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The digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8% as per new report by MarketsandMarkets.
Can digital twin technology in industries such as healthcare, aerospace, and automotive to offer promising growth opportunities?
Technological innovations are contributing to the growth of various industries. Digital twins have advantages in terms of technology, data and analytics, and innovation, which help these industries to grow. Currently, many companies have been transforming data collection and analytics, organization, and IT infrastructure to increase their performance agility. Principle and framework of a digital twin contribute to creating digital projects for organizations. A digital twin can drive other digital initiatives taken by organizations.
For instance, in 2015, the National Center for Advanced Manufacturing of NASA implemented a digital twin to create, test, and build its equipment in a virtual environment. This helped the institute provide the gathered information for inspecting the physical built of an equipment.
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Moreover, in 2018, CNH Industries (a company involved in designing and manufacturing of wide range of agricultural, industrial, and commercial vehicles & powertrains) and Fair Dynamics built a digital twin of the manufacturing line, Iveco van chassis welding of CNH Industries, which focused on 3 major purposes—scheduled maintenance, condition-based maintenance, and predictive maintenance.
Many IoT vendors are collaborating with digital technology providers for efficient development of products and solutions across sectors such as automotive, healthcare, and aerospace.
Why lack of skilled workforce and technical knowledge could remain a challenge?
The digital twin creation of an asset/process requires the involvement of various technologies and strong skill sets along with trained personnel to handle the latest equipment and software systems. The changes made according to the desired requirement in the digital twin will lead to a change in the skills required for employees at different stages of the value chain, starting from development to sales and marketing.
The expected increase in working efficiency and data-dependency of processes would lead to the requirement of employees with relevant skill sets and qualifications. Moreover, several industries are dynamic toward adopting new technologies, and at the same time face a shortage of highly skilled and proficient workforce. Also, despite the increasing popularity of digitization, most of the industries are unaware of the capabilities of digital twin technology due to its complex structure and the lack of process understanding for the implementation of this technology.
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