Have you heard about the latest technology trend “digital twin?” While it is not a new idea, the term has been gaining huge momentum in the modern era. The concept has been in existence since the initial days of in-depth space exploration. However, with improved connectivity along with the advent of high-end technologies like IoT and Virtual Reality (VR), the overall hype around the technology of the digital twin has been spreading lately.
It has been revealed that the digital twin technology is expected to grow from $1.8 million to reach around $13.5 million by the time of 2025.
What is the Digital Twin Technology?
A digital twin can be stated in terms of a visual representation of some physical system, process or object. The fact that makes this technology so interesting and functional is that real-time data from meters, sensors and other relevant sources can be utilised for informing the respective digital copies of the given assets in a typical virtual space. This allows for the overall monitoring as well as analysis and opportunities for optimisation, future simulation and machine learning.
Importance of the Digital Twin
For the upcoming future, the concept of the digital twin helps in providing the most value in equipment management. The digital twin is also capable of providing property managers as well as building engineers the capability of:
- Visualising and monitoring building equipment along with systems in real-time
- Connecting contrasting systems and promoting traceability through a common digital thread
- Optimising building operations with top-end predictive analysis
- Troubleshooting equipment from some distance
The given insights into the inner system of buildings and how the same can be improved could imply major savings in maintenance repairs, operations, utility consumption, and optimised IoT-based asset performance.
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Outbreak of the Digital Twin Technology
Just like other high-end technologies such as blockchain, the technology of the digital twin is also estimated to be utilised in a myriad of industry verticals. The overall use of digital twins is going to extend much beyond the concept of commercial real estate – reaching far into other industries including city planning, manufacturing, healthcare and marketing, to name a few.
As per a recent study, it is estimated that around 21 billion connected endpoints and sensors by the end of 2020 will be existing for the digital twin technology. While the overall assurance of such predictions are yet to be analysed, businesses are still excited about what this would imply for the commercial real estate industry.
For example, when digital twins are amalgamated with VR technology, the natural interaction and immersive views that VR technology has to offer might ensure tweaking designs to make the same less cumbersome and more intuitive. At the same time, simulations can be implemented in real time for observing what the given product in action would appear – enabling rapid-speed design phases.
We recently interviewed digital transformation influencer Antonio Grasso. In our chat Grasso explores the opportunities of the digital twin for businesses in the future. Read more about the digital twin and our chat with Antonio here