A significant rise in the adoption of Digital Twins – virtual models of physical objects such as buildings, cars or infrastructure – has been reported by leading data and analytics companies GlobalData and Marketscreener.
According to the report Digital Twins are revolutionising industries including construction, energy, architecture, aerospace, automotive and transportation.
More industry sectors now recognise that by drawing on complementary tech and resources such as Artificial Intelligence (AI), the Internet of Things and ‘big data’, Digital Twins can build new products – and get them right first time, explains the report. They can also monitor existing assets, optimise maintenance, and reduce downtime, check carbon emissions, nearby traffic flow, or even simulate an adverse weather object.
Digital Twins are being used to simulate the impact of operational, environmental, and financial data on large-scale construction projects, enabling construction companies to assess the performance of relevant infrastructure in real-time and adjust operations to optimise efficiency.
Kiran Raj, principal disruptive tech analyst at GlobalData, said that COVID-19 and efficient integration are the reasons behind increased adoption, adding: “Digital Twin technology has gained a lot of traction in the last few years due to accelerated digitalization across industries. It has become more valuable during the COVID-19 pandemic to help companies navigate the crisis.
“Start-ups have the capacity to provide off-the-shelf and bespoke Digital Twin solutions that enterprises in various industries such as construction, oil and gas, automotive and healthcare can quickly integrate into their business operations.”
US construction-based Digital Twin specialist Cityzenith – named as market leader by GlobalData – developed a Digital Twin platform SmartWorldPro to create a virtual replica of buildings and infrastructure to help clients design, develop and run projects at any scale. Its CEO Michael Jansen said: “2020 and 2021 have been significant years for Cityzenith. Our Regulation A+ crowdfunding campaign recently surpassed the $2 million first goal, and we have welcomed over 1,000 new investors to the company since its launch, aided by our independent investment platform launched in December 2020.
“In the past year, we have partnered with the $500 million Orlando Sports + Entertainment District state-of-the-art redevelopment and earned a pioneering contract to create a multi-purpose Digital Twin for an ultra-luxury residential tower in the Middle East.”
Markets & Markets estimates that the Digital Twin market will grow from $3.1 billion in 2020 to $48.2 billion per year by 2026, at an annual CAGR of 58%.