Digital Twin Technology Market Competitive Scenario of Leading Key Players 2018 and 2026 | General Electric, IBM Corporation, Siemens, Microsoft Corporation, Alphabet, Dell, Oracle, Robert Bosch

Digital Twin Market boosted by increasing utilization of internet of things (IoT).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. 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.

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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.

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.

Digital Twin Market Taxonomy:

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)

Regionwise market study-

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.

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This release was published on openPR.