Digital Twin Market Growth 2018-2026 |Key Players General Electric, IBM Corporation, Siemens AG, Microsoft Corporation, Alphabet, Dell, Oracle Corporation, Robert Bosch GmbH

Coherent Market Insights has announced the addition of the “Digital Twin Market Size Status and Forecast 2026”, The report classifies the global Digital Twin Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.

This report studies the global Digital Twin Speaker market, analyzes and researches the Digital Twin Speaker development status and forecast in North America, Europe, Asia Pacific, Latin America and Rest of the World. This report focuses on the top players in global market, like General Electric, IBM Corporation, Siemens AG, Microsoft Corporation, Alphabet, Dell, Oracle Corporation, Robert Bosch GmbH

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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.

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.

On the basis of application, the global digital twin market is segmented into:

Product Design and Development
Predictive Maintenance
Machine and Equipment Health Monitoring
Dynamic Optimization

On the basis of end-user industry, the global digital twin market is segmented into:

Aerospace and Defense
Healthcare
Home and Commercial
Electronics and Electrical
Automotive and Transportation
Energy and Utilities
Retail and Consumer Goods
Others (Agriculture and Chemical)

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.

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.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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This release was published on openPR.