77% of organizations in India surveyed agree that digital twins will help in achieving their environmental sustainability goals and 85% agree that improving sustainability is a key driver of their digital twin implementations, according to a report on digital twins by Capgemini Research Institute.
A digital twin is a virtual replica of a physical system that can model, simulate, monitor, analyze, and constantly optimize the physical world. A product or a system can have one or more digital twins depending on the stage of the lifecycle that requires it.
While technologies such as artificial intelligence (AI), cloud, 5G, and edge computing are key catalysts of this journey, digital twins are at the core of the transformation. The market size for digital twins exceeded $5 billion in 2020 and is expected to grow at a CAGR of over 35% between 2021-2027.
According to the report, the key drivers for adoption of digital twins was reducing time to market as cited by 92% of the respondents, introducing new business models according to 85%, increasing sales as per 90% of the respondents, and improving sustainability efforts as per 90% of the respondents.
94% respondents believe digital twins impact risk mitigation while 90% believe it impacts collaboration and decision making. According to companies in India who have implemented digital twins, 92% of the respondents said the most impactful services offered by digital twins were rapid access to data, prediction, loop, analysis and improvement.
Some of the technological challenges hindering organizations from realizing the full potential of digital twins were necessary and sufficient updates according to 92% of respondents. 85% of respondents cited cybersecurity and blockchain as key challenges while 69% cited inability to access and integrate data with suppliers and/or clients as challenges.