Asia Pacific Digital Twin Market Forecast to 2031 - Regional Analysis - by type (Asset Twin, System Twin, Process Twin, and Parts/Component Twin), Enterprise Size (Large Enterprises and SMEs), and End User (Manufacturing Sector, Automotive Sector, Aerospace & Defense Sector, Healthcare Sector, Retail Sector, and Others)

BMIRE00030977 | Pages: 119 | Technology, Media and Telecommunications | Nov 2024 | Type: Regional | Status: Published

The Asia Pacific digital twin market was valued at US$ 2,725.60 million in 2023 and is expected to reach US$ 41,661.58 million by 2031; it is estimated to register a CAGR of 40.6% from 2023 to 2031.

Surging Emphasis on Predictive Maintenance Boosts Asia Pacific Digital Twin Market

Predictive maintenance is perceived as the most advanced means to manage maintenance within manufacturing plants. This maintenance approach is enabled by the implementation of technologies such as AI, ML, the Internet of Things (IoT), and Big Data to monitor equipment and check for part failure. Predictive maintenance helps save maintenance costs by selectively detecting the parts that need attention. It also guides organizations to make small repairs in a timely manner, which aids the extended lifecycle of equipment and helps reduce downtime. A targeted maintenance approach enabled by predictive maintenance reduces unnecessary inspections and repairs and facilitates early intervention to prevent serious and complex problems down the line. Due to such benefits, predictive maintenance has increasingly been used in economically critical industries, such as manufacturing and automotive, in recent years.

Industries increasingly rely on predictive maintenance, as minimizing downtime is a critical aspect of any business. Digital twins operate by continuously gathering data on asset conditions, enabling predictive maintenance solutions to identify patterns and potential failures before they occur. With digital twin technology, maintenance teams can also remotely monitor assets' performance and diagnose issues without physically inspecting them. Thus, a growing focus on predictive maintenance bolsters the digital twin market.

Asia Pacific Digital Twin Market Overview

The digital twin market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region held the largest digital twin market share in 2023. Enterprises in the region increasingly adopt digital twin solutions. The growing need for digital twin solutions across various industries and the rising focus of organizations on enhancing business sustainability are a few of the factors driving the digital twin market growth in Asia Pacific. According to the Equinix Global Tech Trends Survey 2023, approximately half of IT decision-makers in Asia Pacific are already using digital twins for operational performance optimization and quality control management. Technologies, including AI and digital twins, are gaining huge traction in the region. All such factors boost the digital twin market growth in Asia Pacific.

Enterprises in Asia Pacific are constantly seeking solutions to optimize their business workflow and prevent errors. The enterprises are well aware of the capability of digital twin solutions that help simulate the outcomes of expansion plans and the subsequent results of implementing new strategies prior to execution. The enterprise can mitigate risks that can hamper its business growth. Thus, rising awareness regarding the benefits of digital twins leads to its adoption and fuels its market growth in Asia Pacific.

According to HIMSS23 APAC takeaways, the digital twin technology is widely used in the healthcare industry in Asia Pacific. iMEDWAY, Singapore General Hospital, and Johns Hopkins All Children's Hospital are among the health institutions that have adopted digital twin technology. The proliferation of digital twins in the healthcare industry fuels the Asia Pacific digital twin market share.

Asia Pacific Digital Twin Market Revenue and Forecast to 2031 (US$ Million)

Asia Pacific Digital Twin Market Revenue and Forecast to 2031 (US$ Million)

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Asia Pacific Digital Twin Market Segmentation

The Asia Pacific digital twin market is categorized into type, enterprise size, end user, and country.

Based on type, the Asia Pacific digital twin market is segmented into asset twin, system twin, process twin, and parts/component twin. The asset twin segment held the largest share of Asia Pacific digital twin market share in 2023.

In terms of enterprise size, the Asia Pacific digital twin market is bifurcated into large enterprises & SMES. The large enterprises segment held a larger share of Asia Pacific digital twin market in 2023.

Based on end user, the Asia Pacific digital twin market is categorized into manufacturing, automotive, aerospace & defense, healthcare, retail, and others. The manufacturing segment held the largest share of Asia Pacific digital twin market in 2023.

By country, the Asia Pacific digital twin market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific digital twin market share in 2023.

General Electric Co; Microsoft Corp; Siemens AG; Dassault Systemes SE; PTC Inc.; Robert Bosch GmbH; International Business Machines Corp; Oracle Corp; Ansys, Inc.; and Autodesk, Inc. are some of the leading companies operating in the Asia Pacific digital twin market.

