With Increasing Adoption of IoT, various companies are expected to dominate digital twin technology in 2022

The term "digital twin" refers to a virtual copy of any physical asset, process, or system that can be used to ensure predictive analysis and reduce downtime over a given period. A digital twin technology captures real-time elements of various facilities and generates an accurate virtual image of the asset or subsystem. Therefore, it is created using several IoT sensors that gather real-time data gathered during the product development stage and learn, analyze, and upgrade itself based on working situations. The industry is expected to grow significantly in the future as Industry 4.0 becomes more widely used around the globe. The fourth industrial revolution is referred to as Industry 4.0. It is a growing trend in various industries, including manufacturing, focusing on data capture, automation, and exchange.

As per a report by Fortune Business Insights™, the market for digital twin is set to grow from USD 6.90 Billion to reach USD 72.35 billion by 2028 at a CAGR of 39.9% during the forecast period.

COVID-19 Pandemic Results in Increasing Demand from Healthcare and Pharmaceutical Industry

The rapid emergence of the COVID-19 epidemic had pushed the international economy into chaos. It had an impact on the end-use industry growth. As demand is diminishing, major oil producers are running out of storage capacity for extracted oil. Therefore, there is now a huge imbalance between supply and demand. The technology is also used by the energy and power, automotive and transportation, and aerospace and defense industries.

The healthcare and pharmaceutical sectors are at the forefront of COVID-19's fight due to the virus's rapid proliferation. Patient's health, impact of tablets, and other characteristics are all monitored using a digital twin. Some companies have seized the chance to combat the coronavirus epidemic by offering a variety of solutions. The efficacy and interactions of pharmaceuticals in a patient's body are tracked using this solution based on their characteristics such as age, gender, and kidney status. Moreover, industrial companies are boosting their investments in research and development.

Following is the list of the top 5 digital twin companies in the market:

1. GE Digital

GE Digital offers digital twin solutions such as asset, network, and process. The organization routinely updates the software with sensor data, often via IoT connectivity to increase model accuracy and spot anomalies. Moreover, it aids in future prediction, increased reliability and availability, and risk reduction. Using digital technologies, the organization improves reliability by 93 to 99.49%. In addition, digital network twins can assist in cutting down costs by up to 30%, and the process can help reduce product waste by up to 75%.

In October 2020, according to GE Digital, in the four months since its inception, the newly established Digital Twins Consortium had grown to approximately 159 members. Northrop Grumman Corporation, Autodesk, and GE Digital have all joined the Consortium as founding members.

2. IBM Corporation

IBM offers several products, including the IBM digital twin exchange, IBM engineering systems design improvisation, and the IBM Maximo application suite. The company aids in better understanding product research and design, increased efficiency in mirroring and monitoring manufacturing systems, and product end of life, which aids manufacturers in determining what to do with the product. Automobile manufacturing, aircraft production, railcar design, building construction, manufacturing, engineering, and power utilities are among the areas where the company's technologies are used. According to IBM, the digital market was valued at USD 3.1 billion in 2020, and is expected to reach USD 48.2 billion by 2026. The firm's exchange solution aids in the management of the firm's extensive digital and physical assets.

In June 2020, IBM Corporation teamed up with Siemens to design a new solution to optimize service lifecycle management. This solution integrates IBM Corporation's Maximo and Siemens' Xceletaor portfolios to improve operations, maintenance, and performance.

3. Microsoft Corporation  

Microsoft Corporation offers "Azure Digital Twin," with a next-generation IoT solution. It is an Internet of Things (IoT) platform that aids in creating digital representations of corporate processes, places, real-world objects, and people. It also aids in the optimization of operations and costs, development of better products, and creation of exceptional client experiences. It also assists in tracking the history and anticipating the future of any linked environments while also ensuring data security and compliance. In addition, it is used in enterprise-level deployments. It offers a diverse range of capabilities that enable businesses to tailor solutions quickly.

In December 2020, Microsoft and Johnson Controls digitally revolutionized how spaces and buildings are designed, managed, and built. The firms are combining their platforms Azure and OpenBlue. Integrated platform service and building management will be possible due to this collaboration.

4. Siemens AG

Siemens AG offers three primary types. Product digital twins from the company aid in developing new products and providing a virtual digital connection that allows customers to assess how well the product is operating. They aid in manufacturing and production planning. Operational data is analyzed, captured, and acted on with the help of the company's performance digital twins. Sensors installed on physical objects evaluate operating conditions, real-time performance, and changes over time. The company employs a variety of skills, including machine learning, data analytics, and multi-physics simulation to demonstrate the influence of design changes and environmental conditions.

In July 2020, Simatic real-time locating solutions were introduced by Siemens AG (RTLS). It comes with SieTrace software, which assists in giving real-time location data. Companies will govern how employees connect more efficiently and rapidly using this solution.

5. ANSYS Inc.

Customers can use ANSYS Inc. to create virtual prototypes of real-world systems. These are used to manage the whole asset and product lifecycle. "Ansys twin builder" is the company's branded solution. This aids in the creation based on simulations. It helps improve productivity, create a virtual prototype of a deployed system, integrate real-world data, and manage complex assets. The company's various applications include power electronics, gas-liquid systems, electric motors, pollution control, and heat exchangers. Some features include a multidomain systems modeler, reduced-order models, third-party tool integration, rapid HMI prototyping, embedded software integration, and XIL integration. The company's specializations include digital prototyping, design optimization, grid generation, engineering simulation, and structural analysis.

In December 2020, ANSYS Inc. teamed up with Microsoft Corporation to provide Azure Digital Twin customers its native integration simulation-based. Microsoft will be able to give real-time, physics-based simulation for operational usage.

Increasing Product Usage in Predictive Maintenance to Gain Traction

Predictive maintenance has become a necessity in various industries. Breakdowns and outages can result in significant losses for any firm. Such unplanned downtime can be prevented by taking the necessary precautions and planning ahead of time for maintenance. It can help change this failure situation and reduce maintenance and production expenses on time. Sensors are linked to products throughout development, generating data that predicts defective scenarios through simulations, allowing professionals to examine maintenance workflows, including testing various fault conditions.

Therefore, businesses are increasingly turning to solutions to help them move to digital asset management. It also looks at historical data or compares similar production systems to predict component failures