As e-tailers Improve Their Offerings, the Market for Digital Twins will Grow

The concept of digital twins has been around for a few decades. However, the rise of technologies such as artificial intelligence (AI), machine learning, and predictive analytics has significantly expanded the use of digital twins beyond their original purpose of manufacturing and engine design. It is now taking on various forms across multiple industries, allowing organizations to forecast and create with greater accuracy and foresight.

According to Accenture's 2022 report, the global digital twins market was worth $3.21 billion in 2020 and is expected to grow to $184.5 billion by 2030. Industry experts predict that organizations will use digital twins to redesign products and create experiences while running their operations in novel ways.

Regardless of industry, most businesses intend to actively participate in an economy that offers security, intelligence, and interconnectedness. In such an economy, the fate of product growth, supply chain, and manufacturing is heavily reliant on organizations' ability to assemble and influence data models.

With the Industrial Internet of Things (IIoT) and real-time analytics, a wide range of machines and systems can transmit data about their level, performance, and implementation. Digital twins have emerged as a game-changer in such a scenario. Furthermore, the COVID-19 pandemic has acted as a catalyst for awareness, enticing businesses to invest in comprehensive digital twins initiatives.