Independent research firm Verdantix predicts the market for digital twins will bring transformational value to operations and real-time risk management in industrial facilities. However, the market will grow slowly over the next five to ten years with high-risk, asset-intensive industries being the early adopters. Given the recent arrival of this technology, it comes as no surprise that the competitive landscape is currently populated with vendors, such as Akselos; AVEVA; eVision; GE Digital; Petrotechnics (a Sphera company) and Seebo; offering digital twin software at five different levels of sophistication – from digital twins that integrate data from various sources to one capable of acting autonomously.
“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.” commented Malavika Tohani, Principal Analyst. “When digital twins possess the ability to identify issues before they actually occur, they start moving up the sophistication curve. As the majority of APM software already has this capability, we’re now seeing most vendors in this category developing digital twin product plans.”
Key findings of the Smart Innovators: Digital Twins For Industrial Facilities report:
Informative digital twins which are less sophisticated than fully autonomous digital twins will see faster adoption.
Artificial intelligence (AI) will take digital twins to the next level with the ability to assimilate, analyse, simulate, predict, prescribe and act with minimal human involvement.
Vendors seeking to increase market share, must offer pre-built models for asset classes, standard machine learning algorithms for predictive analytics and an asset-specific library of mitigation activities, in order to speed up time-to-value and reduce upfront costs for customers.
“This research indicates that whilst early-adopters of digital twins for industrial facilities should proceed with caution, the future holds huge promise” added Malavika Tohani, Principal Analyst, Verdantix. “Digital twins have created a buzz in the industry, but customers want to know how credible the hype surrounding this technology is, so Vendors looking to capitalise on this opportunity need to share digital twin success stories and hone in on use cases that will deliver the most value.”
Verdantix clients can learn more in the ‘Smart Innovators: Digital Twins For Industrial Facilities’ report and view the webinar “The Reality Of Digital Twins For Industrial Facilities”.