Digital twins market to surge as e-tailers enhance their offerings

• As per a recent report from Accenture, the global digital twins’ market is expected to surge to $184.5 billion by 2030.
  
• In today’s extremely interconnected and interdependent economy, digital twins have emerged as a game changer.
  
• Retailers and eCommerce can gain the trust of their customers by providing them with the chance to view virtual storefront from the comfort of their home.

The concept of digital twins goes back a few decades. But, the rise of technologies such as AI, machine learning, and predictive analytics have considerably expanded to utilize the digital twins beyond their original intention of manufacturing and engine design. Today, it is growing to take on various forms across multiple industries that enable organizations to forecast as well as create with more accuracy and foresight.

According to a 2022 report from Accenture, the global digital twins’ market was valued at $3.21 billion in 2020 and is expected to proliferate to $184.5 billion by 2030. Industry experts have predicted that organizations will incorporate digital twins to revamp products, and design experiences while running their operations in innovative ways.

The promise of Digital Twins in the present marketplace

Irrespective of the industry, most enterprises plan to actively participate in an economy that provides security, intelligence and interconnectedness. In such an economy, the fate of product growth, supply chain, as well as manufacturing, heavily relies on the ability of organizations to assemble and influence data models.

With the Industrial Internet of Things (IIoT) as well as real-time analytics, you have a broad range of machines and systems having the ability to transmit data about their level, performance and implementation. In such a scenario, digital twins have emerged as a game-changer. Not only that, the COVID-19 pandemic has acted as a catalyst for awareness and has lured businesses into investing in comprehensive digital twins’ initiatives.

To understand its usage across multiple spectrums, one must view digital twins across three dimensions namely, technology, scalability and coverage. The coverage of digital twins has grown exponentially. Today, it infuses the entire lifecycle of products from their origin across the entire product value chain.

The focus on digital twins is not confined to increasing functionality anymore. It now encompasses an increase in integration, interoperability and data exchange across the environment. At the same time, the technology of digital twins has witnessed a notable increase. It has matured from being an on-premise simulation platform to combining the power of digital twins’ functionality with cloud, cognitive AI as well as Augmented Reality and Virtual Reality (AR/VR).

Exploring the metaverse spectrum

Digital twins are a critical component of the metaverse since it digitally showcases the physical world while enabling users to interact with the digital version of people, places and things from multiple locations. For instance, people are often skeptical and hesitant about online shopping leading retailers and online providers to heavily rely on images and customer reviews. However, with metaverse driven by digital twins’ buyers, retailers can eliminate this hassle by giving customers the ability to visit virtual stores from the comfort of their home.

Another space where metaverse can likely influence is the customer meetings. With businesses embracing the zoom to host their meetings, they can also leverage metaverse in the same manner. For example, the avatar of the customer can visit the virtual headquarter and sit down in a virtual conference room. Refining the data sources within the metaverse, allow organizations to gather the data about the company or person they are likely to meet. This gives them an upper hand within the meeting since they are already equipped with data to assist them proactively.

The way forward

There’s no doubt that the potential and applications of digital twins are endless irrespective of the industry. It can bridge the gap between previously siloed departments across operations, finance, sales, maintenance and marketing which can utilize digital twins to access a unified source of real-world data. This can empower them to accurately predict maintenance, enhance their design, understand its usage while adjusting the pricing.

While still in its nascent stage, digital twins hold an important key to the future. Hence, it is important that IT leaders collaborate with their counterparts across the enterprise to effectively leverage digital twins to its fullest extent.
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