Published Date : Jan 30, 2018
Albany, New York, January 30, 2018: Market Research Reports has recently added a new research report to its list, titled “Global Digital Twin Market 2017-2021.”The report provides a descriptive reports of the key market trends of major companies in the global digital twin market. According to the facts stated in the report, the global digital twin market will expand at an unprecedented 33% CAGR over the report’s forecast period.
The report states that the market will be driven due to the promising pace of technological advancements and innovations in sciences and the resultant rise in development of a variety of sensors. The demand for sensors has also increased substantially across a number of industries owing to their advantages such as low power consumption and low cost. The report states that the vast developments in the fields of communication devices and sensor technologies could also work in favor of the global digital twin market in the next few years.
The report states that the immense opportunities exhibited by the industrial internet revolution in the recent few years will emerge as one of the key factors that will drive the global digital twin market. Industrial internet of things (IIoT) has gained prominence across a number of sectors as it brings a direct and promising boost in growth prospects of industries. Moreover, the fact that IIoT technologies help the industrial sector in bringing about a vast improvement in the efficiency of operations and processes, lead to the generation of new revenue opportunities, and lead to an improvement in the quality of public life are all collectively working towards the positive development of the market.
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On the basis of deployment, the report segments the global digital twin market into cloud-based and on-premise. Presently, the on-premise deployment method is the most in-demand as this practice helps organizations shield their internal data from the online world. Consumers whose focus is mostly on optimum security of their resources and cost-effectiveness prefer this model. The high demand for this deployment model among government agencies is expected to further drive the growth of the on-premise deployment segment.
The report segments the global digital twin market on the basis of end-user into aerospace, energy, automotive, manufacturing, and home automation. The report states that the aerospace industry is presently the primary and most lucrative end-user of the market owing to thriving aerospace industry in developed as well as developing economies. With increased demand for technology upgrades in the industry and realization of benefits of twin technology for the optimum usage of resources, the industry will continue to be a key revenue generator for the global digital twin market.
The report presents a thorough assessment of the competitive landscape of the global digital twin market, profiling some of the leading players operating in this field. The report states that the vendor landscape of the global digital twin market features a highly fragmented nature. Very few companies hold dominant positions and a number of new companies are making inroads into the market. It is estimated that the market will see a rise in innovative technologies and strategic collaborations, thus making the market more competitive.
Companies in the market compete on the basis of factors such as total offerings, technical expertise, and the features in their products. It is estimated that to strengthen their positions in the market, companies should focus on innovation and inclusion of differentiated products in their portfolios. Some of the leading companies in the market are Microsoft, PTC, Siemens, General Electric, Bosch Software Innovations, ANSYS, Oracle, IBM, and SAP.
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