Industrial artificial intelligence, internet of things smart devices, and big data-driven decision-making in digital-twin-based cyber-physical production systems

Abstract

This paper analyzes the outcomes of an exploratory review of the current research on digital-twin-based cyber-physical production systems. The data used for this study was obtained and replicated from previous research conducted by Deloitte, Gartner, Job Wizards/Konica Minolta, and PTC. I performed analyses and made estimates regarding benefits of digital twins in companies, digital twin business values, practical actions to advance digital twin strategies, and different digital twins that enterprises can use. Data collected from 4,300 respondents are tested against the research model by using structural equation modeling. JEL Codes: E24; J21; J54; J64.