Industrial Digital Twins Market Quickly Maturing to Reach US$34 Billion in 2030
OYSTER BAY, N.Y., June 8, 2021 /PRNewswire/ -- Manufacturers need a range of capabilities to deploy digital twins, including CAD modelling, connectivity, cloud computing, IIoT software platforms, remote monitoring, hardware for shop-floor workers (tablets, AR glasses), physics-based simulation, machine learning, and systems integration. This is because digital twins are not a technology, but a composition of solutions aimed at bridging the physical and digital worlds, from design through simulation, manufacturing, assembly, and after sales service and support. According to global tech market advisory firm ABI Research, the industrial digital twin market will grow from US$3.5 billion in 2021 to US$33.9 billion in 2030 at a 29% CAGR.
"Digital twins are no longer a niche concept but rather becoming mainstream with the help of IIoT dashboards and near real-time reporting," explains Ryan Martin, Research Director, ABI Research. "The biggest changes in the last 12 months include pandemic response uplift alongside new requirements such as increased factory and shop floor automation; greater data transparency; real-time planning and change management; and better worker augmentation and remote support."
ABI Research estimates average global adoption of digital twins will reach 34.9% by 2026, supporting more than 10 million frontline workers in manufacturing. The United States currently leads in both the adoption of digital twins and in products manufactured using digital twins. However, China has the potential to overtake the United States in terms of products manufactured using digital twins by 2024 under current conditions.
"Many vendors provide a few of the core products and services for digital twins very well, but few provide a customizable end-to-end solution," continued Martin. "Some companies that provide the most complete solutions include Dassault Systèmes, Hitachi Vantara, PTC, and Siemens. Other companies with a prominent position are Ansys, Autodesk, GE Digital, and Microsoft, due to their work on standards through organizations like the Digital Twin Consortium (DTC)."
There is rising interest in solutions that can be deployed and configured versus built from the ground up. "Eventually, this will lead to the rise of standards and model libraries/digital twin marketplaces that accelerate and ease the deployment process," Martin concludes.
These findings are from ABI Research's Industrial Digital Twins: What's New and What's Next application analysis report. This report is part of the company's Industrial and Manufacturing research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.
About ABI Research
ABI Research provides actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today. ABI Research's global team of analysts publish groundbreaking studies often years ahead of other technology advisory firms, empowering our clients to stay ahead of their markets and their competitors.
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