The digital twins market generates an influx of over three billion dollars a year, with an expected growth of 28% until 2025.
A digital twin is the virtual version of a product, service, or process. Applied to real estate or construction, it provides optimized visualization of a building, amenities, occupancy, potential issues, etc.
It generates predictions, insights, and simulates how that asset would work (or fail), which is the reason why this technology is so necessary.
General Electric is a pioneer in the digital twins market, just like it has been innovating across different industries since 1892. Their products range from digital twin systems to assets, components, and processes, providing a real end-to-end solution for customers. GE developed technologies that can predict, monitor, and simulate any asset, guaranteeing valuable reports of how it works in real life.
Working with GE, businesses get to reduce costs and risks significantly, as well as improve productivity.
Siemens is a European multi-national that produces energy-intelligent and resource-saving technologies. They’ve implemented digital twins into all of their solutions, such as the MindSphere platform, where businesses can improve processes and services virtually. Now, they can also leverage digital twins perks. While their technology offers all the traditional features, Siemens believes that autonomy is an essential trait for digital twins, which resulted in the creation of a smarter software that can “think” on its own.
Siemens’ digital twins are easily implemented into existing software and processes, offering more flexibility than other services in the same category.
Oracle is one of the worldwide leaders in IT and database software. Their digital twin ventures include features like companies being able to build virtual twins on the cloud, getting better insights on their service or product at a much higher speed and improving scalability. They also offer predictive twins to create better analytics and twin projects for IoT environments.
The wide variety of digital twins assets offers more opportunities for brands to implement digital transformation in their business effectively.
Cisco is a high-authority name in the industry of communication technology, networking hardware, and software, among other high-end tech. They’ve been taking on new challenges with digital twins, making investments to help customers develop a fast, smooth path towards the ideal market strategy.
Their most significant highlight is assisting businesses to establish a shorter sales cycle, using data acquired from virtual versions of their assets.
Cisco’s now combined solutions bring innovation in the shape of better quality control, safety, and higher profits.
Ansys believes that simulation-based digital twins and industrial internet of things can deliver transformative results. They integrate different technologies and turn them into complex, multiphysics solutions, which has led Ansys into being a global simulation engineering leader for the past forty-five years.
Ansys operates across different industries, ranging from healthcare, to high-tech, and even consumer goods. They provide customers with accurate predictions, less risks, and valuable insights on how to improve future developments.
According to this study, about 62% of companies are preparing to implement digital twins into their business process. What does this mean? Well, not using this software is a significant commercial disadvantage.
Digital twins offer results that wouldn’t be available otherwise. In Proptech, this technology is the best bet for owners to improve their facilities, data analysis, and market strategy.