How is Increasing Penetration of Internet of Things Driving Digital Twin Market?

1. How is Increasing Penetration of Internet of Things Driving Digital Twin Market? Or Digital Twin Market to Witness 31.9% CAGR during 2020–2030 Because of technological advancements, the penetration of the internet of things (IoT) technology has increased significantly in the past few years. The technology enables physical devices to connect with internet for receiving and sharing data with other connected devices. Attributed to this growing use of IoT, the penetration of the digital twin technology has also risen. A digital twin, in the simplest terms, is a virtual copy of a physical system, product, or process. It connects the digital and physical world by making use of sensors for collecting real-time data about the physical product. The collected data is then utilized for creating a digital duplicate of the product, thereby allowing it to be analyzed, understood, optimized, and manipulated. The technology is presently being utilized for predicting different outcomes on the basis of variable data. With data analytics and additional software, a digital twin can also optimize an IoT deployment in order to ensure maximum efficiency. The technology further aids designers in figuring out how things operate before they are deployed. Attributed to all these factors, the global digital twin market is predicted to reach $73,245.4 million by 2030, increasing from $3,645.1 million in 2019, registering a 31.9% CAGR during the forecast period (2020–2030). Among product, process, and system, the demand for digital twin technology is the highest for products, which is because of the fact that enterprises are rapidly adopting this technology for studying different components of their products at the equipment level for reducing the mean time to repair and mean time between failure by gaining improved visibility. Other than this, the requirement for digital twin in also expected to rise significantly for systems in the coming years. By cloning solutions for systems, organizations can gather information from the entire system, thereby helping them in maintaining and operating disparate products that work together for making the system efficient. The digital twin technology has a number of applications, including inventory management, performance monitoring, business optimization, predictive maintenance, and product design & development. Among these, the technology was utilized the most for performance monitoring applications in the past. technologies such as data analytics, IoT, and artificial intelligence are being utilized in digital clones for monitoring and tracking the performance of physical assets. Oil & gas, manufacturing,

2. aerospace & defense, automotive, energy & utilities, and healthcare are the different industries which make use of the digital twin technology. The manufacturing industry is predicted to make the most use of this technology in the coming years. With Industry 4.0 and growing penetration of industrial internet of things, the requirement for digital cloning is increasing for enhancing operational efficiency and enabling predictive maintenance, to ultimately Geographically, North America emerged as the largest digital twin market in the past, which is attributed to the advanced information technology infrastructure, early adoption of Industry 4.0, presence of major digital twin software providers, and technological advancements in the region. In conclusion, the surging penetration of IoT is resulting in the growing utilization of the digital twin technology. decrease the downtime.