A Digital Twin is a virtual representation of a connected physical product, process or service across its whole lifecycle. The virtual replica uses operational real-time data to enable the detection of issues and advance learning. It's also used in simulation scenarios for the physical model counterpart.
Digital business enablers, such as big data, machine learning, artificial intelligence, software analytics and cloud solutions, as well as the growing demand for sensors to capture and process data, have been significant drivers for the adoption of Digital Twin applications.
Digital Twin Market Development
According to the latest worldwide market study by Juniper Research, revenues from Digital Twin applications will reach $13 billion by 2023. Recent market growth is estimated at $9.8 billion in 2019 -- with an average annual growth rate of 35 percent during the forecast period.
The research found that increased deployments of advanced sensors to capture data, and technological advances such as machine learning, artificial intelligence and high-performance computing are expanding the advantages of using Digital Twins.
Juniper ranked the companies within the market and identified those that have supported their Digital Twin offerings by combining in-house Industrial IoT expertise and close collaboration with other market participants. The leading Digital Twin suppliers include General Electric, Siemens, IBM, PTC, Microsoft and Bosch.
Juniper analysts also found that advanced Digital Twin operations will help human workers to focus on maximizing productivity in areas that the technology cannot address, such as customer service.
The new research forecasts that Digital Twin revenues from manufacturing will reach an estimated $4.5 billion in 2023 -- that's up from $1.4 billion in 2019. Manufacturing, as the fastest growing sector, will account for over 34 percent of the total Digital Twin revenue in 2023.
Outlook for Digital Twin Application Growth
Two other sectors leading growth in net incremental Digital Twin application revenues over the forecast period are Transportation by $2.5 billion, plus Energy and Utilities by $1.1 billion.
"In future, we will see numerous trials combining IoT, Digital Twin and AI to justify time and investment in deploying the technology within and between enterprises. This holds true for multi-location operating industries such as supply chain," said Elson Sutanto, principal analyst at Juniper Research.
Digital business enablers, such as big data, machine learning, artificial intelligence, software analytics and cloud solutions, as well as the growing demand for sensors to capture and process data, have been significant drivers for the adoption of Digital Twin applications.
Digital Twin Market Development
According to the latest worldwide market study by Juniper Research, revenues from Digital Twin applications will reach $13 billion by 2023. Recent market growth is estimated at $9.8 billion in 2019 -- with an average annual growth rate of 35 percent during the forecast period.
The research found that increased deployments of advanced sensors to capture data, and technological advances such as machine learning, artificial intelligence and high-performance computing are expanding the advantages of using Digital Twins.
Juniper ranked the companies within the market and identified those that have supported their Digital Twin offerings by combining in-house Industrial IoT expertise and close collaboration with other market participants. The leading Digital Twin suppliers include General Electric, Siemens, IBM, PTC, Microsoft and Bosch.
Juniper analysts also found that advanced Digital Twin operations will help human workers to focus on maximizing productivity in areas that the technology cannot address, such as customer service.
The new research forecasts that Digital Twin revenues from manufacturing will reach an estimated $4.5 billion in 2023 -- that's up from $1.4 billion in 2019. Manufacturing, as the fastest growing sector, will account for over 34 percent of the total Digital Twin revenue in 2023.
Outlook for Digital Twin Application Growth
Two other sectors leading growth in net incremental Digital Twin application revenues over the forecast period are Transportation by $2.5 billion, plus Energy and Utilities by $1.1 billion.
"In future, we will see numerous trials combining IoT, Digital Twin and AI to justify time and investment in deploying the technology within and between enterprises. This holds true for multi-location operating industries such as supply chain," said Elson Sutanto, principal analyst at Juniper Research.