The digital twin tech market is on track for a $72bn (£54bn) valuation by 2028, as the world seeks climate change solutions that support building back better.
In MarketWatch’s latest forecast, the sector will be worth $53.6bn by 2027, growing to $72.3bn the following year.
The growth predictions follow on from the digital twin market being named by the Vector Innovation Fund – an investment vehicle for global technology companies – as one of its top five tech growth sectors for the next five years, alongside nanotechnology, AI, biotechnology and genomics.
Demand for digital twin technology has been accelerated by the race to net zero, as it can be used to adapt or construct buildings – and even entire urban infrastructures and cities – to drive down carbon emissions, while boosting economic efficiency.
Ernst and Young have reported that digital twins can reduce carbon emissions in urban areas by between 50% and 100%, reduce operating costs for building asset owners by 35%, and boost productivity by 20%.
To send feedback, e-mail emily.wright@eg.co.uk or tweet @EmilyW_9 or @EGPropertyNews
