Here Are The Top Insights On Digital Twin Market Forecast and Analysis
The global digital
twin market is expected to grow at a CAGR of 37.66% during the forecast
period. Based on end-user the global digital
twin market has been segmented into manufacturing,
energy and utilities, aerospace and defense, automotive, healthcare, and other
end-users.
The rapid adoption of Industry 4.0 across the world is
a major growth enabler for digital twin solutions in the manufacturing sector.
Digital twin solutions will play an important role in product design,
manufacturing process, and repair and maintenance. These solutions are used to
make digital replicas of products and manufacturing processes. They enable the
smooth functioning of a manufacturing plant by identifying any points of
failure and help enterprises in taking corrective measures in advance.
Digital twin solutions would impact three major
aspects of the manufacturing sector: production and design, product monitoring
and maintenance, and new product development.
Manufacturing companies are
increasingly deploying digital twin solutions in their functions because of the
wide array of benefits offered by these solutions.
The
availability of cloud-based digital twin solutions has increased their adoption
among SMEs, which was otherwise limited to large manufacturing companies
because of high upfront costs. During
the forecast period, with the concept of smart factories gaining popularity, it
is expected that there will an increase in demand for digital twin solutions.
Comments
Post a Comment