Digital twins are becoming more and more common in all verticals after decades of popularity in manufacturing.
Businesses from a wide range of industries are increasingly using digital twins to address ever-more complex difficulties in operations, customer demand, compliance, and sustainability.
Eighty percent of the 1,000 companies in the life sciences, consumer products, energy and utilities, discrete manufacturing, and infrastructure operators surveyed by CapGemini recently used digital twins to create new products, boost worker safety, increase operational efficiencies, and meet sustainability goals.
The Reflecting Reality - Digital Twins: Adding Intelligence to the Real World study stated, "Our research reveals that safety, sustainability, and brand reputation are being driven by both top and bottom lines, as well as digital twin deployments." "Companies implementing digital twins have already observed improvements in system performance of up to 25% and an average 15% increase in measures like sales, turnaround time, and operational efficiency.”
Additionally, 16% more sustainability was noted by survey participants who used digital twins. In the next five years, 36% of survey participants said they want to boost the deployment of digital twins.
The market for digital twins, estimated by MarketsandMarkets to be worth $3.1 billion in 2020, is expected to expand at a compound yearly growth rate of 58% to reach $48.2 billion by 2026.
A digital twin: what is it?
A digital twin, in its most basic form, is an electronic copy of a physical object or process, like a robotic arm in motion, an entire production line, or a supply chain. Digital twins can symbolize enormous systems-of-systems that are able to track events and processes in real time when they are connected together.
Operators can represent real-world inputs in the digital twin, informing operations teams of potential issues with shipments, machinery, production, business processes, and other things. Alternatively, operators can enter modifications into the digital twin and have those changes mirrored in the actual world.
The enormous volumes of data being produced by AI, cloud, 5G, and edge computing technologies are making digital twins more and more attractive since they increase their usefulness and efficacy. Organizations may now create extremely comprehensive models that were previously impractical because to this data.
According to the paper, "the ability to predict or simulate the impact of a particular change on the entire ecosystem comes with a digital twin's greatest value."
However, 71% of respondents said that the biggest effect it has is on an organization's capacity to swiftly interpret vast volumes of data that are entering from various locations and sources throughout the company.
factors influencing the adoption of digital twins
The following are the top five reasons businesses are spending money on digital twins:
- Reduce expenses (79%)
- cutting-edge technologies throughout their companies (77%)
- Shorten the time it takes to launch new goods and services (73%).
- Present novel business concepts (67%)
- Boost the importance of the client (65%)
Cybersecurity is a major worry since digital twins absorb enormous volumes of data from systems throughout a company and its partners, according to the paper. Hackers who take control of a digital twin can wreak havoc by taking over real-world systems, manipulating or stealing sensitive data, and/or introducing malware that can spread to other systems because communication between digital twins and the systems they interact with is bi-directional.
The research stated, "There are numerous privacy and security risks associated with the deployment of digital twins." "Thus, prior to digital twin deployments, strengthened data security and privacy measures are indispensable—a sentiment echoed by 69% of surveyed organizations, who plan to effect major changes in their end-to-end cybersecurity."
A digital twin refers to a digital representation or model of a physical object, system, or process. It is a virtual counterpart that mirrors the real-world entity, allowing for monitoring, analysis, and simulation. Digital twins leverage data from sensors, IoT (Internet of Things) devices, and other sources to create a detailed and dynamic replica of the physical world.
Here are some key aspects of digital twins: Representation of Physical Entities: Digital twins can represent various entities, including individual objects, complex systems (such as buildings or factories), and even processes or phenomena. Real-time Data Integration: They are continuously updated with real-time data from sensors and other sources, providing an up-to-date and accurate reflection of the physical entity. Monitoring and Analysis: Digital twins enable real-time monitoring and analysis of the physical entity's behavior and performance. This can help identify issues, optimize processes, and improve efficiency. Simulation and What-If Analysis: Digital twins allow for simulation and modeling, enabling users to perform what-if analyses. This is valuable for predicting outcomes, testing scenarios, and making informed decisions. IoT and Sensor Integration: The integration of IoT devices and sensors is crucial for collecting data and feeding it into the digital twin. This data can include information about temperature, pressure, location, and more. Applications Across Industries: Digital twins find applications in various industries, including manufacturing, healthcare, transportation, energy, and urban planning. For example, in manufacturing, a digital twin of a machine can help monitor its performance and predict maintenance needs. Augmented Reality (AR) and Virtual Reality (VR): Digital twins can be integrated with AR and VR technologies to provide immersive experiences. This is particularly useful for training, maintenance, and visualization purposes. Lifecycle Management: Digital twins can cover the entire lifecycle of a product, system, or process, from design and development to operation and maintenance. Cyber-Physical Systems: Digital twins are often associated with the concept of cyber-physical systems, where the digital representation is tightly integrated with the physical entity, creating a symbiotic relationship. Digital twins have the potential to revolutionize how we design, monitor, and optimize various systems and processes. They play a crucial role in the development of smart cities, Industry 4.0, and the overall advancement of the Internet of Things.
