Digital twins: How big is the opportunity for industrial organisations?

Looking at how advanced our world has become, a bridge to the virtual world is no longer an imagination as the concept of digital twins is already being developed in the IoT space, ushering in an era of more efficient operational performance and business processes.

Digital Twins are digital replicas of physical assets built with artificial intelligence (AI) algorithms that allow companies to understand, predict and optimise the performance of individual assets. These could be individual pieces of equipment or an entire factory.

Industrialisation has had a profound impact on human history and has created major shifts in society thanks to technology innovations that can be traced back to four key stages of industrialisation. While the first three stages were marked by