September 09, 2021
According to the business intelligence report titled ‘Asia Pacific Digital Twin Market Forecast 2026 By End-use, By Application, Research Report, Regional Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Asia Pacific digital twin market size is slated to grow considerably and amass USD 11 billion by 2026.
Increasing application in healthcare sector, rising adoption of remote patient monitoring & telemedicine during the COVID-19 pandemic, and expanding manufacturing vertical are the key factors facilitating Asia Pacific digital twin market expansion.
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For the unversed, digital twin technology provides hybrid visualization of a process or physical object which helps technicians in diagnosing physical asset malfunction. The technicians then replace the necessary parts and equipment. The data generated can also help product designers in enhancing product design and gain a better understanding of the machinery, which will help them in making better decisions, identify potential issues, and prevent losses.
Launch of new variants of technology by leading players will aid revenue inflow. Citing an example, in February 2020, Accenture plc announced the launch of cyber digital twin technology, which stimulates potential attack scenarios using Artificial Intelligence to improve the cybersecurity framework. This solution can also help cybersecurity teams in developing solutions to fight attacks & threats from hackers.
Based on application scope, machine & equipment health monitoring segment captured 50% of Asia Pacific digital twin industry share in 2019, owing to real time asset monitoring, faster fault diagnosis, decreased downtime, and faster roadtime assistance.
Speaking of end-user spectrum, manufacturing segment held 25% industry share in 2020, due to increasing popularity of connected devices, and rising use of industrial IoT technology to improve customer satisfaction while reducing service costs.
From geographical frame of reference, India market is speculated to grow considerably between 2021 and 2026, due to supportive government initiatives, tax benefits, and increasing focus on skill development.
Leading players shaping Asia Pacific digital twin market dynamics are Wipro Limited, ABB Ltd., Accenture plc, TIBCO Software Inc., Autodesk Inc., Siemens AG, General Electric Company, Microsoft Corporation, International Business Machines Corporation, Schneider Electric SE, Dassault Systèmes SE, and Oracle Corporation.