SQL Server 2016 Error: 18456, Severity: 14, State: 38

While trying to install SQL server 2016 in my machine I came across following error:

Msg 18456, Severity: 14, State: 38

Please have a look at the log:

2017-10-12 11:24:15.51 Server      Microsoft SQL Server 2016 (SP1) (KB3182545) - 13.0.4001.0 (X64) 
    Oct 28 2016 18:17:30 
    Copyright (c) Microsoft Corporation
    Express Edition (64-bit) on Windows 10 Enterprise 6.3 <X64> (Build 15063: )

2017-10-12 11:24:15.54 Server      UTC adjustment: 5:30
2017-10-12 11:24:15.54 Server      (c) Microsoft Corporation.
2017-10-12 11:24:15.54 Server      All rights reserved.
2017-10-12 11:24:15.54 Server      Server process ID is 4824.
2017-10-12 11:24:15.54 Server      System Manufacturer: 'Dell Inc.', System Model: 'Precision Tower 7810'.
2017-10-12 11:24:15.54 Server      Authentication mode is WINDOWS-ONLY.
2017-10-12 11:24:15.54 Server      Logging SQL Server messages in file 'C:\Program Files\Microsoft SQL Server\MSSQL13.SQLEXPRESS\MSSQL\Log\ERRORLOG'.
2017-10-12 11:24:15.54 Server      The service account is 'NT Service\MSSQL$SQLEXPRESS'. This is an informational message; no user action is required.
2017-10-12 11:24:15.55 Server      Registry startup parameters: 
     -d C:\Program Files\Microsoft SQL Server\MSSQL13.SQLEXPRESS\MSSQL\DATA\master.mdf
     -e C:\Program Files\Microsoft SQL Server\MSSQL13.SQLEXPRESS\MSSQL\Log\ERRORLOG
     -l C:\Program Files\Microsoft SQL Server\MSSQL13.SQLEXPRESS\MSSQL\DATA\mastlog.ldf
2017-10-12 11:24:15.55 Server      Command Line Startup Parameters:
     -s "SQLEXPRESS"
2017-10-12 11:24:17.64 Server      SQL Server detected 2 sockets with 6 cores per socket and 6 logical processors per socket, 12 total logical processors; using 4 logical processors based on SQL Server licensing. This is an informational message; no user action is required.
2017-10-12 11:24:17.64 Server      SQL Server is starting at normal priority base (=7). This is an informational message only. No user action is required.
2017-10-12 11:24:17.65 Server      Detected 32692 MB of RAM. This is an informational message; no user action is required.
2017-10-12 11:24:17.66 Server      Using conventional memory in the memory manager.
2017-10-12 11:24:18.14 Server      Default collation: Latin1_General_CI_AI (us_english 1033)
2017-10-12 11:24:18.78 Server      Buffer pool extension is already disabled. No action is necessary. 
2017-10-12 11:24:19.62 Server      InitializeExternalUserGroupSid failed. Implied authentication will be disabled.
2017-10-12 11:24:19.62 Server      Implied authentication manager initialization failed. Implied authentication will be disabled.
2017-10-12 11:24:20.73 Server      The maximum number of dedicated administrator connections for this instance is '1'
2017-10-12 11:24:20.75 Server      This instance of SQL Server last reported using a process ID of 2476 at 12-10-2017 11:22:51 (local) 12-10-2017 05:52:51 (UTC). This is an informational message only; no user action is required.
2017-10-12 11:24:20.82 Server      Node configuration: node 0: CPU mask: 0x000000000000000f:0 Active CPU mask: 0x000000000000000f:0. This message provides a description of the NUMA configuration for this computer. This is an informational message only. No user action is required.
2017-10-12 11:24:20.95 Server      Using dynamic lock allocation.  Initial allocation of 2500 Lock blocks and 5000 Lock Owner blocks per node.  This is an informational message only.  No user action is required.
2017-10-12 11:24:21.05 Server      Database Instant File Initialization: enabled. For security and performance considerations see the topic 'Database Instant File Initialization' in SQL Server Books Online. This is an informational message only. No user action is required.
2017-10-12 11:24:21.38 Server      Query Store settings initialized with enabled = 1, 
2017-10-12 11:24:21.82 spid5s      Starting up database 'master'.
