Increasing digitalization, IoT investments and rapid industrialization in the region are emerging as the key growth drivers for Asia predictive twin market. Moreover, the market size of predictive twins in Asia is witnessing an uptick due to the growing need for prevention of the downtime of equipment, time-saving and cost savings as well. Also, the growth in IoT investments in the region is one of the prime factors driving the market growth of predictive twin in Asia.
Furthermore, the government in countries such as China, South Korea, Taiwan, and Singapore has made several mandates that aim to promote the IoT developments across all major industries, with the special emphasis on manufacturing, energy & resources, healthcare, transportation, agriculture, etc, that would result in the increasing market of predictive twin in the forthcoming years too.
According to MarkNtel Advisors’ research report “Asia Pacific Predictive Twin Market Analysis, 2020”, the market size of Asia predictive twins is forecast to grow at an astronomical CAGR during 2020-25. China, being an early adopter of technology grabbed the major market share in Asia predictive twin market in 2019. The demand for predictive twins is emanating with the need to precisely monitor the equipment’s health coupled with timely recognize potential anomalies with identifying the potential degradation.
Manufacturing to emerge as the Major Demand Driver
In 2019, the manufacturing sector grabbed the major market share in the Asia predictive twin market. The market share of this segment is increasing on account of surging industrialization in countries such as China, India, and South Korea. As per Oxford Economics, the manufacturing sector in the ASEAN region is expected to grow with a CAGR of 6.6% during 2016-2020. Moreover, several initiatives in the region by the country’s government such as “Make in India, 2025”, “Made in China 2025”, that aims to make the country a global manufacturing hub, would result in the growth in the market share of the manufacturing sector in Asia predictive Twin market in the forecast period.
Predictive Maintenance to Grab Lion’s Share in Forthcoming years
In 2019, the machine and equipment health application captured the major market share in Asia Pacific predictive twin market. The major factors contributing to the market growth is the need for real-time monitoring of the health and working conditions of the machine and its spare parts to reduce the unplanned breakdown time and machine failures which can lead to a big business loss.
However, the demand for predictive maintenance is witnessing robust growth and also, it is expected that in the forecast period the predictive maintenance would-be leader in the application of predictive twin technology. Furthermore, the system twin segment grabbed the major market share in Asia Pacific predictive twin market in 2019. The uplifting application of the system twin across the series of varied industries is expected to contribute to further maintain the dominance in the forthcoming years too, as revealed by MarkNtel Advisors’ research report “Asia Pacific Predictive Twin Market Analysis, 2020”.
According to MarkNtel Advisors’, the market of Asia predictive twin is quite consolidated as very handful numbers of players are present in the market. Some of the key competitors operating in the Asia predictive twin market with considerable market share are General Electric, PTC, Siemens, Dassault Systems, IBM Corporation, ANSYS, Microsoft Corporation, and Oracle.
“Asia Pacific Predictive Twin Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for predictive twin solution providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Product Type (Parts Twin, System Twin, Product Twin, Process Twin)
2. By Deployment (Cloud, In-House, Hybrid)
3. By Application (Machine and Equipment Health Monitoring, Predictive Maintenance, Dynamic Optimization)
4. By End- Users (Manufacturing, Agriculture, Automotive and Transportation, Energy and Utilities, Aerospace and Defense, Others)
5. By Country (China, South-Korea, Japan, Others)
6. By Company (General Electric, PTC, Siemens, Dassault Systems, IBM Corporation, ANSYS, Microsoft Corporation, Oracle, Others)
Key questions answered in the study:
1. What are the current and future trends of the Asia Pacific Predictive Twin market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the region followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for Asia Pacific Predictive Twin industry?
5. What are the customer orientation, purchase behavior, and expectations from the Asia Pacific Predictive Twin firms across various countries?