The revenue of the digital twin market will surge from $3,210.1 million in 2019 to $184,517.4 million by 2030. Furthermore, as per the forecast of the market research company, P&S Intelligence, the market will exhibit a CAGR of 50.0% from 2020 to 2030. Out of the digital twin system, process, and product, the demand for the digital twin system is predicted to rise at the fastest pace in the coming years.

This will be because of the growing demand for digital twin solutions for systems. This method allows businesses to collect information and data from the entire system, which assists them in maintaining and operating disparate products that work in conjunction for making the system more efficient. Geographically, the digital twin market was dominated by North America in the past years. This was credited to the early incorporation of Industry 4.0 standards and the presence of a well-established information technology (IT) infrastructure in the region.

Whereas, in the coming years, the demand for the technology is expected to rise at the fastest pace in Asia-Pacific (APAC). This will be because of the rapid economic growth of the regional countries, soaring investments being made in the IT sector by many private and public organizations, and the enactment of supportive government policies and regulations regarding the integration of artificial intelligence (AI) and the IoT in the industrial sector in the region.

Hence, it can be said without hesitation that the demand for digital twin technology will rise enormously all over the world in the coming years, mainly because of the growing adoption of IoT and increasing focus of businesses on intelligent maintenance.