Global spending on industrial digital twin technology will reach $4.6 billion next year and is set to climb to $33.9 billion in 2030, according to data from ABI Research, released today.
The New York-based technology research firm identifies 35 trends that will influence the technology market in 2022, along with 35 trends that won’t, in its latest white paper, “70 Technology Trends that Will–and Will Not–Shape 2022.” The use of digital twins in manufacturing and industrial applications is at the top of the “will” list, due largely to steady growth and development in the market over the past few years, according to researchers.
“ … digital twins are not a technology, but a composition of solutions aimed at bridging the physical and digital worlds, from design through simulation, manufacturing, assembly, and after-sales service and support,” according to the research. “Over the last few years, digital twins have grown from a concept to become mainstream with the help of IIoT [industrial internet of things] dashboards and near-real-time reporting. This level of maturity has been accompanied by new thought constructs, such as the use and implementation of AI [artificial intelligence] at scale, changing requirements like the need for model libraries and standards bodies, and soon, the emergence of digital twin marketplaces that enable Independent Software Vendors (ISVs) and other third parties to build relevant tools for the ecosystem.”
Among the technologies not quite ready to change the industrial market next year: 5G on the production line. This is largely because standards work is still being done to advance adoption and use of the technology, and the device ecosystem as well as implementation and management functions still lag.
“There is also a question of relevance: two-thirds of manufacturers employ fewer than 20 people. In its current form, working with and trialing 5G in manufacturing favors large companies/factories with the R&D capital to test and learn,” according to the research. “These larger companies and locations have started to evaluate the cost and benefits of different deployment scenarios (a key progression); however, 5G will not be relied upon for production-critical applications at scale until 2024.”
More information is available at the ABI website.