A new study conducted by Juniper Research highlights the potential for the global digital twins market to record an average annual growth of 35% between 2019 and 2023.
The report states that revenue for the digital twins market will increase from $9.8 billion to $13 billion during the forecasts period.
The need to optimise productivity in manufacturing, transportation and in energy and utilities sectors is driving the market growth.
The need to help workers to maximise productivity in spaces such as customer services where technology cannot address will drive stakeholder investments in digital twins.
Hence, industry players will increase rollout of advanced sensors to capture data.
Moreover technological advances such as machine learning, artificial intelligence and high-performance computing are deepening the advantages of using digital twins.
To improve their digital twins offerings, vendors are combining in-house Industrial IoT expertise, strong market reach and close collaborations with technology companies.
The manufacturing sector is expected to gather $4.5 billion in revenue, the transportation $2.5 billion whilst the energy and utilities industries will generate $1.1 billion in revenue.
Elson Sutanto, research author, said: “In future, we will see numerous trials combining IoT, Digital Twins and AI to justify time and investment in deploying the technology within and between enterprises. This holds true for multi-location operating industries such as supply chain.’’