DIGITAL TWIN MARKET ANALYSIS

Digital Twin MarketSize and Trends

Development of IoT technology is the major driving factor for growth of the global digital twin market

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. According to Coherent Market Insights’ analysis, around 28 million units of wearable devices were sold in 2016.

Additionally, it provides endpoint security such as antivirus and antimalware along with firewalls and interruption prevention and detection systems. IoT security aids in authenticating an IoT device by managing multiple users of a single device platform, for example, a connected car. Moreover, the authentication ranges from simple static password or pins to more robust authentication mechanisms such as two-factor authentication, digital certificates, and biometrics.

According to Coherent Market Insights’ analysis, in 2016, IoT in manufacturing accounted for about US$ 170 billion, and IoT in transportation sector accounted for over US$ 72 billion.

Digital Twin Market: Regional Insights

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.