Industrial IoT’s Integration With Digital Twin Tech Will See the Market Grow To $1.5bn by 2026

https://thefintechtimes.com/industrial-iots-integration-with-digital-twin-tech-will-see-the-market-grow-to-1-5bn-by-2026/
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According to a recent study from market research firm Graphical Research, the North America digital twin market size is poised to expand at substantial CAGR during the forecast period. North America digital twin industry forecast is likely to witness a spiraling demand from multiple industrial sectors through the next five years. The development of cutting-edge technologies has ushered in automation and hyper-automation trends. As such, the emergence of several smart factories across North America is one of the primary growth drivers of the market for digital twins.

Industrial internet of Things (IIoT) is being adopted in integration with digital twin technology for designing complex architecture and gaining insights from the historical data leveraging artificial intelligence (AI) and machine learning. This can address the limitations associated with previous models.

By 2026, the North America digital twin market is expected to be worth $1.5billion, accelerated by the fast-paced digitalisation across automotive, healthcare, and manufacturing industries. These industries have been leveraging IIoT sensors across a host of applications due to their cost-effectivity and high efficiency. The deployment of connected devices across smart factories and other commercial spaces has been fulfilling the need for predictive analytics and real-time monitoring.

na digital twin market graph

na digital twin market graph

The aerospace and defense sector in digital twin industry has been deploying this technology at a robust pace in the recent times. The segment is expected to grow at more than 30% CAGR through 2026, thanks to the deployment of digital twins by the military organisations in the region. For example, digital twinning is being used for designing and prototyping aircrafts by the US Air Force. During March 2021, an online event hosted by the United States Air Force Research Laboratory (AFRL) operated digital twins for maintaining the confidentiality of the new proprietary designs introduced by vendors.

Such networked weapon systems are likely to play a crucial role in envisioning a connected military system, whereby digital twin market outlook is certain to benefit.  The move toward a technologically advanced military will create increasing scope for proliferation of digital twin market in North America. Faster, more convenient, and easier sharing of data alongside enhanced communication will be offered by the digital twin technology.

Moreover, the technology can diagnose errors and faulty equipment in real time, providing predictive maintenance to prevent failures, thereby accelerating product efficiency. Creation of a digital twin of an aircraft by airline companies helps them to minimise maintenance costs, enhance reliability, and optimise the overall operational performance.

The manufacturing segment is registering a high rate of deployment amidst industry 4.0 and represented more than 25% of the total North America digital twin market share during 2019. The segment is expected to soar through 2026 as digital twins can assist discrete manufacturing with the aim to extend equipment lifespan, at the same time reducing operational costs. The digital twin of the manufactured product is fed with the complete data pertaining to the product lifecycle, thereby enhancing the performance of simulation tests.

In the light of industry 4.0 initiatives, the delivery of optimised and data-driven performances will be an indispensable necessity. As covid-19 is still acting as a major determinant across manufacturing facilities, large-scale supply-chain disruptions that have been occurring since last year need to be addressed. This technology can adequately prevent production line disruptions and promote the production plans efficiently.

As such, North America digital twin market outlook is certain to see considerable growth through 2026. Some leading digital twin companies in North America include Ansys, Inc., ABB Group, General Electric Company, SAP SE, Dassault Systems, Autodesk, Microsoft Corporation, Bentley Systems, Accenture Plc, Bosch Rexroth AG, AVEVA, Inc., and Schneider Electric, Inc.

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

https://thefintechtimes.com/industrial-iots-integration-with-digital-twin-tech-will-see-the-market-grow-to-1-5bn-by-2026/