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 real-time.
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.
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:
On the basis of end-user industry, the global digital twin market is segmented into:
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.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
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