Digital Twinning Technology Much More Than Meta
Digital representations provide novel and innovative benefits
Digital twinning certainly is not an idea nor implementation that is new. NASA was utilizing the concept beginning with the Apollo missions, and a number of industries helped to refine and enhance its usage leading up to the current day. However, recent advances in AI, Internet of Things, Analytics, and other relevant disciplines have made it highly attractive for numerous investors and companies across an array of fields and applications. The ever-increasing complexity of various items that are interconnected have made it fairly essential to have a method to diagnose and optimize possible issues and develop potential solutions that are directly derived from real world equivalents. Much more than a simple simulation, digital twinning incorporates all aspects of a chosen solution or product to provide a much more granular, real-time insight into everything from maintenance to performance.
Expected growth
The digital twinning market is anticipated to expand from a current dollar value of about $8 billion to approximately $75 billion by 2027. A number of industries will take full advantage of current advances, techniques, and offerings. These include:
• Aerospace and aviation – Long in use in this sector, twinning has seen vast improvements in everything from maintenance, component structure, design, calibration, and a plethora of additional usage factors.
• Automotive – Much like aviation, digital twin technology has proven to be highly useful in production, equipment health, and testing. There has also been improvement in sales and operations as a result of implementation.
• Manufacturing – Costs and time are vastly reduced, production is readily optimized, quality can be easily increased, collaboration becomes more cohesive, and purchasers reap the benefits due to a more responsive and productive set of processes.
• Retail – This vertical is benefitting greatly in recent years due to the ability to generate exact copies of locations and rapidly improve the customer experience on a number of levels. Home improvement, grocery stores, warehouses, and numerous additional companies in this particular area are well suited to take advantage of digital twins.
• Supply Chain – Unearthing and analyzing information related to shipping, inventory location, costs, delivery times, loss, forecasts, and demand projections are all essential in today’s environment. Having a real-time duplicate in place is an outstanding advancement that has proven to be almost necessary.
• Construction/Architecture – Engineers, architects, building owners, administrators, planners, and others in this field all benefit. Duplicate costs are dramatically reduced and speed and efficiency increased.
• Health Care – Facilities, labs, human models and patient treatment, hospital resources and scheduling, staffing, device and medical manufacturing, training simulation, and others are amongst the many areas that have been successfully improved via digital twin technologies.
• Power Generation/Utilities – Infrastructure, efficiency, asset tracking/maintenance, training, security, and grid modernization have realized superb advances through the use of collaborative modeling and decision making.
• Agriculture – Crop yield and growth, disease prevention, maximization of profits, livestock management, workflows, soil capacity and content, weather simulations, and various forms of stress on production may all be analyzed and improved via this technology.
• Cities and Municipalities – Urban planning, land usage, infrastructure projects, building emissions, lighting and climate control, traffic control, and a host of additional components may lead to cost savings of almost $300 billion by the beginning of the next decade.
• Transportation – Bridges, highways, tunnels, railways and all additional aspects of this field can realize outstanding benefits.
• Business Processes – Digital twins provide an excellent means of testing various scenarios that may improve operations.
Renascent Solutions’ partnerships with innovators in this area
Although the current digital twin evolution was well underway prior to the past couple of years, the pandemic certainly prompted increased interest and usage across countless industries and verticals. We’ve been working with clients in the space who are highly innovative and bring a great deal of value to all implementations. We anticipate that this area will continue to grow as predicted by many who monitor these type of technology capabilities and look forward to helping companies that provide relevant solutions to locate and hire team members who understand the value offered and can readily reach and surpass all stated goals.
