overall market, followed by energy & utilities at 18%.
North America will dominate the market, according to Juniper Research.
Digital Twins are not generally standalone products and must be implemented as part of a wider Industrial IoT strategy.
While IoT sensors generate enormous amounts of data in the industrial setting, interpreting this data and putting it into operation requires a collaborative approach based on open platforms and this is where the technology comes into play.
Research co-author Nick Maynard said: “Twins are only as valuable as the quality of data that enters the platform. As such, the most successful vendors in the market will be those that use partnerships to pair existing platform ecosystems with innovative solutions”.
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