Corporate survival in Industry 4.0 era: the enabling role of digital twin technologies

Abstract

In Industry 4.0 era high-tech companies have digitally transformed production and have taken the lead globally. Among the many advanced technologies, the digital twin is the unifier of many cross-cutting digital technologies, acting as a driver of digital transformation, enabling breakthroughs and allowing companies to move to new levels of sustainability and industrial leadership in global markets. The paper has sought to identify generalized characteristics of the digital twins. The results can be used to classify what is a digital twin. After providing a digital twin definition and characterization, the process of practical implementation of digital twins in different industries has been examined. The key drivers and limiting factors of digital twin implementation strategies are also discussed to inspire future studies. The research was based on the digital twins’ impact analysis on various industries using leading industry data sources, analytical reports, international indexes and indicators.