The digital twin concept is a rising digital profile of a procedure or a physical product speaking to its utilitarian and behavioral qualities utilized for execution enhancement. The innovation has empowered augmentation of the genuine and the virtual world through constant digital portrayals of physical products that can reach out to each phase of the product improvement lifecycle appropriate from thought age to commercialization. Such digital models mimic the articles in a live setting empowering improved product analysis and process advancement. Because of its huge potential to enhance decision making, digital twin has been perceived as one of the key innovations in the past couple of years.
Digital Twin Technology is set to rise rapidly with the emergence of big data and IoT, digital twin has gained enormous traction and has come to form a crucial bridge between the physical and virtual world
Coupled with AI and analytics, the capabilities of digital twin are enabling engineers to carry out simulations before a physical product is developed. As a result, digital twins are being deployed by manufacturing companies to shorten time-to-market. Additionally, digital twin technology is also showing its potential in optimizing maintenance costs and timelines, thus have attracted colossal interest among manufacturing stalwarts, notably in discrete manufacturing.
The increasing trend of spending on digital twins in the automotive, manufacturing, and healthcare for understanding the current and future performance of products is spurring the revenue potential in the digital twin technology Industry. Businesses in these industries are increasingly warming up to the trend for supporting their mission-critical activities and other strategic ends. The proliferating number of IoT sensors has helped spur the potential applications of digital twin technology in other end-use industries is also expected to increase, extending the canvas for players in the digital twin technology.
The digital thread that circumscribes digital twin is growing in scope—from product development to guiding decisions for product innovation, managing complex products’ end-of-life, and sustained value creation in the near future. These use cases will stridently open new revenue streams for players in the digital twin Industry. Nonetheless, digital twin concepts have still not made widespread adoption. The complexity of the technology is one of the reasons that has made sourcing of digital twin skills relatively scarce.
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