Digital Twin Market Technological Advancements, Growth Opportunity and Forecast 2018-2026
Digital twins is a combination of various
technologies such as machine-to-machine connection (M2M), machine learning,
artificial intelligence (AI), sensor telemetry, and predictive analytics.
Digital twin is used to create digital replicas of physical machines, including
their characteristics and activities, depending on the data that is gathered
from real-time.
Download PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/1238
Development of IoT technology is the major
driving factor for growth of the global digital twin market
Increasing utilization of internet of things
(IoT) is the major factor expected to boost growth of the global digital twin
market. Internet of Things is used to protect and secure network connecting IoT
devices to back-end systems on the Internet. IoT technology aids in connecting
physical and digital world. It can track an object; collect data, and analyze
it and then take required actions. It can also be used to monitor activities of
that object along with its progress in a specific time period. Owing to these
features, advent of IoT technology has led to increased adoption of smart
devices such as smart watch, intelligent traffic lights, and smart buildings
among others. For instance, according to IHS Markit — a database provider
— the number of total IoT connected device were about 15.4 billion in 2015
across the globe. According to Coherent Market Insights’ analysis, around 28
million units of wearable devices were sold in 2016.
Additionally, it provides endpoint security
such as antivirus and antimalware along with firewalls and interruption
prevention and detection systems. IoT security aids in authenticating an IoT
device by managing multiple users of a single device platform, for example, a
connected car. Moreover, the authentication ranges from simple static password
or pins to more robust authentication mechanisms such as two-factor
authentication, digital certificates, and biometrics.
According to Coherent Market Insights’
analysis, in 2016, IoT in manufacturing accounted for about US$ 170 billion,
and IoT in transportation sector accounted for over US$ 72 billion.
However, high initial cost of implementation,
which includes high investment in IoT infrastructure is the major restraining
factor for growth of the global digital twin market. In addition to lack of
awareness regarding cost benefit of the adoption of digital twins, and lack of
skilled workforce and technical knowledge high cost of implementation,
are also expected to restrain the global market growth.
Digital Twin Market Taxonomy:
On the basis of application, the global
digital twin market is segmented into:
- Product
Design and Development
- Predictive
Maintenance
- Machine
and Equipment Health Monitoring
- Dynamic
Optimization
On the basis of end-user industry, the global
digital twin market is segmented into:
- Aerospace
and Defense
- Healthcare
- Home
and Commercial
- Electronics
and Electrical
- Automotive
and Transportation
- Energy
and Utilities
- Retail
and Consumer Goods
- Others
(Agriculture and Chemical)
Digital Twin Market: Regional Insights
The global digital twin market is segmented on
the basis of regions into North America, Europe, Asia Pacific, Latin America,
the Middle East, and Africa. The market for digital twin in North America
accounted for the largest share in 2016. This is attributed to increasing
adoption of IoT in a single smart interface of smartphones, PCs, and tablets.
According to Coherent Market Insights analysis, in 2015, about 15.4 billion IoT
installed base were there, globally. Also, rising cybercrimes is another factor
expected to fuel demand for integrated IoT security solutions for application
in various sectors such as government, defense, and healthcare. For instance,
in May 2017, the WannaCry Ransomware attack affected number of computers from
Taiwan to the U.K. and the U.S. Therefore, increasing cyber threat demands IoT
security solutions. This is expected to accelerate growth of regional IoT
market, which will have a positive impact on the global digital twin market
growth.
Request
for Customization @ https://www.coherentmarketinsights.com/insight/request-customization/1238
Digital Twin Market: Competitive Background
Major players operating in the global digital
twin market include General Electric, IBM Corporation, PTC, Inc., Siemens AG,
SAP SE, Microsoft Corporation, Alphabet Inc., Dell, Oracle Corporation, Robert
Bosch GmbH, and AT&T.
Comments
Post a Comment