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Digital Twin Market - Industrial Internet Revolution to Boost Growth | Technavio

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 und ...

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.

About Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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