Industry driving digital twin growth
INDUSTRY X . O advanced analytics-based forecasting , digital-twin supply-chain simulations , and supply-chain optimisation tools – can help companies improve the resilience-efficiency balance of their value chains ,” it notes . Digital twin cyber warnings McKinsey partner Sebastian Reiter believes the COVID-19 pandemic has exposed vulnerabilities across the global value chain and pushed companies to prioritise risk management and operational resilience , against cyberattacks and other threats to supply chains .
He agrees that technology has a critical role to play in this , but also sounds a note of caution , warning that the digital transformation of supply chains itself carries a degree of risk .
“ Companies are increasingly incorporating the Internet of Things ( IoT ) into their plants ,” he says . “ This and other equipment ,
Industry driving digital twin growth
As per the latest research report ,
Digital Twin Market by End-user , Deployment , and Geography - Forecast and Analysis 2021-2025 , industry 4.0 and industrial IoT are notably driving digital
twin market growth .
With 42 % of the growth originating from North America , this region will record a fast growth rate during 2021 to 2025 .
Over the projected period , the digital twin market in North America will benefit from rising demand for digital twins in the automotive and aerospace industries . In 2020 , the region dominated the worldwide digital twin market , and this dominance is likely to continue over the forecast period .
Both the US and Canada have welldeveloped IT and network infrastructure , providing the door for technological advancements and deployments . Due to the rising demand for digital twins in the automotive and aerospace industries , the digital twin market in the area is expected to rise significantly over the forecast period . miningglobal . com 59