TABLE OF CONTENTS

 

1. Introduction

1.1 The Insight Partners Research Report Guidance

1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research

3.2 Primary Research

3.2.1 Hypothesis formulation:

3.2.2 Macro-economic factor analysis:

3.2.3 Developing base number:

3.2.4 Data Triangulation:

3.2.5 Country level data:

4. Digital Twin Market Landscape

4.1 Overview

4.2 Ecosystem Analysis

4.2.1 Software Providers

4.2.2 Service Providers and System Integrators

4.2.3 End-Users

4.2.4 List of Vendors in the Value Chain

5. Asia Pacific Digital Twin Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Increasing Adoption of IoT Devices

5.1.2 Large-Scale Digital Transformation and Industry 4.O Adoption Across Enterprises

5.1.3 Surging Emphasis on Predictive Maintenance

5.2 Market Restraints

5.2.1 High Development Cost

5.3 Market Opportunities

5.3.1 Rising Number of Smart City Projects

5.4 Trends

5.4.1 Integration of AI, AR, VR, and Other Advanced Technologies

5.5 Impact of Drivers and Restraints:

6. Digital Twin Market - Asia Pacific Analysis

6.1 Overview

6.2 Digital Twin Market Revenue (US$ Million), 2021-2031

6.3 Digital Twin Market Forecast Analysis

7. Asia Pacific Digital Twin Market Analysis - by Type

7.1 Asset Twin

7.1.1 Overview

7.1.2 Asset Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

7.2 System Twin

7.2.1 Overview

7.2.2 System Twins: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

7.3 Process Twin

7.3.1 Overview

7.3.2 Process Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

7.4 Parts/Component Twin

7.4.1 Overview

7.4.2 Parts/Component Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

8. Asia Pacific Digital Twin Market Analysis - by Enterprise Size

8.1 Large Enterprises

8.1.1 Overview

8.1.2 Large Enterprises: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

8.2 SMEs

8.2.1 Overview

8.2.2 SMEs: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

9. Asia Pacific Digital Twin Market Analysis - by End User

9.1 Manufacturing

9.1.1 Overview

9.1.2 Manufacturing: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

9.2 Automotive

9.2.1 Overview

9.2.2 Automotive: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

9.3 Aerospace & Defense

9.3.1 Overview

9.3.2 Aerospace & Defense: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

9.4 Healthcare

9.4.1 Overview

9.4.2 Healthcare: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

9.5 Retail

9.5.1 Overview

9.5.2 Retail: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

9.6 Others

9.6.1 Overview

9.6.2 Others: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

10. Asia Pacific Digital Twin Market - Country Analysis

10.1 Asia Pacific Market Overview

10.1.1 Asia Pacific: Digital Twin Market, By Key Country - Revenue 2023 (US$ Million)

10.1.2 Asia Pacific: Digital Twin Market - Revenue and Forecast Analysis - by Country

10.1.2.1 Asia Pacific: Digital Twin Market - Revenue and Forecast Analysis - by Country

10.1.2.2 China: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

10.1.2.2.1 China: Digital Twin Market Breakdown, by Type

10.1.2.2.2 China: Digital Twin Market Breakdown, by Enterprise Size

10.1.2.2.3 China: Digital Twin Market Breakdown, by End User

10.1.2.3 Japan: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

10.1.2.3.1 Japan: Digital Twin Market Breakdown, by Type

10.1.2.3.2 Japan: Digital Twin Market Breakdown, by Enterprise Size

10.1.2.3.3 Japan: Digital Twin Market Breakdown, by End User

10.1.2.4 South Korea: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

10.1.2.4.1 South Korea: Digital Twin Market Breakdown, by Type

10.1.2.4.2 South Korea: Digital Twin Market Breakdown, by Enterprise Size

10.1.2.4.3 South Korea: Digital Twin Market Breakdown, by End User

10.1.2.5 India: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

10.1.2.5.1 India: Digital Twin Market Breakdown, by Type

10.1.2.5.2 India: Digital Twin Market Breakdown, by Enterprise Size

10.1.2.5.3 India: Digital Twin Market Breakdown, by End User

10.1.2.6 Australia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

10.1.2.6.1 Australia: Digital Twin Market Breakdown, by Type

10.1.2.6.2 Australia: Digital Twin Market Breakdown, by Enterprise Size

10.1.2.6.3 Australia: Digital Twin Market Breakdown, by End User

10.1.2.7 Rest of APAC: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

10.1.2.7.1 Rest of APAC: Digital Twin Market Breakdown, by Type

10.1.2.7.2 Rest of APAC: Digital Twin Market Breakdown, by Enterprise Size

10.1.2.7.3 Rest of APAC: Digital Twin Market Breakdown, by End User

11. Competitive Landscape

11.1 Company Positioning & Concentration

11.2 Heat Map Analysis by Key Players

12. Industry Landscape

12.1 Overview

12.2 Market Initiative

12.3 Merger and Acquisition

12.4 Product Development

13. Company Profiles

13.1 General Electric Co

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

13.2 Microsoft Corp

13.2.1 Key Facts

13.2.2 Business Description

13.2.3 Products and Services

13.2.4 Financial Overview

13.2.5 SWOT Analysis

13.2.6 Key Developments

13.3 Siemens AG

13.3.1 Key Facts

13.3.2 Business Description

13.3.3 Products and Services

13.3.4 Financial Overview

13.3.5 SWOT Analysis

13.3.6 Key Developments

13.4 Dassault Systemes SE

13.4.1 Key Facts

13.4.2 Business Description

13.4.3 Products and Services

13.4.4 Financial Overview

13.4.5 SWOT Analysis

13.4.6 Key Developments

13.5 PTC Inc.

13.5.1 Key Facts

