Topics In Demand
Notification
New

No notification found.

Virtual Twins: Emerging Trends in Global Adoption

Virtual twins are a digital version of physical assets created using software, IT-OT hardware, and connectivity to manage the asset through stages of its lifecycle, represented by the digital in structure, context and behavior. Virtual twins can generatively design and manage entire product lifecycles, from past to future, enabling data and decision continuity. This joint study by nasscom and Dassault Systèmes across 130 global enterprises from four major industry segments and five major geographies worldwide unravels the mindset, capabilities, and gaps in virtual twin adoption today.

3210

0

Download

Key Findings:

 

  • Virtual twin technology is a convergence of software, IT-OT hardware and connectivity tech that have been evolving since early 1900s
    • Key concepts of PLM, early 3D design software emerged in1980s
    • Digital Twins was coined as a technology in 2002
    • Virtual twins combined technology, with precise measurements of structure, context and behavior of a physical asset to create a twin that can be virtually managed through its lifecycle
    • Two-way, near real-time interaction differentiates twins from simple simulation or modeling

 

  • Current trends reveal high awareness and doubling of adoption since the COVID-19 pandemic.
    • Virtual twin adoption worldwide is expected to grow at 35%+ CAGR through 2027, from $5 Bn in 2020
    • Rising digital spend, servitization of products, rising risks and cost of mitigation, and sustainability goals are driving up adoption
    • Majority respondents have explored at least one virtual twin PoC
    • Implementations have doubled since the COVID-19 pandemic.

 

  • Investments in virtual twin tech are nascent still, and more towards PoCs at product and process level
    • Majority of companies report inadequate levels of digital and process automation maturity
    • Limited tech spend allocated to virtual twins
    • Companies struggle with use case selection, considered most critical for successful PoCs and eventual scale-ups
    • Majority implementations are single product or process twins

 

  • Virtual twin scale-up will require companies to streamline data, get right skills, and ensure top leadership focus; but gains are promising in topline, bottomline, and sustainability
    • 75% companies find it difficult to have the right tech stack in place
    • Companies also reveal the need for strategic supplier partnerships to avoid ad-hoc deployments
    • Few companies see top leadership commitment that is crucial for such initiatives
    • These challenges elongate the time taken to implement virtual twins, often delaying RoI realization
    • However, successful implementations reveal the potential of up to 10% in topline, 50% in efficiency, and 25% productivity gains, and a $1.3 Tn net economic benefit from more sustainable business operations through 2030

Find detailed analysis, download the full report.

Community by nasscom Insights is focused on building the largest online community catering to the Indian technology sector. The purpose of the community is to bring the latest trends and discussions onto a single platform. Our passion for tech drives the free-flowing exchange of ideas and visions from industry leaders and game-changers across India.



LATEST REPORTS

© Copyright nasscom. All Rights Reserved.