How great would it be if a peep into the future could show consequences of current actions? While that is still a little far-fetched but thanks to digital twin technology, virtual peeps into how business decisions might unfold is a possibility. Already witnessing steady adoption in a number of industries such as healthcare, aerospace, and retail, the twinning is set to transform how businesses across the spectrum operate.
The reasons are simple yet impressive. For one, no more do complex processes and products look overbearing. Designing them and operating them is a smooth affair, every step of the way, thanks to the comparable digital replica now here to the rescue. And, the benefits are manifold – better predictive maintenance, accelerated process and/or product development, and optimized performance, are just some.
Thus, it shocks no one that executives in the know are in a thrilling mental space, in terms of growth charted by respective corporate houses, manufacturing set-ups, and business domains. After all, it is reduced costs, higher efficiency, and desirable outcomes all the way.
In fact, as per a Transparency Market Research report on the growth of global digital twin technology market, the growth trajectory charted by it would be stellar to say the least. And, this impressive growth rate, compounded annually will help it accrue a hefty worth to its name over the period ending 2023.
Again, this is not surprising to people in the fray, as supporting factors are witnessing favourable projections over the coming years. For instance, Internet of Things or IoT, Big Data, analytics software, and public clouds and simulation markets are all prepared to impress with the growth curve they are geared to plot over the coming years.
Restraints and Drivers of Growth – A Step-by-step Analysis
As of now there are no major restraints that hinder the growth of global digital twin technology market, and the ones that remain are quickly clearing off. So far, major deterrents included high costs and massive efforts demanded by the technology in order to be successfully implemented. Thus many companies shied away from the humongous task of creating and maintaining the technology and its associated machinery.
However, credit the awe-inspiring advancements made in the technological sphere of the global digital twin tech technology market, the costs are more in control and more ways to make the most of it are emerging at a nimble pace.
Some of the Benefits are Spelled out Below:-
Many and Varied Industry Verticals Serviced: There is a reason digital twin technology is considered to be a significant part of the Industry 4.0. And, that is this fact that it has eased into so many different sectors of the economy with much such deftness. Take for instance, manufacturing. The industry is stricken by this technology. The more digital it gets, the more involved with digital twinning. And, why not, one may rightly ask? There is so much value that comes with replicating products and processes, both strategically and operationally, so to speak! And, this is when one has not even taken into account the combination with connected technologies of IoT, in-depth. That makes data processing a ceaseless, seamless business for the sector. Thus, it is not wrong to say that the manufacturing processes are changing for ever and for good.
Going Beyond Product Replicas: The digital twin technology is enabling not just exact replicas of products, but processes now. It is getting more common than ever to note the use in assembly line processes, transportation networks, in warehouses operations, data processing from consumer electronics wearables, and so on. Thus, it is not wrong to point out the fact that they are ready to enter the super-complex zone of representation.
Not Just a Design Tool: It is true that initially it was a critical component for creating flawless products in terms of design. But, now the scope has widened. And, elucidative testing of the product is also included in the list of benefits that the digital twin technology brings forth for users.
Understanding the Role of Sister Technologies in the Growth of Digital Twin Technology:-
A great job has been done in terms of technology integration with IoT that has made collection and use of operational data cost-effective and a simple process. Additionally, technologies related to cloud are also making an indelible mark on the digital twin technology landscape by allowing for easy access to analytics and simulation process and data, providing significant insights. Here, it would not be a complete picture painted if the role of human-computer interface – chatbots, virtual assistants, speech recognition, and so on – is not delineated. These are crucial in developing an ease-of-use this massively contributing to the growing popularity of the technology.
It is also quite worthy to make note of the fact at this point that the market is not just highly competitive but also fairly fragmented. Some of the most prominent players that are reckoned with include the likes of General Electric, Siemens AG, PTC, Alphabet Inc., SAP SE, Dell, Bosch Software Innovations GmbH, Cisco Systems, Inc., CSC, Schnitger Corporation, AT&T, and Tibco Software Inc.
A MBA graduate by education, Keshab Singha working as a Senior Digital Marketing Analyst at Transparency Market Research, a market-intelligence firm based in India and the United States and works with the company's editorial team. His sound awareness about people helps him understand the pulse of the audience. He brings a counter-intuitive thought to the discussion adding customer point of view which has become central to success in today’s digitally driven business.