India Digital
Twin market is growing owing to the rising digital transformation movement that
has spurred the need to monitor the condition of machines and equipment along
with rising government investment on digital twin for disaster management. The
increasing availability of skilled workforce and operational and development
cost advantage across various end-use industries have led to an increased focus
on digital twin to overcome the risk situation and optimize the performance.
Moreover, adoption of Advanced Driver Assistance System (ADAS) technology
integrated with digital twin for automobile have further boosted the demand for
Digital Twin. Government measures such as Digital India initiative, emphasis on
self-reliance, classification of digital twins for environmental sustainability
are further increasing the demand for digital twins in the country. Many
enterprises are adopting digital twins as a cost-effective solution. Moreover,
the market is expected to be driven by rising demand for Network Digital Twin
(NDT) for 5G in the telecom sector, which enables businesses to progress toward
digital transformation and produce new business outcomes by utilizing new
digital age technologies such as the Internet of Things (IoT), cloud computing,
and Artificial Intelligence (AI) and thus relying on different software are
driving the market. Moreover, the growing demand for data and high bandwidth
capacity, especially due to increasing need for risk free environment promotes
the development of the digital twin market of India throughout the forecast
period.
A digital twin
is a virtual representation of an actual system that is capable of simulating,
monitoring, analyzing, and continuously improving the real world. Depending on
the point of the lifecycle that necessitates it, a product or system may have
one or more digital twins. Digital twins are the foundation of the transition,
even while technologies such as Artificial Intelligence (AI), the cloud, 5G,
and edge computing are important accelerators of this journey. Digital twins
enable real-time insights into a virtual environment, which facilitate more
accurate data analysis and conclusion-making, boost productivity, and reinforce
knowledge. The technology helps in reducing the risk, improving customer
satisfaction, improving product quality, saves costs, enhance supply chain
agility and resilience and reduces errors in the production stages. India's
digital twin industry is expanding rapidly in the age of digitization. Owing to
its incredible results, a digital twin technology has recently attracted more
and more attention. The growing use cases of digital twin applications in
industries such as manufacturing, logistics, service lifecycle management,
automotive etc. are enabling the growth of digital twins in the Indian market.
The technology is introduced at a time when organizations are transforming how
businesses operate, communicate with their customers, and create new products
and services.
Rising
Demand for Monitoring & Maintenance
The use of
digital twin technology to monitor the condition of machines and equipment
holds major potential. The rise in demand for real-time tracking and monitoring
of equipment or finished products is expected to drive the demand for digital
twin technology. Digital twin technology enhances product performance,
decreases asset downtime, and speeds up issue diagnosis. The rise of Industry
4.0, which has resulted in fast digitalization across various industries,
including healthcare, automotive, manufacturing, and others, is driving the
adoption of this technology in machine and equipment health monitoring. For
instance, in the rail transportation industry, the technology has helped in
switching from traditional to condition-based maintenance. Moreover, this
technology can help anticipate high-impact process disruptions using predictive
maintenance in the oil and gas industry. Digital Twin technology can track and
monitor high-value, fragile goods to diminish loss and damage in the supply
chain. In the healthcare sector, real-time monitoring of the vitals can prevent
life-threatening conditions in patients. Therefore, the rising demand for
monitoring and maintenance by the Indian companies are driving the growth of
Digital Twin in the Indian Market.
Government
Initiatives in Digital Twins
Digital Twin is
becoming more popular in the market such as 3D data has been massively ramped
up in the last couple of years, as a result of the rising use of connected
devices among consumers and organizations. In many Tier II and Tier III cities
as well as in urban areas, this has resulted in a significant demand for
high-definition mapping, necessitating the requirement of digital twins to
process information for smart cars, e-commerce, logistics, gaming, utilities
planning for next generation networks in telecom, renewable energy and in
disaster management and emergency response. Recently, the Government of India’s
Niti Aayog has launched the Genesys International’s digital twin platform for
addressing 3D data as well as automated capture of features from 3D street map
imagery. Moreover, the government has introduced several programs such as
National Digital Twin of India under National Geospatial Policy 2022,
Infrastructure Vision 2025, etc. to accelerate the adoption of digital twins in
the current infrastructure embarking the contribution toward economic
development. Furthermore, the Indian IT ministry intends to provide incentives
for data related technology under a national policy framework valued up to USD
1.832 Billion. A draft of the policy states that over the next five years, the
government plans to invest up to USD 36 Billion on the ecosystem of data and
digital technologies. On announcing the Budget 2022–23, the finance minister
gave the digital twin sector technology enabler status. This is expected
expedite the growth of digital twins in India during the forecast period.
Need for
Environmental Sustainability
While the
Digital Twins are fueling India’s digital transformation journey, many
technology service providers have invested in clean, renewable energy and
environmental sustainability sources to run their existing and future
facilities as a result of the rising digitalization, power usage and the desire
to reduce carbon footprint. Digital twins have a great advantage on improving
efficiency, accelerating the adoption of circular transition and providing
better tools for improved climate resilience and adaptation. With the use of
digital twin, the environmental effect of cities, including their usage of
energy, water, and waste management, may be examined and improved. Recently,
Indian government has budgeted an additional investment of more than USD 30
billion to produce renewable energy by using sunlight, air, and water.
