October 23rd, 2024
Digital twins cut emissions and costs by almost 20%, yet only 16% of executives plan major investment, reveals Hexagon study

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A new report by Hexagon reveals that companies using digital twins experience an average:

·        15% reduction in carbon emissions

·        19% cost savings

·        22% annual return on investment (ROI)

Despite these benefits, and that 96% of executives said they recognise the value digital twins can bring to their organisations, only 16% plan to substantially increase their investment in the technology in the next two years.

Hexagon’s Digital Twin Industry Report, based on insights from 660 global executives across 11 industries, highlights the technology’s growing – but often untapped – impact on business performance and sustainability efforts.

AI integration and digital twins

Artificial intelligence (AI) integration is driving further interest in digital twins:

• 80% of executives say AI has increased their interest in the technology.
• 43% of companies plan to add AI functionality to their digital twins within the next year, enhancing data analytics and decision-making capabilities.

“Leaders are realising that AI is not just a feature but the key to maximising the potential of digital twins. From processing massive data sets to driving smarter decision making, AI has become a core component of digital twin strategies. Organisations embracing AI will reap the rewards in efficiency, innovation and long-term growth.” – Burkhard Boeckem, Chief Technology Officer, Hexagon.

Sustainability impact

Digital twins are also proving valuable in helping companies meet sustainability goals.

• 78% of organisations report reduced carbon emissions due to adoption.
• On average, these companies see a 15% reduction in emissions.

Expectations vs. reality gap

One of the report’s key insights highlights the gap between expectations and reality.

Only 1 out of 5 respondents without a digital twin believe that a digital twin could help with collaboration; in reality, nearly half (44%) of people with a digital twin are experiencing collaboration benefits – a 25% difference between expectations and reality.

This gap also applies to proactive problem-solving, better reliability and other significant business advantages.

“Digital twins offer value at every stage of maturity. Even initial implementations deliver measurable benefits, with incremental gains in efficiency, sustainability and overall performance as more data is integrated.” – Frank Suykens, Senior Vice President of Visual Computing, Hexagon.

Industry adoption patterns

The Digital Twin Value-Maturity Matrix, developed by Hexagon from the findings of the survey, provides a clear snapshot of how different industries use digital twins to drive business value. Based on technical maturity and business outcomes, it categorises sectors into four groups — Beginners, Optimisers, High Potentials and Leaders.

According to the matrix, aerospace/defence and public safety are leading the way in digital twin adoption, demonstrating high levels of technical maturity and business value extraction. In contrast, the AEC sector falls behind, highlighting the varying pace of adoption across industries.

Uncover the full impact of digital twins: Download the report here.

Learn more at hexagon.com and follow us @HexagonAB.