Beyond manufacturing, digital twin technology is being integrated into technological avenues such as Internet of Things, artificial intelligence, and data analytics. As more sophisticated "things" are connected with each other, their collective capability of producing data is enabling data scientists and other IT experts to optimize output for maximum efficiency and generate additional what-if scenarios using a digital twin. According to Grand View Research, the global digital twin market is poised to increase to 18.62 billion at a compound annual growth rate (CAGR) of 39.1% from 2022 to 2030.
The meteoric rise of digital twin technology is attributed to its increase in adoption across sectors such as manufacturing, energy, mining as well as automobiles. Furthermore, the application of digital twin technology is enabling businesses as well as manufacturers to adopt informed changes through data, resulting in better output. With well-established manufacturing and automotive industries, the Asia Pacific region is expected to register the fastest CAGR of more than 43% over the forecast period. Also, the market is being driven by smart city development projects across the region, as well as a high demand for consumer products.
In this edition of APAC CIOoutlook, we present the list of t he most promising Digital Twin Solution Providers across APAC. IQAX, ICD Asia Pacific, Bentley Systems are companies that help organizations adapt to evolving digital twin technologies and meet the unique challenges head-on. We also bring to you thought leadership articles and exclusive insights from expert CIOs and CXOs - Natasha Rai, Director, Digital Transformation Sourcing, Ralph Lauren; Soumita Bhattacharya, Chief Technology Officer, AXA Mandiri Financial Services; Eric Bonnell, Senior Vice President, Technology Risk, Atlantic Union Bank. These thought leaders present their ideas and opinions on how organizations can utilize digital twin technology to generate valuable insights. We hope the valuable insights from industry thought leaders and the Digital Twin Solution Providers featured in this edition help you make informed decisions for your organization.
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