Digital Twin revenues from Manufacturing will reach an estimated USD 4.5 billion in 2023, up from USD 1.4 billion in 2019
The revenues from Digital Twins will reach USD 13 billion by 2023, up from an estimated USD 9.8 billion in 2019, an average annual growth of 35%, according to Juniper Research. This USD 3.3 billion rise over the forecast period is fuelled by high and increasing demand to optimize productivity in the Manufacturing, Transport and Energy & Utility sectors. The 2 sectors leading growth in net incremental revenues are Transport by USD 2.5 billion and Energy & Utility by USD 1.1 billion.
Digital Twin revenues from Manufacturing will reach an estimated USD 4.5 billion in 2023, up from USD 1.4 billion in 2019. Manufacturing, as the fastest growing sector, will account for over 34% of total Digital Twins revenue in 2023. Two other sectors leading growth in net incremental revenues over the forecast period are:
- Transportation: by USD 2.5 billion
- Energy and Utilities: by USD 1.1 billion
North America and Europe together account for the lion’s share of Digital Twin adoption worldwide thanks to their strong adoption of IIoT, including smart factories, plant, manufacturing, developed machinery and IT infrastructure. In the Asia Pacific region, China and Japan also have notable take up in Digital Twins thanks, in large part, to an active and ever-growing goods production sector.
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 deepening the advantages of using Digital Twins.
The Leaders in Digital Twins
Juniper ranked the leading players in the market and identified those companies that have bolstered their Digital Twin offerings by combining in-house Industrial IoT expertise, strong market reach and close collaborations with technology companies. The leading players are (in no particular order):
- General Electric
The new research 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.