A recent Markets and Markets report estimates the digital twin market will grow from $3.8 billion in 2019 to $35.8 billion by 2025.
The technology is already being used in healthcare, architecture, aerospace, defence, automotive and transportation.
Separate research by Market Research Explore expects the entire smart tech industry, which includes the digital twin sector, to thrive over the next five years, as demand for smart infrastructure booms. The report names Siemens, Cityzenith, and Black and Veatch as leading companies in the smart infrastructure market.
The earliest digital twin projects focused primarily on the manufacturing sector, assisting plant operators to better coordinate, manage and optimise production activity. Today, their list of functions spans many sectors, including commercial real estate, retail, infrastructure, smart cities, smart campuses, smart districts, energy and more.