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Digital Twin

The IoT twin market is set to reach 15 billion dollars by 2023

The process of combining the real world with the virtual IoT world is already speeding up engineering and production in many places today. But the major breakthrough is still to come.

21 Nov. 2017
Marie-Lucine Tapyuli
General Electric
The IoT twin market is set to reach 15 billion dollars by 2023 (picture: General Electric)

An analysis by Market Research Future suggests the digital twin market is set to grow at an average annual rate of over 37 % by 2023 and expected to reach 15 billion US dollars by the end of the forecasting horizon. The leading providers of digital twin solutions include General Electric , IBM , Oracle , Microsoft , PTC , ANSYS , Dassault Systèmes and Siemens .

The term “digital twins” refers to digital replicas of people, machines, facilities, processes, systems and entire production contexts. Modern factories often already have a digital twin that simulates the entire value chain and gradually integrates additional qualities such as artificial intelligence and extended virtual reality. For the analysts at Gartner , digital twins are one of the ten major technology trends 2018 ; they see them as a potential means of saving billions of dollars in MRO (maintenance, repair and operations) costs and as a way to configure IoT installations to meet precise requirements.