We are proud to report that our portfolio company ThoughtWire has been recognized as a Digital Twin vendor to watch by Gartner in its September 2019 report entitled Market Trends: Software Providers Ramp Up to Serve the Emerging Digital Twin Market.
A digital twin is a virtual replica of a physical product, process, or system. According to Gartner, 62% of enterprises implementing Internet of Things (IoT) projects had digital twin implementations in process, or planned, for the coming year.
With the advent of artificial intelligence and machine learning, digital twins have grown in complexity. In the past, a digital twin would simulate the functioning of a jet engine, now it can simulate the functioning of the entire aircraft!
As digital twin technology brings together more and more assets and combines them with information about processes and people, its ability to help solve complex problems is also increasing.
Other areas of application for digital twin technology include health care (e.g., simulating the functioning of an emergency department, for example) and commercial real estate (e.g., simulating the functioning of multiple aspects of a building, including HVAC, security and lighting to optimize conditions for tenants and minimize costs).
Yaletown congratulates the ThoughtWire team on this well-deserved recognition.