Digital Twin Market - Industrial Internet Revolution to Boost Growth | Technavio
January 13 2018 - 10:23AM
Business Wire
The global 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.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20180113005020/en/
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.
This report is available at a USD 1,000 discount for a
limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off.
Buy 2 Technavio reports and get the third for free.
Market driver: developments in sensor technologies and
communication devices
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 (IoT).
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.”
Looking for more information on this market? Request a
free sample report
Technavio’s sample reports are free of charge and contain
multiple sections of the report including the market size and
forecast, drivers, challenges, trends, and more.
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.
Is your business on track for a successful future? Learn
how Technavio can help
Technavio helps businesses anticipate changes in their
marketplace, make proactive adjustments, and develop effective
strategies to optimize their market positions.
Some of the vendors in the market
- Siemens
- General Electric
- PTC
- Microsoft
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.
Get a sample copy of the global digital twin market
report free of cost
Access Technavio’s continuously growing IT security
research library and find expert analysis on hundreds of
markets.
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio’s report library
consists of more than 10,000 reports and counting, covering 800
technologies, spanning 50 countries. Their client base consists of
enterprises of all sizes, including more than 100 Fortune 500
companies. This growing client base relies on Technavio’s
comprehensive coverage, extensive research, and actionable market
insights to identify opportunities in existing and potential
markets and assess their competitive positions within changing
market scenarios.
If you are interested in more information, please contact our
media team at media@technavio.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180113005020/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 844 364 1100UK: +44 203 893 3200www.technavio.com