2017-10-12 11:24:24.04 Server      CLR version v4.0.30319 loaded.
2017-10-12 11:24:24.57 spid5s      SQL Server Audit is starting the audits. This is an informational message. No user action is required.
2017-10-12 11:24:24.62 spid5s      SQL Server Audit has started the audits. This is an informational message. No user action is required.
2017-10-12 11:24:25.29 spid5s      SQL Trace ID 1 was started by login "sa".
2017-10-12 11:24:25.38 Server      Common language runtime (CLR) functionality initialized using CLR version v4.0.30319 from C:\Windows\Microsoft.NET\Framework64\v4.0.30319\.
2017-10-12 11:24:25.41 spid5s      Server name is 'I7724\SQLEXPRESS'. This is an informational message only. No user action is required.
2017-10-12 11:24:25.55 spid5s      Starting up database 'msdb'.
2017-10-12 11:24:25.56 spid6s      Starting up database 'mssqlsystemresource'.
2017-10-12 11:24:25.63 spid6s      The resource database build version is 13.00.4001. This is an informational message only. No user action is required.
2017-10-12 11:24:25.99 spid6s      Starting up database 'model'.
2017-10-12 11:24:26.22 spid10s     A self-generated certificate was successfully loaded for encryption.
2017-10-12 11:24:26.23 spid10s     Server local connection provider is ready to accept connection on [ \\.\pipe\SQLLocal\SQLEXPRESS ].
2017-10-12 11:24:26.24 Server      Software Usage Metrics is disabled.
2017-10-12 11:24:26.24 spid10s     Server local connection provider is ready to accept connection on [ \\.\pipe\MSSQL$SQLEXPRESS\sql\query ].
2017-10-12 11:24:26.26 spid10s     Dedicated administrator connection support was not started because it is disabled on this edition of SQL Server. If you want to use a dedicated administrator connection, restart SQL Server using the trace flag 7806. This is an informational message only. No user action is required.
2017-10-12 11:24:26.26 spid10s     SQL Server is now ready for client connections. This is an informational message; no user action is required.
2017-10-12 11:24:26.26 Server      SQL Server is attempting to register a Service Principal Name (SPN) for the SQL Server service. Kerberos authentication will not be possible until a SPN is registered for the SQL Server service. This is an informational message. No user action is required.
2017-10-12 11:24:26.37 Server      The SQL Server Network Interface library could not register the Service Principal Name (SPN) [ MSSQLSvc/I7724.ptcnet.ptc.com:SQLEXPRESS ] for the SQL Server service. Windows return code: 0x200b, state: 15. Failure to register a SPN might cause integrated authentication to use NTLM instead of Kerberos. This is an informational message. Further action is only required if Kerberos authentication is required by authentication policies and if the SPN has not been manually registered.
2017-10-12 11:24:26.40 spid6s      Polybase feature disabled.
2017-10-12 11:24:26.40 spid6s      Clearing tempdb database.
2017-10-12 11:24:27.04 spid6s      Starting up database 'tempdb'.
2017-10-12 11:24:27.43 spid18s     The Service Broker endpoint is in disabled or stopped state.
2017-10-12 11:24:27.43 spid18s     The Database Mirroring endpoint is in disabled or stopped state.
2017-10-12 11:24:27.62 spid18s     Service Broker manager has started.
2017-10-12 11:24:27.62 spid5s      Recovery is complete. This is an informational message only. No user action is required.
2017-10-12 11:29:41.85 spid51      Attempting to load library 'xplog70.dll' into memory. This is an informational message only. No user action is required.
2017-10-12 11:29:41.98 spid51      Using 'xplog70.dll' version '2015.130.1601' to execute extended stored procedure 'xp_msver'. This is an informational message only; no user action is required.
2017-10-12 11:49:26.09 Logon       Error: 18456, Severity: 14, State: 38.
2017-10-12 11:49:26.09 Logon       Login failed for user 'PTCNET\I7724$'. Reason: Failed to open the explicitly specified database 'WM'. [CLIENT: <local machine>]

