Workshop Report on Reimagining Future Enterprises and Society using Digital Twin

In the dynamic landscape of technological advancements, the Digital Twin is emerging as a powerful aid with the potential to transform traditional decision-making approaches for diverse complex systems. Technically, it offers a paradigm shift in our understanding and resolution of intricate problems by effectively mirroring real-world entities. This enables us to comprehend their behaviors through simulation, anticipate anomalies for outlier environmental conditions, and derive evidence-driven solutions. While proven effective in physical and cyber-physical systems, its untapped potential lies in the realm of techno-socio-economic systems that operate in dynamic and uncertain environments.

The use of such technology in informed decision-making is significant for enterprises and society, as modern businesses and societal structures demand innovative solutions that transcend conventional approaches. With the growing need, the global digital twin market is expected to expand from $11.51 billion in 2023 to $137.67 billion by 2030, impacting domains such as manufacturing, healthcare, sustainability, smart cities, and more. However, realizing this vast business potential hinges on advancing technological capabilities and fostering innovation. This workshop aims to discuss the existing landscape of digital twins and explore uncharted territory by harnessing the latent potential of Digital Twins within techno-socio-economic systems.