The basic idea behind the concept of digital twins, is to help model aspects of the physical world in software.
According to a forecast from Fortune Business Insights, the market for digital twin technology and services will generate an estimated $8.9 billion in revenue in 2022, growing to $96 billion by 2029.
“The digital twin is the virtual representation of the real product and the value of that digital twin is how closely we can bring the virtual world and the real world together,” Tony Hemmelgarn, president and CEO of Siemens explained in a press briefing.
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