Moreover, the technology can promote sustainability objectives and helps in
reducing the city's carbon impact. Digital twins have facilitated the sectoral
transformation of wind energy.
Moreover, Pradhan Mantri Kisan Urja Suraksha
evam Utthaan Mahabhiyaan (PM KUSUM) and Draft National Energy Policy, both call
for the Net Zero Emissions by 2070 to be implemented in order to fully use the
country's potential for renewable energy. Digital twins and AI/ML algorithms
can help simulate the behavior of all mechanical parts, generators, and
turbines, etc. The effects of raising the turbine's power rate may be predicted
with the use of the digital twin's simulation. The digital twin can aid in
understanding performance prior to construction during the planning stage.
Furthermore, according to a surveyed report on digital twins by Capgemini
Research Institute, more than two-thirds of the organizations in India believe
that digital twins will help them achieve environmental sustainability goals,
and 85% concur that increasing sustainability is a major motivator for their
adoption of digital twins. As the Indian digital twin sector develops, it will
become more adaptive and able to integrate green technology though it is still
in the early stages of development.t. Therefore, increasing need for
environmental sustainability has led to the growth of digital twin in the
Indian market.
Recent Development
- On February 9, 2023, Ansys Software
Pvt. Ltd., a Digital Twin firm announced a long-term partnership with
Microsoft to make its simulation tools and solutions more accessible on
the Microsoft Azure cloud computing platform, giving users browser-based,
anywhere access. The company will provide a new service that will make it
easier for users to link third-party tools and launch Ansys products
utilizing their Azure subscription.
- On July 15, 2022, PTC India
Limited, a digital ICT solutions providers firm announced strategic
collaboration with Multi-national Technology Companies including Ircon
International, Greenstat, AutoGrid, Hexagon and Chemtrols. As part of the
collaboration, the company has signed a Memorandum of Understanding (MoU)
with five technology and knowledge-based companies. The company is
pursuing a strategy of offering technology-based solutions and related
services across the energy value chain.
- On May 24, 2022, Nokia, announced
the expansion of its solution portfolio in the Indian market. The company
recently launched a digital twin solution and a 5G video camera for
industries and added a new range of wearable devices to its portfolio. The
Nokia network digital twin for private wireless enables the organizations
to view its network’s real-time and historical performance as measured
from the Nokia Industrial devices on premises.
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Market
Segmentation
India Digital
Twin Market is divided on the basis of type, technology, application, 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 divided 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.
Market
Players
Major market
players in the India Digital Twin market are Pratiti Technologies, Tata
Consultancy Services Limited, Ansys Software Pvt. Ltd., Siemens India Private
Limited, PTC India Limited, IBM India Private Limited, Microsoft Corporation
India Pvt. Ltd., Faclon Labs Private Limited, TwinGrid Labs Private Limited,
Cisco Systems, Inc. and among others.
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Attribute
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Details
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Base Year
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2023
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Historic Data
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2019 –
2022
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Estimated Year
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2024
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Forecast Period
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2025
– 2029
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Quantitative Units
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Revenue in USD Million and CAGR for 2019-2023 and 2025-2029
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Report coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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By Type
By Technology
By
Application
By
End-User
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Country scope
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India
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Region scope
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East, West, North and South
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Key companies profiled
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Pratiti Technologies, Tata
Consultancy Services Limited, Ansys Software Pvt. Ltd., Siemens India Private
Limited, PTC India Limited, IBM India Private Limited, Microsoft Corporation
India Pvt. Ltd., Faclon Labs Private Limited, TwinGrid Labs Private Limited
and Cisco Systems, Inc.
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Customization scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and purchase options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
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Delivery Format
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PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
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Report
Scope:
In this report,
the India Digital Twin market has been segmented into the following categories,
in addition to the industry trends which have also been detailed below:
- India Digital Twin Market, By Type:
o
Process
o
Product
o
System
- India Digital Twin Market, By
Technology:
o
Internet
of Things
o
Artificial
Intelligence & Machine Learning
o
Extended
Reality
o
Blockchain
o
Big
Data Analytics
o
5G
- India Digital Twin Market, By
Application:
o
Manufacturing
Process Planning
o
Product
Design
o
Predictive
Maintenance
o
Others
- India Digital Twin Market, By
End-User:
o Manufacturing
o Automobile & Transportation
o Healthcare & Lifesciences
o Aerospace & Defense
o Energy & Utilities
o Others
- India Digital Twin Market, By
Region:
o
East
o
West
o
North
o
South
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the India Digital Twin market.
Available
Customizations:
With the given
market data, TechSci Research offers customizations according to a company’s
specific needs. The following customization options are available for the
report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
The India
Digital Twin market is an upcoming report to be released soon. If you wish an
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