CIMdata’s 2024 PLM Market & Industry Forum series theme is “Digital Twins: Enhancing Lifecycle Performance.” At this industry-leading Forum, CIMdata will frame digital twins in a series of presentations designed to brief the PLM Software and Service community (aka the PLM Economy) on the issues faced by industrial users. Sessions provide critical information to members of the PLM Economy, enabling them to respond to new and evolving requirements. Learn more about the 2024 PLM Market & Industry Forum here.

The concept of modeling to comprehend and enhance product performance has ancient roots. Long before the advent of computers, engineers relied on wind tunnels adorned with streamers to grasp aerodynamic intricacies, while ship model basins served as testing grounds for hull designs. Even NASA flirted with the idea of “paring technology” during the infancy of space exploration. However, what distinguishes the contemporary landscape is the newfound ability to cost-effectively sustain digital twins from ideation through the entire lifecycle of a product or group of physical assets.

Today, the term “digital twin” permeates discussions within the Product Lifecycle Management (PLM) market, with nearly all of the top 25 global market leaders covered in CIMdata’s PLM market research offering solutions. Yet, beneath this ubiquitous terminology lies a realm of divergent interpretations. A closer examination reveals that while the phrase remains consistent, its implications vary significantly across providers.

In a landmark study conducted in 2021, a prominent global market research firm projected the digital twin market to surge to a staggering $110 billion by 2028. Their analysis encompassed a myriad of buzzwords, including Artificial Intelligence (AI) and machine learning, the Internet of Things (IoT), blockchain, augmented reality, big data analytics, and 5G—some extending the possibilities of digital twins. However, the study’s market definition included nothing to help define or manage the Intellectual Property (IP) used in digital twins or the ability to simulate them.

This begs a series of questions: How should we think about digital twins? What enables them? What use cases are important? What kind of benefits can we expect?

Key Takeaways:

• Models to test ideas are key to product development and the notion of a digital twin dates back to NASA space programs in the 1960s.
• Firms from every segment in PLM offer support for digital twins appropriate to their offerings.
• To better understand digital twins in industry, CIMdata initiated a research project targeting industrial practitioners.

The 2024 PLM Market & Industry Forum is a live event in Ann Arbor, MI, USA, – March 27, Frankfurt, Germany, – April 11, India – April 15, China – April 19, and Japan – April 23.

Please let me know your thoughts on this topic by sharing them in the comments section of this blog!

Or contact me directly at s.przybylinski@CIMdata.com

Hope to see you at one of these live events!

Stan