India Digital Twin Market Is Expected To Register A Steady CAGR During The Forecast Period, 2025-2029
Rising
demand for monitoring & maintenance is expected to drive the India Digital
Twin Market between 2025 and 2029.
According to
TechSci Research report "India Digital Twin Market By Region, Competition,
Forecast & Opportunities, 2029", the India Digital Twin market is
growing owing to rapid rise in predictive maintenance, digitalization, and
increasing adoption of advanced technologies by enterprises to meet the need
for growing business along with the development of more electronic data and
combination of smart manufacturing. The growing complexity has spurred the need
to test and validate a product before it even exists in the real world along
with rising government investment to analyze and stimulate the different
disaster scenarios, such as fires, floods, and earthquakes. are the primary
reasons that are expected to dramatically increase demand for Digital Twin
market in India.
Moreover, the
rising demand for monitoring & maintenance and an increase in the need for
environmental sustainability is driving the India digital twin market. India's
digital twin industry is expanding rapidly in the age of digitization. The
nation is ideally positioned to serve as a hub for data centers specializing in
cloud computing technologies including artificial intelligence, machine
learning, and advanced analytical techniques. Furthermore, rising usage of big
data solutions, IoT, and cloud-based solutions, among other things, is
predicted to drive market expansion through 2029. Measures taken by the
government, such as the National Digital Twin of India, Infrastructure Vision
2025, etc. are likely to generate attractive prospects for market growth
through 2029.
The India
Digital Twin market is divided on the basis of type, technology, application,
end user industry, and geographical segments. Based on application, the market
is segmented into manufacturing process planning, product design, predictive
maintenance, and others. The predictive maintenance has showcased lucrative
market growth in 2022 owing to rising demand for real-time monitoring and
digital infrastructure projects in industries such as banking/fintech,
telecommunications, energy, and government. The assembly, installation, and
quality-checking phases of the production process are streamlined by the use of
digital twin technology. Moreover, by regularly monitoring an asset, predictive
maintenance enables the creation of maintenance schedules that are specific to
each asset. Moreover, there is increased demand for reducing inspection time,
costs, and annual maintenance fees among the public and private sector
enterprises as India is one of the largest data markets. Predictive maintenance
has a huge range of use cases across industries such as oil and gas,
manufacturing, aircraft maintenance and more. Furthermore, the need to increase
the digitalization in supply chain as enterprises are realizing the dynamics of
Industry 4.0. Thus, digitalization are offering opportunities for service
providers to integrate predictive maintenance and increase the demand for
digital twin in the Indian market.
Owing to their
proximity to end users, the manufacturing segment is expected to register
fastest growth during the forecast period. The digital twin solutions in the
manufacturing industries are enabling the automation of data pulling, cleaning,
structuring, and transforming the industry. The key justifications for having a
Digital Twin in India are the demand for creating virtual replicas of an object
or a process as well as enabling digital print, sensors to collect data from
the physical process helping Indian user’s, government efforts and projects
were the primary drivers of the expansion in the India Digital Twin industry.
To catch up with other nations in the Digital Twin business, India must,
however, undertake a number of reforms, most notably by creating clear rules to
oversee and advance this industry.
India Digital
Twin Market is divided on the basis of type, technology, application, and
end-user industry. Based on type, the market is further divided into process,
product ,and system. Based on technology, the market is further segmented into
Internet of Things, Artificial Intelligence & Machine Learning, Extended
Reality, Blockchain, Big Data Analytics, and 5G. Based on application, the
market is further split into manufacturing process planning, product design,
predictive maintenance, and others. Based on end-user industry, the market is
further divided into manufacturing, automobile & transportation, healthcare
& lifesciences, aerospace & defence, energy & utilities and others.
Key market
players in the India Digital Twin market include:
- Pratiti
Technologies
- Tata
Consultancy Services Limited
- Ansys Software
Pvt. Ltd.
- Siemens India
Private Limited
- PTC India
Limited
- IBM India
Private Limited
- TwinGrid Labs
Private Limited
- Microsoft
Corporation India Pvt. Ltd.
- Faclon Labs
Private Limited
- Cisco Systems,
Inc.
Customers
can also request for 10% free customization on this report.
“South, being
the most advanced region in terms of Information technology holds the largest
market share of digital twins, benefiting from the presence of several
technology establishment in the India Digital Twin market. North region ranks
the second in the digital twin market in India. The introduction of 5G networks
and cloud services will strengthen the region's digital economy and increase
demand for high-bandwidth networking infrastructure. For instance, in February
2023, Bank of Maharashtra (BOM) announced the launch of its own private cloud
platform as part of its high-performance cloud capabilities for digital
infrastructure and hosting applications of the bank in India. In addition, the
huge volume of internet traffic and the presence of several cloud services
providers are further attributing the market growth. Moreover, the
implementation of several programs such as National Digital Twin of India,
which enables the acceleration of Digital Twins in India, has been a key
element in the growth of the India Digital Twin market,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
India
Digital Twin Market by Type (Process, Product and System), By Technology
(Internet of Things, Artificial Intelligence & Machine Learning, Extended
Reality, Blockchain, Big Data Analytics, 5G), By Application (Manufacturing
Process Planning, Product Design, Predictive Maintenance, Others), By End-User
(Manufacturing, Automobile & Transportation, Healthcare & Lifesciences,
Aerospace & Defence, Energy & Utilities and Others) By Region, Competition,
Forecast & Opportunities, 2028F has
evaluated the future growth potential of India Digital Twin Market and provides
statistics & information on market size, structure, and future market
growth. The report's goal is to give current market knowledge and assist
decision makers in making informed investment decisions. Furthermore, the study
identifies and analyses emerging trends, as well as key drivers, challenges,
and opportunities in the India Digital Twin market.
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