The term “digital twin” has been getting much attention in engineering and manufacturing for a few years as companies realize the potential of virtually replicating a real-world environment. Recently, the metaverse industry has become an emerging industry, the digital twin sector is an essential industry sector. Developing mixed reality and metaverse is essential for companies to establish digital twins.
With this industry’s rapid development and investment, we are starting to see development. In October 2022, we were in San Jose at the Economist Metaverse Summit, where we saw new technologies impacting the metaverse and digital twins in real life. Meta released Quest Pro around the same time. We interacted with the team at Meta and saw how Mixed Reality could impact the enterprise metaverse. At the same event, we learned about HaptX launching a new haptics technology product for the enterprise metaverse.
Digital Twins are one of the most critical aspects of the metaverse. While the potential of digital twins is not fully realized yet, the concept behind the industry has been established. This article will define Digital Twins and discuss the companies making the most impact in this industry.
What Are Digital Twins
A digital twin is a digital copy of an object, system, or process in the real world. Digital Twins have garnered interest because they can simulate, monitor, and improve real-time performance, giving insights and data to help people make better decisions.
A digital twin is a virtual copy of a physical object or system that can be watched, controlled, and changed in real-time. It uses information from sensors and other sources to make a digital model that acts like the real thing. This digital copy can simulate different situations and situations, test changes and improvements, and find problems before they happen in real life.
Digital twins have become a significant part of the emerging metaverse industry. Organizations building real-life products and services are using mixed reality to transform their businesses and provide alternate services for the ease of their customers. In the next few decades, organizations will look very different. We want to live in a world where the lines between the real and digital worlds are blurry. Every asset, process, or person connected to an enterprise will have a virtual copy and be linked to it. Because of this, almost every part of work can be done digitally or at least before it can be done physically. Augmented (AR) and virtual (VR) reality will allow employees to get real-world product design training and experience from their desks by manipulating 3-D digital copies of equipment. Mass simulations and AI technologies will use data streams from inside and outside the company to help senior executives accurately predict what will happen next and suggest the best course of action, even when things are going wrong.
15 Best Digital Twin Companies
Digital twins have become increasingly popular, and many companies have sprung up to create and implement digital twin solutions. Some companies are looking to make an impact in this emerging industry. Here are some of the best companies that make digital twins:
1. Siemens Digital Industries Software
Siemens provides digital twin technology for various industries, including manufacturing, energy, and transportation. Software for 3D & 2D Product Lifecycle Management is the area of expertise for Siemens Digital Industries Software. The company’s digital twin platform, “Xcelerator,” allows companies to create digital replicas of their products and systems, optimizing performance, reducing costs, and improving efficiency. Successful case studies where Siemens Digital Twins have been implemented include Collaborating in the cloud to reduce product revision time by 20 to 25 percent, streamlining the production of a crop protection agent, and an automative machine tool maker.
2. General Electric
GE Digital is a subsidiary of General Electric that offers a range of digital twin solutions for the manufacturing, energy, and healthcare industries. The company’s platform, called “Predix,” enables companies to create and manage digital twins of their products and systems and to analyze data from those twins to improve performance and efficiency. Headquartered in San Ramon, California, the company also provides software and industrial internet of things services to industrial companies. GE Digital works in various industries including Power Generation, Manufacturing, Aviation, and Grid. Their clients include Proctor & Gamble, Qantas, and Alabama Power.
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3. Microsoft’s Azure Digital Twins
Microsoft’s Azure Digital Twins platform offers a way to create and manage digital copies of real-world environments, like buildings, factories, and cities, using the cloud. Azure uses IoT spatial intelligence to create models of physical environments. This IoT platform lets users make a digital copy of physical objects, buildings, and even entire businesses in order to better understand and manage them. Customers acquire knowledge that will propel better products, streamline processes, reduce costs, and produce game-changing customer experiences. According to Azure, they have more certifications than any other cloud provider. Azure also has no upfront costs, no termination fees, and a pay as you go model.
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4. IBM
IBM has a variety of digital twin solutions for industries like manufacturing, automotive, and aerospace. Their Maximo Asset Monitor solution uses Internet of Things (IoT) sensors to make digital copies of assets that can be tracked and analysed in real time. The IBM Digital Twin Exchange is a resource for asset-intensive businesses, such as enterprises that manage enterprise-wide digital and physical assets. Customers of digital twins can explore, purchase, download, and manage digital twins provided by our fast expanding ecosystem of partners. The Digital Twin Exchange supports a wide variety of digital twin download formats, including bills of materials, 3D CAD files, engineering manuals, building information models, and more. Content suppliers may advertise their digital twins, manage their inventory, and set prices for their digital twins with ease.
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5. PTC
The ThingWorx platform from PTC built tools to make and manage digital twins of products, processes, and systems. ThingWorx simultaneously eliminates technical barriers to IIoT implementation while emphasising solutions with rapid return on investment. The end-goal of ThingWorx platform is to maximize revenue, accelerate innovation, reduct costs, improve quality, and maximize flexibility. Industries in which this platform is popular in include manufacturing, engineering, service, and digital performance management.
