The analysts forecast global digital twin market to grow at a CAGR of 32.73% during the period 2017-2021. The latest trend gaining momentum in the market is Industrial Internet revolution.
IIoT is a combination of big data analytics and IoT.
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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 digital twin market 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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Major players in the global digital twin market: General Electric, Microsoft, PTC, and Siemens, Oracle, IBM, ANSYS, Bosch Software Innovations, and SAP.
Further, the digital twin market 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.
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Few Points from List of Exhibits:
Exhibit 01: Parent Market
Exhibit 02: Global It Spending Market: Overview
Exhibit 03: Market Characteristics
Exhibit 04: Market Segments
Exhibit 05: Market Definition - Inclusions and Exclusions Checklist
Exhibit 06: Market Size 2016
Exhibit 07: Validation Techniques Employed For Market Sizing 2016
Exhibit 08: Global Digital Twin Market - Market Size and Forecast 2016-2021 ($ Bn)
Exhibit 09: Global Digital Twin Market - Year-Over-Year Growth 2017-2021 (%)
Exhibit 10: Five Forces Analysis 2016
Exhibit 11: Five Forces Analysis 2021
Exhibit 12: Bargaining Power of Buyers
Exhibit 13: Bargaining Power of Suppliers
Exhibit 14: Threat of New Entrants
Exhibit 15: Threat of Substitutes
Exhibit 16: Threat of Rivalry
Exhibit 17: Market Condition - Five Forces
Exhibit 18: Deployment - Market Share 2016-2021 (% of Revenue)
Exhibit 19: Comparison by Deployment
Exhibit 20: On-Premises - Market Size and Forecast 2016-2021 ($ Bn)