Smart Innovators: Digital Twins For Industrial Facilities
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Executive Summary
Digital twins are part of the Industry 4.0 megatrend and are primarily used today for equipment design and testing. Only in the past two years has the concept of facility-wide digital twins gathered momentum due to the complexity involved in modelling and simulating the performance of industrial facilities. Reflecting the relative newness of this technology in the industrial space, vendors offer digital twin software at five different levels of sophistication – from digital twins that integrate data from various sources to one capable of acting autonomously. Verdantix expects the market for plant-level digital twins to grow slowly over the next five to 10 years with high-risk, asset-intensive industries being the early adopters. This report provides buyers of digital twin software at industrial facilities with an overview of the current state of the market and an assessment of different vendors who offer digital twin value propositions.The Digital Twin Concept Forms Part Of The Industry 4.0 Megatrend
Four Technology Capabilities Underpin Digital Twin Software For Industrial Facilities
Technology Vendors Offer Digital Twins At Five Different Levels Of Sophistication
Digital Twins Deliver Enhanced Value Propositions To Multiple Stakeholders
Digital Twin Software Must Overcome Adoption Hurdles To Increase Market Penetration
Technology Executives At Industrial Firms Must Overcome Five Barriers To Digital Twin Success
Crossing The Chasm Requires A Concerted Effort To Find Digital Twin Innovators
Figure 2. Digital Twins For Industrial Facilities – Relevance For Key Stakeholders
Figure 3. Digital Twins For Industrial Facilities – Uptake By Asset Type
About the Authors
Malavika Tohani
Research Director
Malavika is a Research Director at Verdantix, guiding research that explores how digital technologies and services are reshaping industrial operations to become safer, more ef...
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David Metcalfe
CEO and Co-Founder
David is the CEO and co-founder of Verdantix, where he leads the firm’s strategic direction and client engagement. Since co-founding the firm in 2008, David has built a ...
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