EY Tech Trend: Digital twins: Creating Intelligent Industries

Digital twins will redefine industries but require meticulous implementation.
 
In brief

• The global digital twin market, valued at nearly US$9 billion in 2022, is projected to reach US$137.67 billion by 2030.
• Component twins analyze, optimize designs; system twins predict component interactions; process twins reduce defects and enhance productivity.
• Digital twins are applied across sectors with significant adoption by original equipment manufacturers (OEMs) and in new manufacturing operations.
• Organizations should develop concrete roadmaps, conduct proof-of-concept (POC) projects, and ensure full-scale implementation with continuous monitoring.

Source: EY