According to an Article by IoT World Today, the accessibility and applicability of digital twin technology are increasing across various industries as companies utilize it to monitor assets, experiment with new procedures, and simulate designs. A recent Omdia report suggests that the digital twin industry will continue to grow due to rising demand for visibility, cost efficiency, and sustainability. As the technology becomes more feasible as a business tool, companies are forming dedicated teams to accelerate its adoption, making it a technology expected to thrive in the future.
Digital twin projects are most prevalent in the industrial and manufacturing sectors, although aerospace and defence industries also show significant interest. The report found that digital twin technology is expected to be deployed within two to three years across different regions, presenting a considerable market opportunity for vendors.
The technology can lead to substantial emissions savings, which aligns with the increasing focus on sustainability in business practices. By providing real-time visibility into asset performance and testing various scenarios in virtual environments, digital twins assist enterprises in achieving their sustainability goals.
However, challenges to widespread adoption remain, such as complexity in the vendor landscape and digital twin interoperability. Additionally, the cost of implementation and cybersecurity concerns pose barriers. Nevertheless, ongoing innovation and maturation of IoT deployments, which underpin digital twin projects, are expected to overcome these challenges and drive broader adoption in the future.