MCADCafe 2023 Industry Predictions – Altair

By Ravi Kunju, Chief Product and Strategy Officer at Altair

Ravi Kunju

Last year, we predicted digital twins would break a new speed barrier — and this prediction definitely came true this past year. As a matter of fact, according to a 2022 survey from Altair, companies around the world are adopting digital twins at record speeds. Nearly three in four (69%) organizations are now leveraging digital twins for a wide range of use cases including improved product design, increased risk assessment, predictive maintenance and even sustainability. As many as 71% of those businesses began investing in the technology in just the past year, and of those organizations not using digital twins, nearly half expect their company to adopt the technology within the next three years.

In 2023 we can expect to see digital twin technology hit further milestones, as a game changing technology and competitive driver for businesses across the world:

• Say good-bye to the crash test dummy. With advancements in digital twins and the convergence simulations with data analytics and HPC, physical prototyping could soon become a thing of the past. According to Altair’s survey, 43% of respondents believe digital twins will make the need for physical prototypes obsolete within four years; 67% said six years.

• Digital twins will unlock sustainable production and drive more efficiency: As we head into 2023, sustainability will continue to be a top priority for businesses across industries in the fight against climate change. For engineers and manufacturers, digital twin technology will be the key to making their processes more energy efficient and designing their products with less materials — a benefit cited by over 90% of respondents in Altair’s survey. Overall, 85% of respondents said their organization either already does, or is planning to, use digital twin technology to decrease their carbon footprint, improve energy and production efficiency, while also reducing costs – especially critical in the new year with inflation on the rise.

We also predict:

• Manufacturing goes virtual: In 2023, we will see OEMs design, test, manufacture, and provide support for products completely virtually via living and breathing models of various physical, biological, and business processes. The auto manufacturing sector will lead the charge, pushing towards a zero testing policy with the growing need for fast and accurate simulations.
• Manufacturing goes local: The biggest transformation in manufacturing will be the move toward domestic manufacturing. This will come to a head in 2023 as manufacturers continue to struggle with global supply chain disruptions and governments push for local investment. This will mean demand for better tools and technology across the world — the demand for simulation and automation, improved processes, sustainable processes, and better products will start to be fulfilled in all regions, instead of specific hubs.
• The need for efficiency: With inflation still raging and a potential recession continuing to loom ahead, efficiency will be a number one priority for organizations. Executives will be looking to squeeze every bit of efficiency out of their systems using data from across the enterprise. There will be an increased emphasis on machine to machine communication as data gets increasingly integrated from disparate systems, allowing businesses to utilize predictive analytics and AI-powered prescriptive decision making to make processes and production more efficient.
• Solving the semiconductor shortage: As a result of the 2022 CHIPS Act, the semiconductor industry will be flourishing in the US economy in 2023. Increased state and local government investment, as well as corporate, will lead to more high-tech hiring and growing budgets for EDA (exploratory data analysis) tools that focus on design and manufacturing. But even with these investments, the shortage issues won’t end in 2023. It will take years to build local plants and bring the semiconductor industry back on track.

About Ravi Kunju

As chief product and strategy officer, Ravi Kunju is responsible for the strategy and vision of Altair products, which includes facilitating the development, sales, pricing, and marketing of Altair’s solutions for multiple industry verticals, across all business lines. He most recently served as the senior vice president of product strategy and pricing for Altair’s software solutions where he established and launched the go-to-market strategy for the Altair Units business model. He also led the analytical team responsible for customer software usage data, including royalty payments and reports for the Altair Partner Alliance.

Category: Industry Predictions

This entry was posted on Monday, January 23rd, 2023 at 12:13 pm. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.