But When I am trying to install SQL Server 2012 just to verify where could be the possible error, I am getting the below log and in this case I am able to install SQl Server 2012.

2017-10-12 15:31:05.57 Server      Microsoft SQL Server 2012 - 11.0.2100.60 (Intel X86) 
    Feb 10 2012 19:13:17 
    Copyright (c) Microsoft Corporation
    Express Edition on Windows NT 6.2 <X64> (Build 9200: ) (WOW64)

2017-10-12 15:31:05.57 Server      (c) Microsoft Corporation.
2017-10-12 15:31:05.57 Server      All rights reserved.
2017-10-12 15:31:05.57 Server      Server process ID is 9680.
2017-10-12 15:31:05.57 Server      System Manufacturer: 'Dell Inc.', System Model: 'Precision Tower 7810'.
2017-10-12 15:31:05.57 Server      Authentication mode is WINDOWS-ONLY.
2017-10-12 15:31:05.57 Server      Logging SQL Server messages in file 'C:\Program Files (x86)\Microsoft SQL Server\MSSQL11.SQLEXPRESS\MSSQL\Log\ERRORLOG'.
2017-10-12 15:31:05.57 Server      The service account is 'PTCNET\I7724$'. This is an informational message; no user action is required.
2017-10-12 15:31:05.57 Server      Registry startup parameters: 
     -d C:\Program Files (x86)\Microsoft SQL Server\MSSQL11.SQLEXPRESS\MSSQL\DATA\master.mdf
     -e C:\Program Files (x86)\Microsoft SQL Server\MSSQL11.SQLEXPRESS\MSSQL\Log\ERRORLOG
     -l C:\Program Files (x86)\Microsoft SQL Server\MSSQL11.SQLEXPRESS\MSSQL\DATA\mastlog.ldf
2017-10-12 15:31:05.57 Server      Command Line Startup Parameters:
     -s "SQLEXPRESS"
2017-10-12 15:31:05.84 Server      SQL Server detected 2 sockets with 6 cores per socket and 6 logical processors per socket, 12 total logical processors; using 4 logical processors based on SQL Server licensing. This is an informational message; no user action is required.
2017-10-12 15:31:05.84 Server      SQL Server is starting at normal priority base (=7). This is an informational message only. No user action is required.
2017-10-12 15:31:05.84 Server      Detected 32692 MB of RAM. This is an informational message; no user action is required.
2017-10-12 15:31:05.84 Server      Using conventional memory in the memory manager.
2017-10-12 15:31:05.96 Server      This instance of SQL Server last reported using a process ID of 8320 at 10/12/2017 3:31:02 PM (local) 10/12/2017 10:01:02 AM (UTC). This is an informational message only; no user action is required.
2017-10-12 15:31:05.96 Server      Node configuration: node 0: CPU mask: 0x0000000f:0 Active CPU mask: 0x0000000f:0. This message provides a description of the NUMA configuration for this computer. This is an informational message only. No user action is required.
2017-10-12 15:31:05.97 Server      Using dynamic lock allocation.  Initial allocation of 2500 Lock blocks and 5000 Lock Owner blocks per node.  This is an informational message only.  No user action is required.
2017-10-12 15:31:05.99 Server      Software Usage Metrics is disabled.
2017-10-12 15:31:06.00 spid4s      Starting up database 'master'.
2017-10-12 15:31:06.07 Server      CLR version v4.0.30319 loaded.
2017-10-12 15:31:06.18 spid4s      SQL Server Audit is starting the audits. This is an informational message. No user action is required.
2017-10-12 15:31:06.18 spid4s      SQL Server Audit has started the audits. This is an informational message. No user action is required.
2017-10-12 15:31:06.19 spid4s      SQL Trace ID 1 was started by login "sa".
2017-10-12 15:31:06.20 spid4s      Server name is 'I7724\SQLEXPRESS'. This is an informational message only. No user action is required.
2017-10-12 15:31:06.21 spid4s      Failed to verify Authenticode signature on DLL 'C:\Program Files (x86)\Microsoft SQL Server\MSSQL11.SQLEXPRESS\MSSQL\Binn\ftimport.dll'.
2017-10-12 15:31:06.21 spid9s      Starting up database 'mssqlsystemresource'.
2017-10-12 15:31:06.21 spid4s      Starting up database 'msdb'.
2017-10-12 15:31:06.23 Server      Common language runtime (CLR) functionality initialized using CLR version v4.0.30319 from C:\Windows\Microsoft.NET\Framework\v4.0.30319\.
2017-10-12 15:31:06.27 spid9s      The resource database build version is 11.00.2100. This is an informational message only. No user action is required.
2017-10-12 15:31:06.36 spid12s     A self-generated certificate was successfully loaded for encryption.
2017-10-12 15:31:06.36 spid12s     Server local connection provider is ready to accept connection on [ \\.\pipe\SQLLocal\SQLEXPRESS ].
2017-10-12 15:31:06.36 spid12s     Server local connection provider is ready to accept connection on [ \\.\pipe\MSSQL$SQLEXPRESS\sql\query ].
2017-10-12 15:31:06.36 spid12s     Dedicated administrator connection support was not started because it is disabled on this edition of SQL Server. If you want to use a dedicated administrator connection, restart SQL Server using the trace flag 7806. This is an informational message only. No user action is required.
2017-10-12 15:31:06.36 spid12s     SQL Server is now ready for client connections. This is an informational message; no user action is required.
2017-10-12 15:31:06.36 Server      SQL Server is attempting to register a Service Principal Name (SPN) for the SQL Server service. Kerberos authentication will not be possible until a SPN is registered for the SQL Server service. This is an informational message. No user action is required.
2017-10-12 15:31:06.38 Server      The SQL Server Network Interface library could not register the Service Principal Name (SPN) [ MSSQLSvc/I7724.ptcnet.ptc.com:SQLEXPRESS ] for the SQL Server service. Windows return code: 0x200b, state: 15. Failure to register a SPN might cause integrated authentication to use NTLM instead of Kerberos. This is an informational message. Further action is only required if Kerberos authentication is required by authentication policies and if the SPN has not been manually registered.
2017-10-12 15:31:06.46 spid9s      Starting up database 'model'.
2017-10-12 15:31:06.59 spid9s      Clearing tempdb database.
2017-10-12 15:31:06.84 spid9s      Starting up database 'tempdb'.

One thing which I observed is the difference in Service account name which is "PTCNET\I7724$" for SQL server 2012 whereas for SQL Server 2016 it is "NT Service\MSSQL$SQLEXPRESS".

Not sure if this is the reason for that and from where it is picking the different Service name. Any input will be highly appreciated.