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6. ANSYS
ANSYS has simulation software that can be used to make digital copies of physical objects and systems. This lets engineers simulate and test different situations and conditions. The simulation based software by ANSYS is meant to transform the business operations with data driven and simulation-based digital twin software. Digital twins from Ansys can be used in real-time system analysis for predictive maintenance scheduling and performance optimization. By combining machine learning (ML)-based analytics with a physics-based approach, the Hybrid Analytics capability of Ansys enables engineers to achieve a degree of predictive analytics accuracy.
7. ABB
ABB has digital twin solutions for power generation, transportation, and manufacturing industries. These solutions let equipment and processes be monitored and analyzed in real time. ABB has integrated cloud-enabled functionality into its RobotStudio robot programming and simulation software in an effort to facilitate flexibility, transparency, and real-time collaboration during the testing of virtual robot cell designs. The RobotStudio Cloud is rumoured to offer features such as automatic version control in an effort to increase team transparency and productivity. Its streamlined interface and intuitive navigation are designed to make it accessible to users of all skill levels. The software generates a digital twin that virtual controllers can use to test and optimise the robots prior to their physical construction.
8. Dassault Systemes
Dassault Systemes offers virtual twin solutions for industries like aerospace, automotive, and manufacturing, with a variety of tools for simulation, modelling, and analysis. The company focuses on differences between digital twins and virtual twins as the industry is realizing new potentials thanks to the fast evolving metaverse industry. Their clients of the virtual twins include traditional industries like healthcare researchers to individuals redesigning their homes. Dassault Systems provide 3D models which effect everything around you, and then test and simulate to ensure a model is perfected.
9. Bentley Systems
Bentley Systems offers digital twin solutions for infrastructure projects like buildings, bridges, and transportation systems, giving real-time data and insights to help make better decisions. The company helps build construction digital twins which help virtually plan, manage, and control on-site construction. Also, the company deals with performance digital twins to optimize maintenance with intelligent insights. Some of the services include, unifying disparate data sources, deliver network insight, and automating key workflows.
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10. Honeywell
Honeywell has digital twin solutions for industries like oil and gas, aerospace, and manufacturing. These solutions let equipment and processes be monitored and analysed in real time. Honeywell’s digital twin solution will also be used as a virtual model to guide engineers with actionable insights into machine performance and maintenance needs in order to optimize plant production. Case studies on the digital twins industry by Honeywell include process stability, safety systems design, process control and multivariable predictive tools.
These companies are some of the best in the business regarding digital twin technology. Their solutions are helping to change a wide range of industries by giving them real-time data and insights that help them make better decisions and work more efficiently. Most of the above companies are well established businesses.
Best Digital Twins Startups
However, many other startups are on the rise and looking to dominate the digital twins sector, especially in real estate. The rest of the five companies are startups looking to become digital twins in the real estate sector.
11. Matterport
Matterport is a 3D scanning and virtual tours company which are primarily used in the real estate business. The company has various ways to capture 3D spaces and manage those 3D models. Also, the company has made it relatively easier for these 3D models to be viewed. Matterport has various services. Companies can show their commercial/retail space virtually. Potential buyers of a residential property can walk through a residential property without physically being present at the location. However, Matterport has various other uses in the architecture, engineering, and construction realms. The company allows users to collaborate with Autodesk and Procore integrations. The company also has a huge amount of spatial data, which helps innovation and easy-to-use APIs make it easy to build capabilities and custom add-ons on the Matterport platform.
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12. CubiCasa
CubiCasa is one of the most promising digital twin companies which specializes in floor plan creation and virtual staging for the real estate industry. Their solutions include high-quality 3D tours and virtual furniture staging to help showcase properties. The company specializes in creating floor plans. Users are able to collect floor plan data with a smartphone. As of now, CubiCasa has built over a million floor plans for over 50 thousand companies.
13. InsideMaps
InsideMaps offers 3D property data and virtual tours, such as interactive floor plans and virtual staging. They also give real estate professionals full marketing tools to help them show off their properties. InsideMaps is the leading enterprise scanning solution for the largest Single Family REITs in the world. The pictures can be captured through an iPhone. The industry InsideMaps operates on include Real Estate, Vacation Rentals, Property Management, and Architectural Visualization. Theta Z1 and Theta V are also cameras that can be used to capture 3D models of Real Estate.
14. iGUIDE
iGUIDE offers various virtual tours, such as 3D tours, floor plans, and tools for measuring a property. They also have extra features, like adding videos and interactive maps. iGUIDE is an all-in-one digital property capture system and building information platform. Enabling partners to measure, market, and monitor real property at scale. The industries the company operates in include residential real estate, insurance and restoration, and facility management. The company has drafted over a billion ft square of space in 40 different countries. The company also has no subscription fee for the services which means the customer is not tied down to a fixed cost.
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15. Immoviewer
Immoviewer helps real estate agents by giving them 3D tours and virtual staging tools. They also have extra features like custom branding and tools for getting leads. Immoviewer’s software platform combines Automated Real Estate Video Content creation with simple and scalable 3D 360° tours. They help generate individual listing landing pages and create Floor Plans without measuring the space.
