World Geospatial Industry Council releases a Report on Spatial Digital Twins – Trends and Opportunities
Key Highlights of the Report
- Recent advances in technology and reduction in costs of sensory devices for data collection have created an uplift in interest, application, and breadth of Digital Twin use-cases.
- Broader adoption of Spatial Digital Twins across various use-cases requires more accurate spatial information to align the digital and physical worlds.
- By 2026, the Total Addressable Market in Digital Twins for the Geospatial Industry will be ~$25 Billion.
- Spatial data is crucial in adoption and scalability across 25+ Digital Twin use-cases.
- Showcases WGIC Member offerings on Digital Twins from AAM, Autodesk, Bentley Systems, Fugro, Hexagon, RIEGL, Terra Analytics, Trimble, and Voxelmaps.
Amersfoort, The Netherlands, April 5, 2022 – The World Geospatial Industry Council (WGIC) has released the report “Spatial Digital Twins: Global Status, Opportunities and Way Forward.” This report has involved research, global market scans, engagement with Subject Matter Experts, and an articulation of the value delivered by the Geospatial Industry to drive applications, adoption, and benefits from Digital Twins.
Growing interest and demand in Digital Twins require spatial data
As per the 60+ Subject Matter Experts who participated in the report, Digital Twins have been applied in various industries globally. However, recent advances in technology and reduction in costs of sensory devices for data collection have created an uplift in interest, application, and breadth of use- cases.
Further, the experts confirmed that Spatial Digital Twins could improve the feasibility of smart cities, utilities, infrastructure, and agriculture. As per the experts and our assessment, Spatial Digital Twins’ broader adoption across various use-cases requires more accurate spatial information to align the digital and physical worlds.
USD 25 Billion Total Addressable Market
Research has identified in that in 2021, there was an estimated USD$12.7B revenue associated
with Digital Twins, with ~$8B Total Addressable Market for the Geospatial Industry. This is projected to rise up to $45B by 2026, with ~$25B Total Addressable Market42 for the
Increased socio-economic value with geospatial usage
Spatial data is pivotal to adoption, value, and scalability across the 27 use-cases assessed for Digital Twins. As per the report, leveraging geospatial data encourages broader applications and use-cases for Digital Twins, where more socio-economic value can be derived.
WGIC Executive Quotes
On the occasion of the release of this new report, Arnout Desmet – Chair of the WGIC Policy Development and Advocacy Committee, said, “We are pleased to release one more important policy report that is in alignment with the global mandate of WGIC to advance global policy matters of relevance and value for the geospatial sector. With a growing interest in Digital Twins across various international organizations, national governments, and commercial entities, WGIC and the Policy Committee decided to undertake this study and report.”
Barbara Ryan, Executive Director, said, “This report, like all our previous policy reports, provides insights, recommendations, and policy considerations to help key stakeholders in the geospatial sector succeed with Spatial Digital Twin initiatives and projects. The report showcases WGIC Member offerings for Digital Twins from AAM, Autodesk, Bentley Systems, Fugro, Hexagon, RIEGL, Terra Analytics, Trimble, and Voxelmaps. Appreciation is extended to each of these Members and others who contributed to the report. The geospatial community will most certainly find insights from this report that are valuable for their work.”
The report is now available for free download here – WGIC Spatial Digital Twins Report.
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