VERSES Technologies , a contextual computing platform provider, announces that it has b************** of the Digital Twin Consortium, an international organization based in North America dedicated to creating collaborative partnerships between digital twin users and experts working in industry, government, academia and the tech sector. As a member of the Consortium, VERSES may collaborate with members like Google, HSBC, Microsoft, Kaiser Permanente and Esri across a range of industries including academia and research; aerospace and defense; agriculture; engineering; construction; healthcare and life sciences; manufacturing; mobility and transportation; natural resources, and such other industries currently supported by the Digital Twin Consortium that are investing in and promoting the benefits of digital twins and related technologies.
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A digital twin provides a virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and uses simulation to help guide decision-making. As the digital twin market continues to grow, a challenge companies face is to rapidly generate and deploy digital twins as a real time data source for visibility, simulation, and performance improvement. As reported by Research and Markets, the digital twin market is expected to grow from $6.9 billion in 2022 to USD $73.5 billion by 2027; however, according to Accenture research many companies could be missing out on 35-65% of possible value and failing to realize a maximum return on their digital twin investments. The Digital Twin Consortium was formed to help companies overcome this utilization challenge as well as develop industry-best practices to improve the long-term adoption and performance of digital twins in a variety of industries.
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“Digital twins play a key role in the contextual computing era. They connect data from real-world people, places and things and allow organizations to monitor, simulate, predict and direct activities to collectively enable a smarter, more sustainable and safer world,” said Gabriel René, Founder and CEO of VERSES. “We are excited about the mission of the Digital Twin Consortium and look forward to collaborating with other leading members and demonstrating how VERSES can advance the capabilities and benefits of digital twins across various industries.”
“We are delighted to welcome VERSES as a member of the Digital Twin Consortium,” said Dan Isaacs, CTO, Digital Twin Consortium. “Drawing on years of research and development, their experiences with spatial computing and digital twin technologies will be valuable to our members as we work together to use digital twins to streamline interactions between people, objects, and machines.”
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