Industry 4.0 (I4.0), extensively acknowledged as the fourth industrial revolution, has introduced the concept of the “digital twin (DT)” as a fundamental element of technological innovation, supported by advanced data analytics and the Internet of Things. This study examines the seamless integration of physical and virtual realms through DT, emphasizing its significance in real-time analytics and smart manufacturing (SM). While noteworthy progress has been made, existing research often lacks a comprehensive overview of current trends and the competitive landscape. Through bibliometric analysis, this paper investigates DT-enabled SM and I4.0 publications, evaluating academic research output, technological advancements, and the global distribution of contributors. The findings illuminate the challenges and benefits of DT-enabled systems compared to traditional methods, providing insights into emerging research areas and their implications for technological advancement and policy development in SM and I4.0. This study highlights the urgent need for strategic planning to fully leverage the potential of DT.