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With Increasing Adoption of IoT, various companies are expected to dominate digital twin technology in 2022

February 24, 2022 | Information & Technology

The term "digital twin" refers to a virtual copy of any physical asset, process, or system that can be used to ensure predictive analysis and reduce downtime over a given period. A digital twin technology captures real-time elements of various facilities and generates an accurate virtual image of the asset or subsystem. Therefore, it is created using several IoT sensors that gather real-time data gathered during the product development stage and learn, analyze, and upgrade itself based on working situations. The industry is expected to grow significantly in the future as Industry 4.0 becomes more widely used around the globe. The fourth industrial revolution is referred to as Industry 4.0. It is a growing trend in various industries, including manufacturing, focusing on data capture, automation, and exchange.

As per a report by Fortune Business Insights™, the market for digital twin is set to grow from USD 6.90 Billion to reach USD 72.35 billion by 2028 at a CAGR of 39.9% during the forecast period.