We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » Tech trends: Use of digital twins on the rise

Tech trends: Use of digital twins on the rise

Spending on industrial digital twins will grow from $4.6 billion in 2022 to $33.9 billion in 2030, research report shows.

digitization-gccd2ada86_640.jpg
December 29, 2021
Supply Chain Quarterly Staff
No Comments
Global spending on industrial digital twin technology will reach $4.6 billion next year and is set to climb to $33.9 billion in 2030, according to data from ABI Research, released today.

The New York-based technology research firm identifies 35 trends that will influence the technology market in 2022, along with 35 trends that won’t, in its latest white paper, “70 Technology Trends that Will–and Will Not–Shape 2022.” The use of digital twins in manufacturing and industrial applications is at the top of the “will” list, due largely to steady growth and development in the market over the past few years, according to researchers.

“ … digital twins are not a technology, but a composition of solutions aimed at bridging the physical and digital worlds, from design through simulation, manufacturing, assembly, and after-sales service and support,” according to the research. “Over the last few years, digital twins have grown from a concept to become mainstream with the help of IIoT [industrial internet of things] dashboards and near-real-time reporting. This level of maturity has been accompanied by new thought constructs, such as the use and implementation of AI [artificial intelligence] at scale, changing requirements like the need for model libraries and standards bodies, and soon, the emergence of digital twin marketplaces that enable Independent Software Vendors (ISVs) and other third parties to build relevant tools for the ecosystem.”

Among the technologies not quite ready to change the industrial market next year: 5G on the production line. This is largely because standards work is still being done to advance adoption and use of the technology, and the device ecosystem as well as implementation and management functions still lag.

“There is also a question of relevance: two-thirds of manufacturers employ fewer than 20 people. In its current form, working with and trialing 5G in manufacturing favors large companies/factories with the R&D capital to test and learn,” according to the research. “These larger companies and locations have started to evaluate the cost and benefits of different deployment scenarios (a key progression); however, 5G will not be relied upon for production-critical applications at scale until 2024.”

More information is available at the ABI website.
Technology
KEYWORDS ABI Research
  • Related Articles

    Report: Supply chain tech investments on the rise

    Report: logistics sector will rise to second place in use of collaborative robots by 2023

    Regionalized supply chains are on the rise

Recent Articles by Supply Chain Quarterly Staff

IoT vendors say industry needs better collaboration

Survey: only 55% of shippers filled their LTL trucks to full capacity in 2022

Survey: consumers set price cap on paying sustainability premium

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Survey: parcel delivery drivers are frustrated by using their own smartphones for work

  • Survey: most Americans unaware that truckers face shortage of parking spaces

  • Best practices in logistics sustainability

  • Supply chain executives not yet seeing expected results from technology investments

  • Postal Service plans to seize items mailed with fake stamps

Featured Video

20221107korber large vs

Enhancing Customer Experience with Your Supply Chain Strategy

Viewer Contributed
With the rise of e-commerce, many businesses have had to transform their warehouses to handle online orders in addition to regularly scheduled inventory shipments. This means warehouses need more information than ever before to ensure they can meet customers' needs. As a result, companies need to select warehouse...

FEATURED WHITE PAPERS

  • Five tips for parcel success in 2023

  • Guide to Pallet Rack Safety

  • 3PLs: Complete Orders Faster with Flexible Automation

  • A shipper's guide to navigating post-pandemic holiday freight

View More

Subscribe to Supply Chain Quarterly

Get Your Subscription
  • SUBSCRIBE
  • E-NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing