LONDON--(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.
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 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.”
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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
- 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.
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