In the next few years, the digital twin solution for manufacturing is expected to grow rapidly, driven by the need for improved productivity and lower maintenance costs. From 2022 to 2027, the smart manufacturing market by enabling technologies for digital twins is expected to grow at a CAGR of 68.9%, from USD 2,124.7 million in 2021 to USD 43,614.8 million in 2027.
Smart Manufacturing: Digital Twin
Digital twins were first coined in 2002 by Michael Grieves to describe a new way to coordinate product lifecycle management. As a result of limitations in integrating processes and data across engineering, manufacturing, and quality teams, the concept stumbled along for many years.
