How Digital Twin is Used in PropTech and ConTech
Understanding Digital Twin & How It’s Changing Real Estate, Construction, and the Property Industry
The term digital twin technology isn’t a new phrase that’s recently gained popularity—even if you’ve only just heard of it.
In fact, it’s been thrown around largely since the early 2000s, gaining full recognition as a concept in 2002. Though, it’s been said that digital twin technology has actually truly been around since the 1960s when Nasa used basic twining ideas for space programming.
But what is digital twin technology, exactly? And more importantly, why, and how does it matter for the property industry, PropTech, and ConTech?
Join us as we dive into a deep explanation of what digital twin technology truly is, where it originates, and how digital twin technology is gaining a reputation within the PropTech and ConTech industries and changing the property industry forever.
What is Digital Twin Technology?
Digital twin technology might sound intricate and complicated, and to be fair, it certainly can become complicated—but at its root, the concept is really rather simple.
By definition, digital twin technology is all about creating a digital twin, or a virtual model of a process, product, or service. The pairing of these two worlds—physical and virtual—allows for a thorough analysis of data and monitoring of systems to help better solve problems before they more, crush downtime, develop new opportunities, and plan for the future by using simulations.
In other words, a digital twin is a virtual representation of a physical object or system across its life-cycle that uses real-time data to help improve. Digital twins can help in several ways in several industries. For example, digital twin technology can help manufacturers, engineers, construction workers, and more accomplish things like:
- Visualizing products in use by real users in real-time
- Troubleshooting equipment that might be a long-distance away
- Building a digital thread that can help connect systems
- Using predictive analytics to help manage assumptions and provide real solutions
Digital twin technology is focused on taking very intricate, complicated material and make it simple, easy-to-digest, and best of all, easy to understand and learn from. That’s where the real value comes into play.
To create a digital twin, though, it’s crucial to have the Internet of Things as well as data analytics software to help capture, store, and analyze the data.
So, if an industry is interested in using digital twin technology, the investment in these data points are crucial.
How is Digital Twin Technology Influencing PropTech & ConTech?
With a solid foundation of what digital twin technology is, it’s easier to understand how it’s so dramatically impacting the property industry.
Digital twin technology is quickly becoming an important part of PropTech and ConTech. If you’re unfamiliar with these terms, we can fix that quickly before we move on. PropTech refers to the loose term that defines the startups in the real estate industry that are offering technologically innovative products and business models for the property market. ConTech, on the other hand, refers to the technology that’s being used to revolutionize construction work that’s already being done within the construction industry.
So, digital twin technology is a subcategory of technology that’s nestled into the tech that defines both PropTech and ConTech.
Though digital twin technology is not a new concept, it is being revolutionized in new, exciting ways when it comes to the property industry. Now, digital twins are being used as on-screen reproductions of physical assets or buildings, often rendered as a 3D version of that building, and being used to show the exact state of that asset or property in real-time.
This type of technology is useful from start to finish when it comes to the property industry. Digital twin technology can be used to help with construction—i.e., help identify areas of poor insulation, determine where money is being wasted, and offer 3D renders for prospective buyers—as well as helpful in the real estate industry and selling that property—3D rendered tours are a wildly popular choice when it comes to building homes and selling homes to prospective buyers.
Digital twin technology is also useful for commercial or residential buildings. For example, because digital twin technology merges virtual and physical realities in real-time, the virtual model can show which parts of a building are most populated on a daily basis, where money is being wasted or perfectly allocated, and signal signs of early wear and necessary repairs.
It’s thought that digital twins are able to give property owners, builders, construction workers, and more, a deeper insight into the building to better understand how to make it better, what isn’t working, and even how to sell buildings faster than ever. Digital twin technology can even let users run predictive analysis simulations to test for several different scenarios and see which works best—removing the hassle and expense of physically trying them all.
Finally, digital twin technology is a key piece in building and maintaining smart buildings, allowing them to run those simulations, manage their tenants’ needs, and understand better how people are moving through those buildings. Ultimately saving owners money and increasing their ROI.
Though the technology backing digital twins is far from complete, the trend for digital twin tech in the property industry is hotter than ever. The deployment of digital twin technology can help to merge both the physical and virtual world to help improve both occupant experience alongside benefiting a building owner, and further, it can continue to press forward the goal of creating smart buildings that are better utilized, better constructed, and easier to sell or rent than ever.