How Siemens grew 25% in two years building a SaaS for digital twins

by | Oct 31, 2022 | Technology

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Enterprises are increasingly transitioning from selling products to selling everything as a service to take advantage of innovations in the cloud. In general, they face a loss in revenues for several years while refactoring existing products into subscription services. 

But some transitions are much faster. Siemens Digital Industries has grown revenues from about $15 billion a year to $20 billion within only two years of transitioning its digital twin portfolio to an industrial metaverse cloud called Siemens Xcelerator. 

VentureBeat caught up with Cedrik Neike, CEO of Siemens Digital Industries and member of the management board at Siemens AG. He gave us a peek under the covers of this success and some insight into the future of the industrial metaverse. 

For context, Siemens Digital Industries is a division of the holding company Siemens AG that focuses on tools for designing, testing and manufacturing physical products like cars, airplanes, computer chips and consumer goods. Other Siemens divisions focus on trains, smart infrastructure, healthcare and energy. 

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The jewel of the Siemens portfolio

Neike said that Digital Industries is the pearl of the Siemens portfolio. Its factory automation tech, a programmable logic controller (PLC), is installed in 30% of all manufacturing equipment and its design and product lifecycle management tools are a staple in most industrial companies. 

“We are in the first years of the SaaS [softw …

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