The Asia-Pacific Digital Twin Market is anticipated to grow in a considerable way during the forecast period. It is estimated that the target market in this region is going to grow at a CAGR of 1.75%, which is now valued nearly USD 24 billion.
A digital twin, a replica of living or non-living physical entity, refers to a digital model of potential and actual physical assets, processes, people, places, systems and devices that can be used for various purposes. The digital twin technology used in research emphasized two essential features. Firstly, it highlights the connection between the physical model and the corresponding virtual model or virtual counterpart. Secondly, this connection can be made by generating real-time data with the help of sensors. The concept of the digital twin can be compared to other concepts such as cross-reality environments or co-spaces and mirror models, which aim to, by and large, synchronize part of the physical world with its cyber representation.
The growth of the digital twin market in Asia-Pacific owes to the growing adoption of the IoT and IIoT, which are because of increasing internet penetration coupled with the proliferation of smartphones in emerging economies like India and China. And the presence of prominent automotive players in countries like Japan, South Korea, and India is boosting the growth of the Ais-Pacific digital twin market growth.
Recent Developments
Microsoft Corp. and WalkMe have announced their strategic partnership to enable enterprise organizations to quickly deploy the WalkMe's Digital Adoption Platform on top of Microsoft Dynamics 365 excluding an extension, offering the power to utilize the technology efficiently and productively to its employees.
Wipro Limited has partnered with Skybox, which is a computer security company, to improve and unify its organization security management in convergent, hybrid IT-OT networks.
Drivers and Restraints of Asia-Pacific Digital Twin Market
The tremendous evolution of the e-commerce ecosystem coupled with the massive investments from venture capitalists resulting in the growing demand for the online market for these digital twins is the primary reason for the growth of the Asia-Pacific Digital Twin Market.
And, the growing demand for the reduction of asset downtime, optimizing process time, and reducing time-to-market are increasing the growth of the digital twin market in this area.
Market Segmentation of Asia-Pacific Digital Twin Market
By Technology: IoT & IIoT, Blockchain, Artificial Intelligence & Machine Learning, Augmented Reality, Virtual Reality, & Mixed Reality, Big Data Analytics, and 5G.
By Type: Digital Twin, Process Digital Twin, and System Digital Twin.
By Industry: Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, and Others.
By Region: India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC. In the regional analysis of the Asia-Pacific Digital Twin Market, China, India, Japan, and South Korea are the major contributors to the target market revenue owing to the proliferation of smartphones and the presence of robust automotive industry players. The market is foreseen to expand with a notable compound annual growth rate over the outlook period.
The key players of the Asia-Pacific Digital Twin Market include Accenture plc, Capgemini SE, IBM Corporation, Infosys Limited, Microsoft Corporation, Oracle Corporation, PTC Inc., SAP SE, SAS Institute, TIBCO Software Inc., Wipro Limited, ABB Group, Ansys Inc., Autodesk, Inc., AVEVA Group plc, Bentley Systems, Incorporated, Dassault Systèmes, General Electric Company, Robert Bosch GmbH, Rockwell Automation, Schneider Electric SE, Siemens AG.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By End - Industry
5.1.1 Introduction
5.1.2 Aerospace & Defense
5.1.3 Energy & Utilities
5.1.4 Home & Commercial
5.1.5 Automotive & Transportation
5.1.6 Healthcare
5.1.7 Oil & Gas
5.1.8 Y-o-Y Growth Analysis
5.1.9 Market Attractiveness Analysis
5.1.10 Market Share Analysis
5.2 By Type
5.2.1 Introduction
5.2.2 Process
5.2.3 System
5.2.4 Product
5.2.5 Y-o-Y Growth Analysis
5.2.6 Market Attractiveness Analysis
5.2.7 Market Share Analysis
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By End-Industry
6.1.3.3 By Type
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By End-Industry
6.1.4.3 By Type
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By End-Industry
6.1.5.3 By Type
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leader Analysis
8.1 ABB Group
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 PTC, Inc.
8.3 AVEVA Group plc
8.4 Schneider Electric SE
8.5 Hexagon Geosystems AG
8.6 Dassault Systemes
8.7 SAP SE
8.8 Siemens AG
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, Collaborations, and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
The segment-level analysis in terms of By Type, By End-use Industry, and along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Asia-Pacific Digital Twin Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific Digital Twin Market By End Industry, From 2019-2024 ( USD Billion )
Asia-Pacific Aerospace & Defence Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific Energy & Utilities Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific Home and Commercial Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific Healthcare Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific Oil & Gas Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific Digital Twin Market By Type, From 2019-2024 ( USD Billion )
Asia-Pacific Process Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific System Market By Region, From 2019-2024 ( USD Billion )
Asia-Pacific Product Market By Region, From 2019-2024 ( USD Billion )
