Juniper Research: Digital Twins Spend to Reach $12.7 Billion by 2021, as Solutions Deliver Return on IoT Investment
Summary
Investment in Digital Twins is driven by valuable efficiency gains, which are increasingly essential in uncertain times. The research identified that under these circumstances, return on investment is still achievable, primarily due to extensive links Digital Twins have to the wider IoT ecosystem. As such, the most successful vendors in the market will be those that use partnerships to pair existing platform ecosystems with innovative Digital Twins solutions”. The research identifies that manufacturing will be the single biggest sector for Digital Twins deployment; accounting for 34% of total spend in 2021, followed by energy & utilities at 18%. The research outlines that the US has had successful partnerships in the IoT ecosystem driving adoption, an approach that should be replicated in other markets.