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Asia-Pacific Digital Twin Market - Industry Analysis on Size, Share, Growth, Trends & Forecast Report | 2022 to 2027

Published: March, 2023
ID: 9402
Pages: 120
Formats: report pdf report excel report power bi report ppt

Asia-Pacific Digital Twin Market Analysis Report (2021 - 2026)

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.

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