Digital Twins and their Implications for Business Models: Overview and Potentials

Digital Twins are key elements to develop the complex digital systems required for an effective Circular Economy transition. This study explores the intersection of Digital Twins and Business Models within Industry 4.0 and offers a comprehensive theoretical background of the advancements in Digital Twins and their potentials to innovate Business Models. Through a literature review, we identify and discuss eleven Digital Twin-enabled Business Models. The study suggests the necessity of further research efforts to validate theoretical perspectives and identifies future research venues, such as the exploration of Digital Twin-enabled Circular Business Models.