Skip to main content

Digital Twin Apps in Industrial Markets Gain Momentum

The concept of a Digital Twin is important within the industrial sector, as stakeholders throughout the supply chain ecosystem seek to harness technology to increase efficiency. Digital Twins are also essential elements of the evolving Internet of Things (IoT) platforms market.

Examples of these virtual connected objects include connected cars, airplane turbines, smart cities, and commercial buildings. The objects are usually first created and modeled via computer-aided-design (CAD) software, which is used by engineers in the early stages of product development.

Digital Twin Market Development

IT innovations, such as Big Data analysis, machine learning, artificial intelligence (AI), 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 use cases.

According to the latest worldwide market study by Juniper Research, the forecast total global spending on Digital Twins will reach $12.7 billion by 2021 -- that's an increase of 17 percent from $10.8 billion in 2019.

So, what exactly are those industrial applications? Digital Twins are a digital representation of physical assets that utilize IoT data; enabling use cases such as predictive maintenance when combined with AI.


Furthermore, despite the negative impact of the COVID-19 pandemic on overall IT investments, Juniper is anticipating a mere 1 percent drop in Digital Twins solutions spending during 2020.

Investment in Digital Twins is driven by valuable efficiency gains, which are increasingly essential in uncertain times. The market study identified that under these circumstances, return on investment is still achievable, primarily due to extensive links Digital Twins have to the wider IoT ecosystem.

The new research also identified that Digital Twins are not generally standalone products, and must be implemented as part of a wider Industrial IoT strategy. While IoT sensors generate enormous amounts of data in the industrial setting, interpreting this data and putting it into operation requires a collaborative approach based on open platforms.

"Digital Twins are only as valuable as the quality of data that enters the platform. As such, the most successful vendors in the market will be those that use partnerships to pair existing platform ecosystems with innovative Digital Twins solutions," said Nick Maynard, lead analyst at Juniper Research.

Outlook for Digital Twin Applications Growth

According to the Juniper analyst assessment, manufacturing will be the single biggest sector for Digital Twins deployment -- accounting for 34 percent of total spending in 2021, followed by energy and utilities at 18 percent.

Juniper forecasts that the North American market will dominate spending -- accounting for 67 percent of manufacturing IT investment in 2021. The study findings show that the U.S. market has had successful partnerships in the IoT ecosystem driving adoption, which is an approach that can be replicated in other markets.

Popular posts from this blog

Climate Change Benefits from The Circular Economy

The COP26 Summit (in Glasgow, Scotland)  brought parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Meanwhile, the circular economy is a key sustainability strategy adopted by industry leaders in their efforts to achieve progress. While the circular economy is still in its infancy in terms of data and metrics, it's a growing phenomenon where technology sectors -- such as the Internet of Things (IoT) for asset tracking -- are set to grow rapidly within the next five years. Global technology intelligence firm ABI Research forecasts that the world will achieve over 10.5 percent circularity by 2030, as sustainability efforts and incoming legislation start to take effect. Circular Economy Tech Market Development "The circular economy is an often-misunderstood concept that goes much further than waste management and can become a blueprint for cities. It is a movement away from our take-make-waste economy

Business Technology for The Anywhere Workspace

The COVID-19 global pandemic fueled the trend of pushing executives outside of their comfort zone, while government-mandated lockdowns required their knowledge worker employees to work from home. Companies that previously avoided 'Flexible Working' models were forced to embrace the pervasive trend in a matter of weeks, as new remote working policies became a CHRO standard practice. As we enter 2022, more employers will empower their key employees to work wherever they desire and engage with customers whenever and however they prefer. Moreover, the ongoing transformation to an 'Anywhere Workspace' will drive strategic IT spending and advance cloud-based SaaS adoption. Business Technology Market Development Global enterprise IT spending is projected to total $4.5 trillion in 2022, an increase of 5.5 percent over 2021, according to the latest worldwide market study by Gartner. "Enterprises will increasingly build new technologies and software, rather than buy and imp

Guidance for Leading Digital Business Value Creation

In today's environment where business technology is a key enabler of competitive advantage, CEOs need to be sure that someone is confidently leading digital business growth across the organization. The default is the Chief Information Officer (CIO) role. According to the latest worldwide market study by Gartner, in order to accelerate business value creation, CIOs and other IT executives should focus on three key areas -- leading from anywhere, nurturing connections, and reaching beyond. Mbula Schoen, senior research director at Gartner , said that as organizations continue to emerge from the disruption of the COVID-19 pandemic, CIOs and IT executives will need to generate value in fundamentally new ways. Business Technology Market Development Gartner forecasts that by the end of 2022, the share of knowledge workers working remotely will increase to 47 percent -- that's up from 27 percent in 2019. However, simply moving from onsite to remote is not the destination but merely a