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(IT-NEWSWIRE.COM, April 13, 2018 ) Innovations in sciences and technological advances will drive the development of different types of sensors. The demand for sensors in industries is increasing as they offer various advantage such as low cost and low power consumption. Publisher’s market study identifies the developments in sensor technologies and communication devices to be one of the primary growth factors for the digital twin market. Also, these sensors aid in enterprise mobility, remote monitoring, and remote controlling of systems, resulting in significant cost savings and increased revenue. Technological advances will aid in standardizing the capacity of products to simplify the manufacturing procesess at low costs. Our market analysts estimate that the market will grow steadily at a CAGR of close to 33% by 2021.
The growth of the industrial Internet revolution is one of the key trends that will gain traction in the digital twin market. Industrial Internet-of things (IIoT) is a combination of big data analytics and IoT that boosts industrial growth. IIoT creates new job opportunities and boosts the integration of digital and human workforces. Companies are extensively applying industrial Internet into their systems to improve efficiencies, create new revenue segments, and improve the quality of public life.
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Competitive landscape and key vendors
The digital twin market is highly concentered owing to the dominance of few key vendors. The entry of many new vendors, innovations in technology, and forging of partnership will intensify the competitiveness of the virtual IoT twin market. Factors such as technical expertise, total offerings, and the degree of superiority of their product offerings result in intense competition among the competitors. To attain a competitive advantage in the virtual IoT twin market, the manufactures must offer innovative and differentiated product portfolio.
The leading vendors in the market are
General Electric
Microsoft
PTC
Siemens
The other prominent vendors in the market are Oracle, IBM, ANSYS, Bosch Software Innovations, and SAP.
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Segmentation by type and analysis of the Digital Map market
On-premises
Cloud-based
End-users primarily adopt the digital twin through on-premises deployment type as this shields the organization’s internal PCs from the online world. Consumers prefer this model as they are extensively focused on providing optimum security with high cost-effectiveness. The intense adoption among government users will further drive the industry growth in the virtual IoT twin market.
Segmentation by end-user and analysis of the digital twin market
Aerospace
Automotive
Energy
Home automation
Manufacturing
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