- Key factors for this growth is the adoption of IoT and cloud-based storage solutions
- Lack of skilled employees and risks associated with data security are reducing the growth of global digital twin market to a certain extent
According to a report by Globe Newswire, a report by Meticulous Research titled, “Digital twin market by type, technology and and end-user -global forecast to 2025”, the digital twin market is expected to grow at a CAGR of 38.1 per cent from 2018 to reach $30.1 billion by 2025. The report said that the key factors for this growth are the increasing use of digital twin for predictive maintenance and analysis of asset and increase in adoption of IoT and cloud-based storage solutions.
As per the report, digital twin is a virtual model of a physical entity that mimics the operation and behaviour of its physical equivalent. The physical equivalent can be a physical asset, process or a system. It is used for predictive maintenance and monitoring of assets while developing insights on futuristic impact of the asset after deployment. The report said that lack of skilled employees and risks associated with data security are reducing the growth of global digital twin market to a certain extent.
The report also said that the advent of Industry 4.0 is encouraging manufacturers to inculcate newer technologies like digital twins to prove their technological dominance in the market. This is further leading to a growth in this sector.