Digital twin is a virtual representation of a physical product, process or connected service during its entire life cycle. Digital transformation, Industry 4.0, the Internet of Things and other innovations are driving the growth of this market as well.

A new study by Juniper Research has found that revenue from digital twins will reach $13 billion by 2023. This would indicate a strong increase compared to the estimated US$9.8 billion for 2019, with an average annual growth of 35%.

The approximately 3.3 billion dollars increase from 2019 to 2023 is powered by high demand, and growing, of this technology to optimize productivity in manufacturing, transport, energy and public services. Also according to the study conducted by the analysis company Juniper Research.

Sectors and players of digital twin

Juniper Research research has identified some areas where the benefits of using digital twin are being explored. Among these, there is an increase in the implementation of advanced sensors for data acquisition. As well as technological advances such as machine learning, artificial intelligence and high-performance computing.

Juniper Research has also compiled a list of companies that are top players in this market. Identifying also those companies that have strengthened their offerings in the digital twin. And they did this by combining internal expertise of Industrial IoT, strong market reach and close collaborations with technology companies.

The main players in the Juniper sector are (in no particular order) the following: General Electric, Siemens, IBM, PTC, Microsoft, Bosch.

This new research has also highlighted that advanced operations with digital twin will help human operators focus on maximizing productivity in areas that technology cannot address, such as customer service.

Juniper Research expects the revenue of digital twin from manufacturing to reach about 4.5 billion dollars in 2023, compared to 1.4 billion dollars in 2019. The manufacturing industry, according to the research company, will be the fastest growing sector. And it will represent over 34% of the total revenue of digital twin in 2023.

About the study • Digital Twins in IoT: Market Strategies, Challenges & Future Outlook, 2019-2023 • to this link on the website of Juniper Research.

This link also includes the free whitepaper • How AI is Transforming Digital Twins •

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