Markets and Markets

A recent Markets & Markets report estimated the Digital Twin market will grow from $3.8bn in 2019, to $35.8bn per year by 2025, at a CAGR of 45.4%. Digital Twin software is already revolutionising industries such as Healthcare, Architecture, Aerospace, Defence, and Automotive & Transportation.

According to the new market research report 'IoT Engineering Services Market by Service Type (Product Engineering, Cloud & Platform Engineering, UI/UX Design, Analytics, Security, Maintenance Services), End User, Vertical (Industrial Manufacturing and Automotive), and Region - Global Forecast to 2022', size is expected to grow from $9.87bn in 2017 to $29.53bn by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period.

The smart factory market is estimated to grow at a CAGR of nine percent from 121bn in 2016 to 205bn by 2022.