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Digital Twin Market, by Application (Product Design
and Development, Predictive Maintenance, Machine
and Equipment Health Monitoring, and Dynamic
Optimization), by End-user Industry (Aerospace and
Electronics and Electrical/Machine Manufacturing,
Automotive and Transportation, Energy and Utilities,
(Agriculture and Chemical)), and by Region (North
America, Europe, Asia Pacific, Latin America, Middle
East, and Africa) - Global Industry Insights, Trends,
Outlook, and Opportunity Analysis, 2017–2025
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
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.
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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
Machine and Equipment Health Monitoring
On the basis of end-user industry, the global digital twin market is segmented
Aerospace and Defense
Home and Commercial
Electronics and Electrical
Automotive and Transportation
Energy and Utilities
Retail and Consumer Goods
Others (Agriculture and Chemical)
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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.
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.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering
action-ready syndicated research reports, custom market analysis, consulting services,
and competitive analysis through various recommendations related to emerging market
trends, technologies, and potential absolute dollar opportunity.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154