According to the Hexagon Digital Twin Industry Report 2024, based on surveys with 660 senior executives across 11 industries, 96% confirm that Digital Twins deliver tangible business value. What was once considered a futuristic concept has now become a strategic tool for driving efficiency, sustainability, and innovation.
Proven Value Across Industries
Companies that have adopted Digital Twin technology are reporting impressive results:
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Revenue growth & cost reduction: On average, +19% increase in revenue and –19% reduction in operating costs.
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Operational excellence: Improved efficiency, proactive problem-solving, reduced risks, and better customer satisfaction.
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Asset longevity: Extended lifecycle of systems and equipment, cutting maintenance costs.
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Sustainability impact: 38% of organizations report significant carbon reduction, averaging 15% less emissions.
Reality Surpasses Expectations
One striking finding: Digital Twins consistently deliver more value than leaders initially expect.
For example:
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Only 19% of companies without a Digital Twin believed it could significantly boost collaboration.
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In reality, 44% of adopters are already experiencing this benefit.
This gap highlights a simple truth: the true impact of Digital Twins only becomes clear once implemented.
Powered by AI
The rise of AI is accelerating Digital Twin adoption. The report shows 80% of leaders became more interested in Digital Twins because of AI, which plays a key role in:
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Building: Processing real-world data and filtering noise.
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Updating: Cutting time and cost for data refreshes.
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Accessibility: Making insights easier to use via visual dashboards or natural language queries.
Together, AI and Digital Twins form a powerful duo for digital transformation.
Not Just for Large Enterprises
Digital Twins are no longer limited to global corporations. Small and mid-sized businesses (SMBs) are also gaining measurable benefits:
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65% report improved efficiency.
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Many achieve 21–30% annual ROI, often higher than larger peers.
This shows that company size is no barrier to unlocking Digital Twin value.
Challenges and the Path Forward
The two main challenges organizations face are:
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Data quality (43%)
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Integration and interoperability (42%)
Yet, even “imperfect” Digital Twins are creating substantial value. A step-by-step, phased approach is helping businesses prove value early and scale with confidence.
Key Takeaway for Businesses
Digital Twin technology is no longer hype – it is a strategic foundation for companies that want to:
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Boost performance and cut costs,
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Ensure sustainable operations,
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Prepare for a fully digital, AI-driven future.
At NEAX, we believe Digital Twins will empower both large enterprises and SMBs to compete and thrive in the next era of digital business.
