What is a Digital Twin Technology?
A digital twin is the digital counterpart of a physical asset. The digital replica is continuously updated with data gathered from the sensors attached to the physical object. The data collected helps reflect the real-time performance of its physical machine.
It covers the object’s lifecycle and makes use of simulation and machine learning. The updated data helps you to gain useful insights and further help you make decisions. So, how does a digital twin work? In this section, we will discuss it in brief about digital twin.
Advantages of Digital Twins.
- Enhanced Research and Development:
The information is gathered from the sensors applied on the physical machines helps to define valuable insights to help businesses with the most necessary modifications before they begin the manufacturing and production process. - Higher Efficiency and Performance:
The basic rule behind this technology is to maintain the efficiency of the machine and improve the overall performance. The digital replica of a machine helps in pre and post condition of the production process. - Improved decision on new products:
The most importance advantage is to launch of a new product in the market. The branding, design packaging, products market requirement can be given to the machine for perfect product market fit before launch to reduce the loss.
Digital Twin Market Size:
With a rapid growth of this technology in the market, it allows businesses to reduce the risk on launch of the new product. From a recognized source, the Digital Twin market size calculated at $10 Billion in 2023 and is projected to reach $161.06 Billion by 2031 with a CAGR of 41.43%.
Industries we are introducing Digital Twins:
- Automobile Industry
- Manufacturing Industry
- Electronics Industry
- Healthcare Industry