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Digital Twins, utilizing virtual reality, blockchain, LLOT, allowing the visualization of cosmetic products in an application and understanding their outcomes? This is just one of the many applications of the Digital Twin. In this article, we explain the concept and analyze the Global Market Estimates (GME) report, which forecasts the future of this technology in the cosmetic industry until 2026. Is Digital Twin a song of the future or a technology being implemented before our eyes?
Digital Twins are models transferred into the digital realm, playing a crucial role in the fourth industrial revolution. They enable the design of both small items and complex systems like machines. The technology can utilize laser scanning, allowing precise replication of objects and their transfer from the physical to the digital world. Digital Twins offer numerous benefits for businesses, including prototype testing, cost reduction through online project adjustments, product enhancement, and time savings. NASA is responsible for the development of digital twins, initially created for building prototypes of capsules sent into space. However, with the advancement of information technology, prototypes began to be built and analyzed in virtual reality.
According to the GME report, the market size of digital twins in the cosmetic industry is expected to grow by 46.8% by 2026. The main driving factors behind the Digital Twin market in the cosmetic industry will be the increasing demand for personalized products and the dynamic development of production technology. Currently, there is a trend worldwide, especially in Europe, of consumers seeking products tailored to their skin type and color. This consumer trend will directly translate into the popularity of digital twins. Why? Because a digital twin, a virtual model available in an application or on the internet, will show consumers the exact effects of using a product. Moreover, consumers will be able to explore the product in detail, thanks to technologies such as VR.
Digital Twin will also bring benefits to cosmetic companies and contract cosmetic manufacturers. This will contribute to optimizing marketing and advertising efforts and even increasing revenues. The continuously growing e-commerce segment will witness sales growth thanks to Digital Twin—digital models encouraging experimentation with new products that consumers might hesitate to buy blindly, sticking to their trusted set of daily care products. It is predicted that smartphone applications will play a significant role in the development of digital twins, increasing the accessibility of this new technology.
Factors inhibiting the development of Digital Twin will include high implementation costs, the collection of personal data causing concerns among consumers, and the threat of cyberattacks.
An innovative presentation of cosmetic products will utilize OT, LLOT, blockchain, artificial intelligence, machine learning, AR (augmented reality), VR (virtual reality), and big data analysis. According to GME forecasts, machine learning and artificial intelligence will play the most crucial role because they enable cosmetic brands or contract manufacturers to create realistic digital twin models used for product development. Digital Twin requires the utilization of large amounts of data, so this segment will experience significant growth in the second instance.
Applications are divided into products, processes, and systems. According to forecasts, the most substantial growth of Digital Twin will occur in the product domain, which will have a dominant share in the market.
The application of Digital Twins includes product design and development, performance monitoring, predictive maintenance, inventory management, business optimization, and more. The highest revenues will be generated by the product design and development segment, allowing scientists to understand complex interactions between different skin types, light, and other dependencies occurring between the skin, the product, and the environment. This innovative technology will contribute to better understanding and meeting customer needs, enabling cosmetic brands to create personalized, high-quality products.
The most significant development of Digital Twin in the cosmetic industry will take place in the USA, mainly due to substantial investments in research and development. In the second place, the report lists APAC, the Asia-Pacific region, which will grow faster than other parts of the world. The predicted market growth in countries such as Japan, China, Indonesia, Thailand, South Korea, Vietnam, India, Australia, and New Zealand (analyzed for the report) will be 48.6%.
Key companies producing equipment for Digital Twin in the cosmetic industry include TCS, SpaceIQ, Konica Minolta, Schneider Electric, IBM, EnviroChemie System, GE, XenonStack, Siemens, and DT Tech.