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Digital twin technology is one of the most disruptive new tools in today's digital transformation marketplace. This concept involves using a digital replica of assets, processes, and systems to create efficient simulations in a business environment. A digital twin syncs with its physical counterpart, updating and upgrading automatically as the original asset evolves.
Digital twins integrate solutions like machine learning, artificial intelligence, and software analytics to create unique opportunities for today's organisations. What's more, digital twins are particularly valuable in the Internet of Things (IoT) market. According to Gartner, two thirds of companies are planning on using digital twin technology within a year to support their IoT initiatives. With the digital twin environment set to grow at a rate of 37% compound annual growth rate up to 2023, here's what you need to know about the leading digital twin vendors.
Bosch, the leading manufacturing company, supports the evolution of digital twins in the form of their Bosch IoT hub and other device connectivity technologies such as Eclipse Ditto. Ditto is a framework that helps businesses work with, manage, and analyse the state of digital twins. This solution builds a crucial bridge between real-world devices in the IoT space and their digital twins. Bosch also draws attention to tools like Eclipse Hono for directly integrating today's devices too.
Bosch has taken a pioneering approach to the development of IoT in today's environment. What's more, the company believes that the potential of digital twins will help that space grow even further. Finally, with Bosch subscriptions, companies can manage twins for their IoT assets, structure the features of connected things, and more.
IBM is another digital industry market leader with its finger on the pulse of the digital twin revolution. In particular, IBM believes that digital twins are crucial to the development of IoT technology in the current marketplace. With IBM's digital twin technology, companies can virtually create, test, monitor, and build products, reducing the latency in the feedback loop between design and operation. The real-time insights offered by digital twins can also make identifying issues easier and get products to market faster.
IBM is investing in the power of digital twins to transform the full product life cycle for today's transformative businesses. Furthermore, IBM considers digital twins to be crucial for capturing the insights needed to create more connected products.
ANSYS gives today's businesses the opportunity to build state-of-the-art digital twins using proprietary simulation tools. The business believes that engineering simulation is becoming a crucial component of success in the industrial environment. Virtual testing and new product design strategies can help today's businesses safely and cost-effectively test out new developments. What's more, in doing so, businsses can simultaneously improve their product life cycle.
ANSYS physics-based simulation combined with analytics allows companies to make accurate predictions about future product performance with close assessments of their digital twin developments. You can check out a range of case studies on the ANSYS website.
PTC is another industry leader that's paving the way for the future of digital transformation with digital twin technology. The company's belief is that digital twins are crucial for the development of things such as industrial IoT technology. When coupled with powerful simulation and analytics capabilities, digital twin use cases can be adopted across the entire value chain, helping companies strengthen their strategies for customer experience and faster development.
As well as helping companies explore the basics, PTC also offers insights into how you can use digital twins yourself. The company has a range of eBooks and overviews for you to make the most of. Furthermore, PTC regularly offers insights into digital twin tech in its case studies too.
Oracle's digital twin adventure consists of three main pillars, each with its own use cases and advantages. For instance, with Oracle, businesses can create virtual twins that help them build representations of physical assets and devices on the cloud, speeding up the performance of a specific process and improving scalability. Oracle also offers predictive twins for analytics and statistics, as well as twin projects for support in IoT environments.
The advanced range of digital twin opportunities available from Oracle delivers a unique opportunity for today's businesses that are keen to take advantage of an ever-growing roadmap for digital transformation in the modern marketplace. What's more, you can experiment with the Oracle IoT digital twin simulator here.
Microsoft delivers and empowers digital twin technology as part of its Azure technology portfolio. The Azure Digital Twin platform is an IoT service dedicated to helping businesses create comprehensive, creative models of their physical environments. With Azure, companies can create spatial intelligence graphs that simulate the interactions between devices, places, and people.
Microsoft's customers can use the Azure digital twin system to build highly scalable, reusable, and spatially aware processes that keep data linked across the digital and physical environment. What's more, there's complete flexibility to simplify and accelerate your business operations with custom functionalities and upgrades.
Siemens describes digital twin technology as one of the most crucial pillars in the foundation of Industry 4.0. Through digital twins, companies have the power to seamlessly link various stages of the product development process. This offers a consistent improvement in performance, efficiency, and development cycles. Additionally, digital twins can help to minimise failure rates and deliver new business opportunities.
Siemens is using digital twin technology in everything from its Digital Enterprise Suite of integrated software and automation solutions to its Defence-in-Depth strategy. There's also the MindSphere platform that businesses can use to create data-driven services and processes in the industrial environment, complete with digital twin benefits.
Focusing on the benefit of digital twins in manufacturing, Dassault Systemes is a pioneer in the industry. The "3DS" brand believes that digital twins can help engineering companies better understand the steps they need to take to produce more efficient and effective products for the modern landscape.
Dassault Systemes also offers plenty of resources to companies interested in learning more about the power of the digital twin in today's go-to-market processes.
Cisco might be one of the market leaders in communication technology, but the company also happens to be driving the evolution of new digital twin opportunities too. The company is invested in such opportunities to keep today's businesses running safely and smoothly towards a faster go-to-market strategy.
With Cisco Systems and digital twins, companies can invest in shorter sales cycles, increased profit opportunities, improved quality control, and more.
General Electric is a well-known pioneer in the digital environment, offering a wide range of disruptive services and solutions to today's brands. In the digital twin environment, GE offers everything from digital twin assets, components, systems, and processes. The brand believes that by knowing the current context of a process or system and predicting the future state of a digital twin, companies can effectively control, simulate, and monitor a process or asset, as well as optimise business life cycles.
For GE, the digital twin environment will pave the way for reduced risk in business environments, increased reliability and availability, reduced maintenance costs, faster time to value, and improved production.