MRC recognizes the following companies as the key players in the global digital twin market: General Electric, Microsoft, PTC, and Siemens Other Prominent Vendors in the market are: Oracle, IBM, ANSYS, Bosch Software Innovations, and SAP.
MRC Announces the Publication of its Research Report – Global Digital Twin Market 2017-2021.
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Commenting on the report, an analyst from MRC’s team said: “The latest trend gaining momentum in the market is Industrial Internet revolution. IIoT is a combination of big data analytics and IoT.
It offers huge opportunities to organizations across sectors such as agriculture, healthcare, manufacturing, mining, oil and gas, and transportation.
Currently, these sectors account for 60% of the global economy. Industrial Internet has created new job opportunities and a shift toward the integration of digital and human workforces.”
According to the report, one of the major drivers for this market is Developments in sensor technologies and communication devices. Innovations in science and engineering, as well as advances in technology related to sensors, has led to the development of different types of sensors.
As these sensors have various advantages such as low power consumption and prices, their demand is increasing. IT has become an integral part of industrial automation because of automation of several industrial processes.
Opportunities for IT players will be significant as industries embrace IoT.
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Further, the report states that one of the major factors hindering the growth of this market is High costs of implementation. The initial investment in IoT infrastructure is huge.
The high cost of deployment and implementation of M2M and IoT can act as a growth inhibitor for some organizations, especially SMEs. IoT implementation takes longer, and most IT projects come with a lengthy project lifetime from system planning to retirement.
M2M systems generally have a lifetime of more than 10 years. The setup and building phase alone can take a year or more.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Report Details @ marketreportscenter.com/reports/56…-market-2017-2021
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