The need for graph technology for digital twins has sharply increased, according to Neo4j, the top graph data platform in the world. Organizations are using graph technology to create massive digital twins that can combine data from many sources, provide extensive analytics, and allow near real-time asset monitoring.

The market for digital twins was estimated at $6.9 billion in 2022, and by 2027, it is expected to grow to $73.5 billion. In addition, Gartner forecasts that 25 worldwide businesses, up from one in 2021, would realise $1 billion in revenue or cost savings from their digital twin activities by 2025. Source: Alfonso Velosa et al., "Emerging Technologies: Revenue Opportunity Projection of Digital Twins," 16 February 2022 in Gartner. The usefulness of digital twins is undeniable, but the amount of work necessary to develop them can be overwhelming. Incorporating aspects like 3D models, accounting systems, operational systems, and data from IoT devices, a successful digital twin is built from enormous amounts of fragmented data from many sources and in many forms.

When it comes to integrating complicated data and adaptably modelling enormous real-world structures and their business logic, knowledge graphs thrive. Organizations may manifest a digital twin in any structure or process within any industry using Neo4j's graph database as the foundation, opening up a wide range of application cases. The graph data platform from Neo4j offers the adaptability, speed, and analytical power required to efficiently develop, maintain, and query digital twins at an enterprise scale while combining data from many sources to maximise business value. The most cutting-edge analytics are brought to digital twins via graphs, which also allow robust queries, data science and machine learning approaches like embeddings and algorithms.

The value that digital twin technologies unleash and offer to a wide range of sectors was stressed by Maya Natarajan, Senior Director of Product Marketing at Neo4j.

“While the technology for digital twins is only just emerging, it is quickly becoming popular in corporate strategy, giving us the power to understand the present and predict the future. Today, we can use digital twins to create digitized model simulations of all parts of our businesses, from supply chains to HR systems, auto manufacturing, and more. With digital twin deployed to its full potential with graph technology, organizations can enable a new, intelligent, resilient capability and ultimately gain the most business value”, says Natarajan.

Customer Success with Neo4j Digital Twin

Neo4j was chosen to assist them in creating a digital twin model of their physical network, according to Dave Rich, Head of Enterprise Architecture and IT Services at CSX Transportation, the top provider of rail-based freight transportation in North America.

“We quickly recognized that the problem we needed to solve was based on connections – gaining a stronger understanding of the complex relationships between assets such as locomotives, rail cars, customers, shipping orders, mileposts, and more,” said Rich. “With Neo4j, we’ve been able to efficiently track, report, and visualize hundreds of thousands of assets and the interrelationships over time, and how they transpire. This digital twin has also given our customers visibility into where their orders are and when they will arrive, improving that side of business as well.”

To complement its digital twin, Turku City Data employs a "Smart City Knowledge Graph" to address important city goals including lowering energy consumption and identifying routes that maximise delivery efficiency and transportation resources.

In order to enable asset owners to establish a digital twin that integrates all sorts of data, from 3D models to building permits, Neanex offers digital twin services based on Neo4j.

Organizations obtain a distinct competitive edge by fusing the strength of graph technology with digital twins. These digital analogues will become more crucial in developing ideal solutions that were previously unthinkable as the digital environment of the globe develops.

About the company:

The most popular graph data platform in the world is Neo4j. We assist businesses, such as Comcast, ICIJ, NASA, UBS, and Volvo Cars, in utilizing the rich context of the actual world that is included in their data to address problems of any size and scope. By reducing financial fraud and cybercrime, enhancing worldwide networks, expediting ground-breaking research, and offering superior advice, their clients improve their businesses. Neo4j offers powerful AI/ML, easy data visualization, real-time transaction processing, and more.

Originally published at: https://neo4j.com/press-releases/digital_twin_momentum/