With the emergence of the Internet of Things (IoT) in the last two decades, data exchange between different sources has changed. The integration of AI models (physical objects) and Big Data Analytics to process IoT data has triggered the development of Digital Twin, one of the latest and most significant developments in technology. The DT application involves real-time monitoring, design/planning, optimization, maintenance, remote access, etc. The application is expected to grow exponentially in the coming years. Discussions about digital twin concepts, paradigms, frameworks, applications, and technologies have been attractive in academia and industrial communities, but the concept is relatively new and has various perspectives and applications. Therefore, this article aims to create a synthesis by examining the history, different definitions, and industrial applications of DT comprehensively and in-depth and contributing significantly to the developments in DT.

Keywords: Digital Twin, Product Lifecycle, Industrial Application, Literature Review, Technology.