13.5.2 Business Description

13.5.3 Products and Services

13.5.4 Financial Overview

13.5.5 SWOT Analysis

13.5.6 Key Developments

13.6 Robert Bosch GmbH

13.6.1 Key Facts

13.6.2 Business Description

13.6.3 Products and Services

13.6.4 Financial Overview

13.6.5 SWOT Analysis

13.6.6 Key Developments

13.7 International Business Machines Corp

13.7.1 Key Facts

13.7.2 Business Description

13.7.3 Products and Services

13.7.4 Financial Overview

13.7.5 SWOT Analysis

13.7.6 Key Developments

13.8 Oracle Corp

13.8.1 Key Facts

13.8.2 Business Description

13.8.3 Products and Services

13.8.4 Financial Overview

13.8.5 SWOT Analysis

13.8.6 Key Developments

13.9 Ansys, Inc.

13.9.1 Key Facts

13.9.2 Business Description

13.9.3 Products and Services

13.9.4 Financial Overview

13.9.5 SWOT Analysis

13.9.6 Key Developments

13.10 Autodesk, Inc.

13.10.1 Key Facts

13.10.2 Business Description

13.10.3 Products and Services

13.10.4 Financial Overview

13.10.5 SWOT Analysis

13.10.6 Key Developments

14. Appendix

14.1 Word Index

14.2 About The Insight Partners

 

 

 

List of Tables

Table 1. Digital Twin Market Segmentation

Table 2. List of Vendors

Table 3. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Table 4. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type

Table 5. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size

Table 6. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User

Table 7. Asia Pacific: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Country

Table 8. China: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type

Table 9. China: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size

Table 10. China: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User

Table 11. Japan: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type

Table 12. Japan: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size

Table 13. Japan: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User

Table 14. South Korea: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type

Table 15. South Korea: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size

Table 16. South Korea: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User

Table 17. India: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type

Table 18. India: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size

Table 19. India: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User

Table 20. Australia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type

Table 21. Australia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size

Table 22. Australia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User

Table 23. Rest of APAC: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type

Table 24. Rest of APAC: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size

Table 25. Rest of APAC: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User

Table 26. Heat Map Analysis

Table 27. List of Abbreviation

 

List of Figures

Figure 1. Digital Twin Market Segmentation, by Country

Figure 2. Digital Twin Market - Key Market Dynamics

Figure 3. Impact Analysis of Drivers and Restraints

Figure 4. Digital Twin Market Revenue (US$ Million), 2021-2031

Figure 5. Digital Twin Market Share (%) - by Type (2023 and 2031)

Figure 6. Asset Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 7. System Twins: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 8. Process Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 9. Parts/Component Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 10. Digital Twin Market Share (%) - by Enterprise Size (2023 and 2031)

Figure 11. Large Enterprises: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 12. SMEs: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 13. Digital Twin Market Share (%) - by End User (2023 and 2031)

Figure 14. Manufacturing: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 15. Automotive: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 16. Aerospace & Defense: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 17. Healthcare: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 18. Retail: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 19. Others: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 20. Asia Pacific: Digital Twin Market, By Key Country - Revenue 2023 (US$ Million)

Figure 21. Asia Pacific: Digital Twin Market Breakdown, by Key Countries, 2023 and 2031 (%)

Figure 22. China: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 23. Japan: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 24. South Korea: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 25. India: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 26. Australia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 27. Rest of APAC: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)

Figure 28. Company Positioning & Concentration

  1. General Electric Co
  2. Microsoft Corp
  3. Siemens AG
  4. Dassault Systemes SE
  5. PTC Inc.
  6. Robert Bosch GmbH
  7. International Business Machines Corp
  8. Oracle Corp
  9. Ansys, Inc.
  10. Autodesk, Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific digital twin market.
  • Highlights key business priorities to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific digital twin market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific digital twin market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
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