From 2019 to 2025, the global digital twin market is predicted to grow at a CAGR of 38.1 percent, reaching $30.1 billion, with the Asia Pacific digital twin market growing at the fastest rate. The term “digital twin” refers to a virtual clone of any physical asset, process, or system that can be used to ensure predictive maintenance and reduce downtime over a given period of time. As a result, a digital twin is created using several IoT sensors that collect real-time data generated during the product development phase and learn, analyze, and update itself based on working conditions. The increased use of the Digital Twin Market for predictive maintenance, as well as the increasing acceptance of IoT and cloud-based solutions, are driving the growth of the digital twin market. Risks related to data security, as well as a scarcity of experienced staff capable of efficiently integrating digital twins, are proving to be market restraints.
Predictive Maintenance is Increasingly Using Digital Twins
Breakdowns and outages/downtime can result in significant losses for any firm, hence predictive maintenance has become a necessity in various industries.
IoT and cloud-based storage solutions are becoming more popular.
The usage of IoT for business changes has exploded in recent years. With an increasing number of firms across many industry sectors striving to digitize their processes and operations, this trend is expected to continue.
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