Digital Twins: Accelerating Digital Transformation in the Real Estate Industry

Digital twins have been introduced in 2002 at the University of Michigan by Michael Grieves. Digital twins are part of the Industry 4.0 revolution and are a strategic technology that, after being implemented in numerous industries such as aerospace and automotive, is now becoming important in the real estate sector. This chapter will introduce the concept of digital twins and their current applications, exploring different types of digital twins and their characteristics. The analysis will then focus on the existing issues facing the real estate sector, with an appreciation of how digital twins could significantly impact this industry. Digital twins will be explained covering the basic principles behind the technology. The chapter will continue analysing some contemporary applications of digital twins in the real estate industry developed by leading companies in the sector.