APRILASIA BUSINESS OUTLOOK19Widespread Application of Digital TwinsWhat can have a digital twin? From cities to government operations, from buildings to mines - anything can have a digital twin. That's because digital twins offer capabilities across the spectrum, from a basic functional system to an advanced autonomous one. Digital twins can be classified under 5 levels:·Level 1: Virtual Twin: Behaves exactly like its physical equal.·Level 2: Connected Twin: Offers periodical insights into the entity's performance.·Level 3: Predictive Twin: Forecasts outcomes for complex machinery and operations.·Level 4: Prescriptive Twin: Provides possible scenarios, suggestions and insights.·Level 5: Autonomous Twin: Tackles problems and allows prescriptive and predictive analysis.This shows that there is a digital twin for every need, making it invaluable in nearly every industry and vertical, operation and function. It's no wonder then that by 2026, the global value of digital twins is expected to exceed $48 billion. That's a dramatic rise from the $3.1 billion that it was at in 20201. Digital Twins Quickly Enabling Progressive GrowthOne of the foremost reasons digital twins have gained momentum is the overwhelming need for preventative measures and security across industries. In the aftermath of COVID-19, many industries like oil and gas, aviation, and energy have seen extensive losses. While the losses may not have been preventable, businesses realize that with digital twins they can help improve the efficiency of operations, predict security threats and enhance decision making, decreasing future losses. What's encouraging is that digital technologies like Real-time 3D, IoT, big data, and AI - essential enablers of digital twins - have seen tremendous growth in recent years. Additionally, recent improvements in computing, interoperability, real-time 3D visualization,
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