There once was a city so fine,
It had a digital twin online.
It could simulate and optimize,
With algorithms so wise,
But it crashed when someone spilled some wine.
If that limerick made you snigger, these statistics should make you smile: The amount being invested to set up and manage digital twin projects, including digital cities, is set to cross a whopping US$110 billion by 2028, up from US$10 billion in 2023, growing at a 61.3% annual clip during the period, according to research house Markets And Markets Inc. "The growth is being driven by an increasing demand from the healthcare industry and a focus on predictive maintenance," the firm says.
That's a massive growth in a technology that's just about taking off. But then, what exactly is a digital twin? Put simply, a digital twin is a digital representation of a physical object, person, or process, in a digital version of its environment. Digital twins can help companies simulate real situations and outcomes, helping them make better and more informed decisions.
THE POTENTIAL
Digital twins also promise to deliver more agile and resilient operations. That potential isn't lost on CEOs. McKinsey research indicates that 70% of C-suite technology executives at large enterprises are already exploring and investing in digital twins. Daimler, for example, has developed customer twins that allow customers to test drive a vehicle without getting behind the wheel.
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