Market report Growth of the digital twin market
The digital twin technology is being incorporated across diverse industries however; it is the healthcare sector that is expected to be the fastest growing industry for this innovative concept. On a global scale, North America is considered to be a major market for this technology while the APAC region is claimed to be the fastest growing market.
The global digital twin market is expected to grow from 3.8 billion dollars in 2019 to 35.8 billion dollars by 2025, at a CAGR of 37.8 %, according to a report by Markets and Markets, a market research company. Factors driving the demand for digital twin include the growing adoption of emerging technologies such as IoT and cloud for the implementation of digital twin and promising prospect of digital twin in industries such as healthcare, aerospace & defense, and automotive & transportation, adds the report. Digital twin is all about the creation of a virtual image which is a replica of a physical element or structure. With the assistance of this technology, the physical and virtual elements are able to interact with each other by sending and receiving data.
In terms of geographical regions, North America is considered to be a major market for the digital twin technology owing to the rise of the Internet of Things (IoT) industry in sectors such as aerospace, automotive and manufacturing, mentions a report by market research firm Mordor Intelligence. This region includes developed countries like the USA and Canada which place special emphasis on R&D activities and hence, will lead to the advancement of many new technologies such as smart sensors, edge analytics, 3D printing, and digital twin.
North America is a major market however; if one has to identify the fastest-growing market for the digital twin technology by 2025 then it’s the APAC region. The Markets and Markets report states that the automotive & transportation and aerospace & defense industries in this region have shown significant growth in the past few years. Hence, manufacturers are keen on adopting new technologies such as the digital twin concept to meet the growing demand and also to reduce cost, save time, and improve product quality.
The digital twin technology can be used across many industries as mentioned earlier. However, the healthcare sector is anticipated to be the fastest-growing industry for the contemporary concept, according to the Markets and Markets report. The technology can be used for monitoring, diagnostics, and prognostics of various body parts which will assist medical experts to learn about future illnesses and experiment with different treatment options.
The full potential of the digital twin technology is yet to be explored in many industries including the healthcare sector.