About Digital Twin
Digital twins integrate technologies such as machine learning, M2M, artificial intelligence (AI), predictive analytics, and sensor telemetry to create digital clones of physical machines and idealized digital simulation models that evolve based on the data collected from real-world instances. Digital twins are digital copies of physical assets including all their modeled characteristics and behaviors. This can also include the effects of aging and repeated usage on a physical object over a period of time. A digital twin is designed by 3D modeling a physical object, which is activated using sensors that have data collected from sensors of the physical object.
Technavio’s analysts forecast the global digital twin market to grow at a CAGR of 32.73% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global digital twin market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of hardware and software products used to develop and implement digital twin technology, which is deployed on-premises and on the cloud.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Digital Twin Market 2017-2021
Technavio recognizes the following companies as the key players in the global digital twin market: General Electric, Microsoft, PTC, and Siemens
Other Prominent Vendors in the market are: Oracle, IBM, ANSYS, Bosch Software Innovations, and SAP.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Industrial Internet revolution. IIoT is a combination of big data analytics and IoT. It offers huge opportunities to organizations across sectors such as agriculture, healthcare, manufacturing, mining, oil and gas, and transportation. Currently, these sectors account for 60% of the global economy. Industrial Internet has created new job opportunities and a shift toward the integration of digital and human workforces.”
According to the report, one of the major drivers for this market is Developments in sensor technologies and communication devices. Innovations in science and engineering, as well as advances in technology related to sensors, has led to the development of different types of sensors. As these sensors have various advantages such as low power consumption and prices, their demand is increasing. IT has become an integral part of industrial automation because of automation of several industrial processes. Opportunities for IT players will be significant as industries embrace IoT.
Further, the report states that one of the major factors hindering the growth of this market is High costs of implementation. The initial investment in IoT infrastructure is huge. The high cost of deployment and implementation of M2M and IoT can act as a growth inhibitor for some organizations, especially SMEs. IoT implementation takes longer, and most IT projects come with a lengthy project lifetime from system planning to retirement. M2M systems generally have a lifetime of more than 10 years. The setup and building phase alone can take a year or more.
General Electric, Microsoft, PTC, and Siemens, Oracle, IBM, ANSYS, Bosch Software Innovations, and SAP.
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