The global digital twin market was valued at USD5.715 billion in 2020 and is expected to grow to USD32.744 billion by 2026 as a result of the proliferation of technologies such as artificial intelligence, machine learning, rising Industrial Internet of Things (IIoT) demand, and increasing automated decision processes. However, the industry's growth was impeded in 2020, owing mostly to global lockdowns that halted economic activity, but demand restored after the second quarter.
A computer-generated representation of a physical thing, process, or service is known as a digital twin. A Digital Twin Market can be a digital representation of a real thing, such as a jet engine or wind farm, or a larger entity, such as a building or even an entire city. Digital twin technology can be used to manage digital assets in addition to physical assets.
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