The above five companies share significant share in the real estate market for digital twins. The demand is high as many people prefer to look at virtual properties before taking the trip to see a property in real life.
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Read also: Top 8 Digital Twin Platforms In 2024
Digital Twins Utilization
Digital twins can be used in many ways, from making things in factories to making smart cities and building infrastructure with the help of mixed reality. In manufacturing, for example, digital twins can be used to optimize the production process, keep an eye on the health of the equipment, and reduce downtime by finding and fixing problems before they cause significant problems.
Urban Modeling
Digital twins can be used to model and improve urban infrastructure like transportation systems, energy grids, and buildings in smart cities. This can make cities more efficient and sustainable by reducing energy use, improving traffic flow, and using resources better.
Digital Twins in Healthcare
Digital twins can also be used in healthcare to model and simulate medical conditions and treatments. Many digital twin companies are helping doctors and nurses understand and predict the effects of different interventions.
Engineering
One of the best things about digital twins is that they can give you data and insights in real-time. By constantly watching and analyzing how the digital twin works, engineers and operators can spot potential problems and take steps to stop them before they happen. This can save money, reduce downtime, and make things safer.
Communication
Another benefit of digital twins is that they make it easier for people to work together and talk to each other. Digital twin companies can help engineers, operators, and other stakeholders communicate and work together better by giving them a shared digital platform. This reduces the chance of mistakes and delays.
Digital twins are virtual copies of real objects, systems, and processes that are becoming more popular in various industries. They offer many benefits, such as real-time data and insights, better decision-making, and better ways to work together and talk to each other. As technology continues to change and improve, digital twins will likely become even more common, making it possible to solve problems more efficiently, sustainably, and creatively.
Read also: 5 Best Digital Twin Software Solutions In 2024
Digital Twins in Metaverse
In the Metaverse industry, a “digital twin” is a copy of a physical system or object made in a virtual world. These virtual copies are made with the help of digital twin technology, which lets people interact with them in the Metaverse.
For example, in the Metaverse, a digital twin of a building can be made, which lets users explore and interact with the virtual building as if it were a real one. In the same way, a digital twin of a car can be made so that users can change it and test-drive it.
In the Metaverse industry, digital twins can be used for many things, such as design and prototyping, training and education, and fun. Digital twins can be used by architects and engineers, for example, to design and test virtual buildings before building them in the real world. They can also be used by automakers to test and improve virtual prototypes of new cars.
Digital twins can also teach and train people in the Metaverse industry. For instance, medical students can use digital twins to practice surgeries and other medical procedures safely and realistically. Interior designers can use digital twins to adjust a virtual space and show their clients how the space will look without competing with the space.
Digital twins can be used in the entertainment industry to make virtual experiences more real to users. For example, a virtual theme park with digital copies of rides and attractions that users can explore and interact with can be made in the Metaverse.
In the Metaverse industry, digital twin technology allows new levels of immersion and interaction by letting users simulate and interact with virtual versions of physical objects and systems.
They will play an integral part in developing the enterprise metaverse. We divided the metaverse market into enterprise and consumer markets at the Digital Twin Insider. To learn more about the difference between both markets, check out this article. Digital Twins are a part of the enterprise market as the use cases are endless. Supply chain, R&D, factories, retail stores will all be a part of the metaverse industry. However, for these industries to become a part of the metaverse, developing and adopting digital twins and the technology behind it is essential.
These digital twins from different organizations and industries will be interconnected and many of the core business processes will shift to the metaverse. Today, there is enough technology and know-how to build digital twins, which creates a lot of value right away instead of taking years. Companies can get started on the journey by starting with just one digital twin based on a data product and then improving it over time to make more accurate predictions. Then, they can link multiple digital twins together to open up even more use cases. Lastly, they can add the extra technologies needed to turn this network of digital twins into the enterprise metaverse.
Read also: What is Metaverse? Guide into the Future of Digital Reality
Our Take on Digital Twin Companies in 2024
In the 2020s, we have seen a significant shift in investments, technology, and how enterprises function. Technologies like blockchain, artificial intelligence, and virtual reality have captured the imagination of investors and consumers. These technologies have caused a significant rise in the concept behind the metaverse. Digital Twin Insider conducted a deep analysis on the core technologies developing the metaverse here.
As we studied the technologies, the concept of digital twins has become integral to enterprises and their development. Companies like Accenture quickly adopted this concept by launching a virtual office space for their employees and investing heavily in the Quest headsets. Moreover, the launch of various virtual retail stores in virtual worlds has been dubbed as the future of e-commerce.
However, recently, the bear market has caused specific roadblocks to the fast-track development of the industry we were on. Microsoft closing their Metaverse Development Lab and discontinuing Hololens is a blow to developing digital twins. However, the companies mentioned above are continuing to develop this sector.
Digital Twin Insider will continue to monitor and report on the development of digital twins. Did we miss any digital twins’ company that should be included?
If you have any feedback, please reach out to the author at [email protected].
For more market insights, check out our latest Digital Twin news here.
