In 2019, Gartner ranked the digital twin model fourth in its top 10 strategic technology listing and estimated the size of the global digital twin market to be $6 billion across all industry sectors and forecasted the market to grow at a 40% CAGR to $16 billion by 2023.
"Digital twins allow companies to improve a variety of business processes, whether it’s boosting production efficiency of a factory or optimizing the performance of products in the field. Digital twins also begins to position companies for the next dimension of computing that is spatial, interactive and intelligent", highlights Walid Negm, Group Chief Innovation Officer at Altran.
Life Sciences major players are looking to implement an holistic digital twin strategy where a “virtual backbone” that spans the entire product development life cycle, including manufacturing, drives meaningful business outcomes.
However, getting digital twins up and running and generating value needs management discipline, including a clear vision of the expected business benefits and costs, a profound knowledge of the industry use case, a scalable technology strategy and architecture and understanding of new human machine interfaces to drive new ways of working.
This white paper highlights the challenges of implementing the right digital twin strategy while providing use cases in manufacturing with highest impact in terms of expected return, and a vision of technology trends shaping the future of digital twins.