The Dimension of Markets for the Digital Twin

Abstract

The market for digital twins is promising, as interest in this transformative technology continues to grow. However, research shows that actual use of digital twins is sparse, with adoption rates struggling to surpass 10% in most industries. Arguably the biggest reason for this lack of traction is a similar lack of sufficient digitization across companies and industries. The fact is, organizations’ slow pace in digital transformation means the digital foundation necessary for digital twins to thrive is still lacking in most companies and industries, although front-runners and laggards are beginning to emerge. Simply put, digital maturity must increase substantially for companies to fully benefit from them. When this happens, digital twin adoption should accelerate rapidly, and companies will begin to see how digital twins can play a crucial role in their efforts to create greater operational resilience; optimize supply chain networks, processes, and inventory; and foster bigger strides toward sustainability.