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With the rapid advancement of cyber-physical systems, Digital Twin (DT) is gaining ever-increasing attention owing to its great capabilities to realize Industry 4.0. Enterprises from different fields are taking advantage of its ability to simulate real-time working conditions and perform intelligent decision-making, where a cost-effective solution can be readily delivered to meet individual stakeholder demands. As a hot topic, many approaches have been designed and implemented to date. However, most approaches today lack a comprehensive review to examine DT benefits by considering both engineering product lifecycle management and business innovation as a whole. To fill this gap, this work conducts a state-of-the art survey of DT by selecting 123 representative items together with 22 supplementary works to address those two perspectives, while considering technical aspects as a fundamental. The systematic …