Digital twins are a technology that combines machine-to-machine connections, machine learning, artificial intelligence, sensor telemetry, and predictive analytics to create digital replicas of physical machines. The digital twin captures data in real-time to replicate the machine's characteristics and activities.
The global digital twin market is expected to grow significantly due to the increasing use of the internet of things (IoT). IoT technology helps to connect physical objects with digital systems, enabling them to track and analyze data and take necessary actions. This technology has led to the adoption of smart devices such as smart watches, intelligent traffic lights, and smart buildings. By utilizing IoT to protect and secure networks connecting IoT devices, the digital twin market is expected to continue to expand. IoT security includes endpoint security measures like antivirus, firewalls, and intrusion detection systems. It also manages multiple users on a single device and offers various authentication methods, ranging from static passwords to advanced options like biometrics and digital certificates.
Coherent Market Insights' analysis shows that in 2016, the Digital Twin Market contributed approximately US$ 170 billion to the IoT industry, while the transportation sector contributed over US$ 72 billion.
Major Players in the Digital Twin Industry:
- Siemens AG
Siemens AG was established in 1847 and is headquartered in Munich, Germany. It operates in over 190 countries and is engaged in various industries, including energy, smart infrastructure, digital industries, and mobility. In 2023, Siemens AG launched the holistic digital twin of a real logistics center.
- SAP SE
SAP SE was established in 1972 and is headquartered in Walldorf, Germany. It operates in over 180 countries and is engaged in developing enterprise software to manage business operations and customer relations. In 2018, SAP SE launched a cloud solution for digital twins.
- Microsoft Corporation
Microsoft Corporation was established in 1975 and is headquartered in Redmond, Washington, United States. It operates in 190 countries and is engaged in providing cloud computing services, video games, computer and gaming hardware, search, and other online services. In 2020, Microsoft Corporation and Johnson Controls announced global collaboration and launched integration between OpenBlue Digital Twins and Azure Digital Twins.
- Dell
Dell was established in 1984 and is headquartered in Round Rock, Texas, U.S. It operates in 180 countries and is engaged in developing personal computers, network servers, data storage solutions, and software. In 2021, Dell announced a partnership with the i2b2 tranSMART foundation for creating privacy-preserving digital twins to treat the long-term symptoms of COVID-19 patients.
- Alphabet Inc.
Alphabet Inc. was established in 2015 and is headquartered in Mountain View, California, United States. It operates in over 50 countries and is engaged in providing web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. In 2021, Alphabet Inc. launched a digital twin tool for logistics and manufacturing.
- General Electric
General Electric was established in 1892 and is headquartered in Boston, Massachusetts, U.S. It operates in over 150 countries and is engaged in various industries, including aviation, power, renewable energy, and healthcare.
- IBM Corporation
IBM Corporation was established in 1911 and is headquartered in Armonk, New York, U.S. It operates in over 175 countries, specializes in computer hardware, middleware, and software, and provides hosting and consulting services in areas ranging from mainframe computers to nanotechnology.
- PTC, Inc.
PTC Inc. was established in 1985 and is headquartered in Boston, Massachusetts, United States. It operates in 30 countries and is engaged in the development and provision of software-based product management and development solutions.
- Robert Bosch GmbH
Robert Bosch GmbH was established in 1886 and is headquartered in Gerlingen, Germany. It has 440 subsidiaries and regional companies in over 60 countries and is engaged in various industries, including automotive, consumer goods, electronics, industrial engineering, mechanical engineering, manufacturing, information technology, and sensor technology.
Definition: “Digital twins” are virtual replicas of physical objects or systems used for analysis, optimization, and prediction.
