- System digital twin to boost digital twin market during forecast period.
- Healthcare to be fastest-growing industry during forecast period.
- APAC to be fastest-growing market for digital twin during forecast period.
Digital twins are used widely for predictive maintenance across various industries. Digital twin-based predictive maintenance uses a real-time sensor to record the health and working conditions of a product, process, or system and analyze it against the historical data for its failure modes and criticality. This analyzed data can be used for taking predictive measures.
A neural network detects abnormal patterns in the incoming sensor data of the physical asset and reflects the patterns in predictive models. This data can be used to predict failures; if a physical asset’s configurational parameters are likely to lead to a failure, a digital twin localizes the issue, assesses its criticality, notifies technicians, and recommends a mitigating action.
The digital twin market is estimated to grow from $3.8 billion in 2019 to $35.8 billion by 2025, at a CAGR of 37.8%.
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Increasing adoption of Industry 4.0 and IIoT
The Industrial Internet of Things (IIoT) and Industry 4.0 are gaining traction with the rising demand for digitalization. According to MarketsandMarkets, the smart manufacturing market was valued at USD 153.25 billion in 2017 and is projected to reach USD 299.19 billion by 2023; it is expected to grow at a CAGR of 11.9% from 2018 to 2023.
IIoT brings together machines, advanced analytics, and people involved in the working of a particular process or product. It is the network of a multitude of industrial devices connected by communications technologies that result in systems that can monitor, collect, exchange, analyze, and deliver valuable insights for better decision-making capabilities.
With technology having the ability to cover the entire life cycle of a physical system, process or product, it provides businesses with a powerful analytical tool, which helps companies in thoroughly assessing key performance indicators and provide insights as to where enhancements/upgrades can be made. In the long-run, insights taken from digital twins will drive various opportunities for innovation and growth.