digital twin market is expected to grow at a CAGR of close to 33%
during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global digital twin market 2017-2021 under their ICT library. (Graphic: Business Wire)
The report categorizes the global digital
twin market by deployment (on-premises and cloud-based) and by
end-user (aerospace, automotive, energy, home automation, and
manufacturing). The report also determines the geographic breakdown of
the market in terms of detailed analysis and impact, which includes key
geographies such as APAC, the Americas, and EMEA.
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Market driver: developments in sensor technologies and communication
Innovations in science and engineering along with advances in technology
related to sensors have led to the development of different types of
sensors. As these sensors have various advantages such as low power
consumption and prices, there is an increase in the demand for these
sensors. IT has become an integral part of industrial automation because
of the automation of several industrial processes. Opportunities for IT
players will be significant as industries embrace the internet of things
According to Amrita Choudhury, a lead analyst at Technavio for IT
security research, “Sensors help in achieving enterprise
mobility, remote monitoring, and remote controlling of systems in an
industrial setup. This paves the way for significant cost savings and
therefore, increases revenues. As a result, more industries across the
globe have embraced different types of sensors and hence, enabled IoT to
become a viable possibility.”
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Market trend: industrial internet revolution
Industrial Internet of Things (IIoT) is a combination of big data
analytics and IoT. It provides 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. IIoT is in an early stage and is poised for tremendous
growth. The increase in the number of sensors shipped has fueled the
global IIoT market. Large companies and governments have taken
initiatives to support industrial Internet.
Market challenge: interoperability issues among existing systems
Interoperability issues among existing systems increase the complexity
and cost of industrial internet deployments. The existing operational
technology systems lack the integrational capability and work in
isolation. However, there is a need for a fully functional digital
workflow that requires effective data sharing between machines and other
systems from varied manufacturers.
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Some of the vendors in the market
The global digital
twin market is in early developmental stages and is expected to grow
at an exponential rate. The market is dominated by some large vendors
however, the competitive environment is expected to further intensify
with the entry of many new vendors, innovations in technology, and
forging of partnerships. There is no single vendor with the capabilities
to offer end-to-end digital twin solutions in the market.
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digital twin market report free of cost
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