India Digital Twin Market
India Digital Twin Market - By Enterprise Size (Large Enterprises, Small & Medium-sized Enterprises (SMEs)); By Application (Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management, Others); By Industry (Manufacturing, Agriculture, Automotive & Transport, Energy & Utilities, Healthcare & Life Sciences, Residential & Commercial, Retail & Consumer Goods, Aerospace, Telecommunication, Others); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: June 2023
- Report ID: BWC23496
- Available Format: PDF
- Page: 200
Report Overview
An increasing emphasis on digital twin in manufacturing industries and a growing focus on predictive maintenance are expected to boost the growth of India Digital Twin Market during the forecast period between 2023 and 2029.
India Digital Twin Market - Industry Trends & Forecast Report, 2029
India digital twin market size was estimated to be worth USD 2.59 billion in 2022. During the forecast period between 2023 and 2029, the India digital twin market size is projected to grow at a CAGR of 62.3%, reaching a value of USD 76.67 billion by 2029. Major growth factors for the India Digital Twin market include the implementation of digital twin technology together with cutting-edge innovations like cloud computing, IoT, and artificial intelligence. Additionally, the adoption of 5G and the growing automation and digitization of manufacturing facilities are anticipated to present considerable growth prospects for market participants in digital twins.
India Digital Twin Market – Overview
A digital twin, according to the definition by IBM, “is a virtual model designed to accurately reflect a physical object.” In essence, a digital twin is computer software that simulates how a process or product would work using data from the real world. IoT sensors are frequently used as the physical links between an object and its twin, and a developed IoT implementation is frequently a need for digital twins. Digital twins enable increased operational efficiency due to more accurate data and quicker, and more efficient production.
India Digital Twin Market
Growth Drivers
Increasing Emphasis on Digital Twin in Manufacturing Industries
The flourishing manufacturing industry and the rising adoption of digital twins in this sector are emerging as significant driving factors for the India digital twin market. Manufacturers are increasingly adopting advanced technologies, including AI, IoT, machine learning, and others, that synchronize well with digital twin visualization technology to acquire crucial data about production processes. Predictive maintenance algorithms can use this data to analyze possible equipment faults before they happen, enabling maintenance personnel to take proactive corrective action.
Restraints
High Investments Associated with the Implementation of Digital Twin Technology
The cost of implementing digital twin solutions is high and includes large investments in infrastructure creation, infrastructure maintenance, data quality monitoring, and security measures. According to PTC, a US-based computer software and services company, implementation costs frequently exceed USD 1 million or oftentimes, even more. The high risk of privacy and lack of standardization in India regarding cybersecurity laws further act as major restraining factors for the growth of the India digital twin market during the period in analysis.
Impact of COVID-19 on the India Digital Twin Market
The COVID-19 pandemic offered tremendous growth opportunities to the India digital twin market. The imposition of the lockdown in the country disrupted the major end-user industries of digital twin including automotive, aerospace, and manufacturing, which directly impacted the market growth. The digital twin market, however, started to recover significantly as various businesses started pushing toward automation and virtualization of both products and processes as the number of COVID-19 cases started to decline and limits were eased.
India Digital Twin Market
Segmental Coverage
India Digital Twin Market – By Enterprise Size
Based on enterprise size, the India digital twin market is bifurcated into large enterprises and small and medium-sized enterprises (SMEs). The large enterprises segment holds a higher market share, owing to the high cost associated with digital twins. Creating a digital twin involves the collection of data through IoT sensors and other mediums, along with the storage and processing of that data. Large organizations are often equipped with financial and other resources to integrate digital twins for their products, which is fueling the segment growth in India digital twin market.
India Digital Twin Market – By Application
Based on application, the India digital twin market is segmented into product design & development, predictive maintenance, business optimization, performance monitoring, inventory management, and others. The product design & development holds the largest share in the India digital twin market. Data from models from earlier generations and the new idea are combined using a digital twin in their respective digital formats. Additionally, twinning makes it possible for stakeholders, including product designers and end users, to communicate effectively.
India Digital Twin Market – By Industry
Based on industry, the India digital twin market is segmented into manufacturing, agriculture, automotive & transport, energy & utilities, healthcare & life sciences, residential & commercial, retail & consumer goods, aerospace, telecommunication, and others. The automotive & transport industry accounts for the highest market share. Digital twins on automobiles use real-time vehicle sensor data to make predictive maintenance. Many automotive businesses utilize them to keep an eye on any sensor and determine the level of wear and tear on any machine or vehicle component, which is directly influencing their demand in the automobile industry.
India Digital Twin Market – By Region
The in-depth research report on the India digital twin market covers the four major regions across the country: North India, South India, East India, and West India. South India dominates the India digital twin market owing to the developed IT industry in the region. Bengaluru is known as the "Silicon Valley" of India, with a high concentration of IT companies and startups in the city. The flourishing manufacturing sector as well as the automotive industry in the region are also providing lucrative growth opportunities for the digital twin market in South India.
Competitive Landscape
Major players operating in the India digital twin market include NSYS Inc., Cal-Tek SRL, Cityzenith Inc., General Electric Company, IBM Corporation, Lanner Group Limited (Royal Haskoning DHV), Mevea Ltd., Microsoft Corporation, Rescale Inc., and SAP SE.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
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In February 2023 – Intangles, a Pune, India-based digital twin solutions provider, announced it had raised USD 10 million in Series A funding from Baring Private Equity Partners India.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Billion |
Market Coverage |
North India, South India, East India, West India |
Product/ Service Segmentation |
Enterprise Size, Application, Industry, Region |
Key Players |
NSYS Inc., Cal-Tek SRL, Cityzenith Inc., General Electric Company, IBM Corporation, Lanner Group Limited (Royal Haskoning DHV), Mevea Ltd, Microsoft Corporation, Rescale Inc., SAP SE |
By Enterprise Size
-
Large Enterprises
-
Small & Medium-sized Enterprises
By Application
-
Product Design & Development
-
Predictive Maintenance
-
Business Optimization
-
Performance Monitoring
-
Inventory Management
-
Others
By Industry
-
Manufacturing
-
Agriculture
-
Automotive & Transport
-
Energy & Utilities
-
Healthcare & Life Sciences
-
Residential & Commercial
-
Retail & Consumer Goods
-
Aerospace
-
Telecommunication
-
Others
By Region
-
North India
-
South India
-
East India
-
West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Digital Twin Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing Emphasis on Digital Twin in Manufacturing Industries
- Growing Focus on Predictive Maintenance
- Restraints
- High Investments Associated with Implementation of Digital Twin Technology
- Opportunities
- Increasing Adoption of Industry 4.0 Principles
- Challenges
- Lack of Skilled Workforce
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Digital Twin Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Billion)
- Market Share & Forecast
- By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- By Application
- Product Design & Development
- Predictive Maintenance
- Business Optimization
- Performance Monitoring
- Inventory Management
- Others
- By Industry
- Manufacturing
- Agriculture
- Automotive & Transport
- Energy & Utilities
- Healthcare & Life Sciences
- Residential & Commercial
- Retail & Consumer Goods
- Aerospace
- Telecommunication
- Others
- By Region
- North India
- South India
- East India
- West India
- By Enterprise Size
- Market Size & Forecast, 2019–2029
- North India Digital Twin Market
- Market Size & Forecast, 2019–2029
- By Value (USD Billion)
- Market Share & Forecast
- By Enterprise
- By Application
- By Industry
- Market Size & Forecast, 2019–2029
- South India Digital Twin Market
- Market Size & Forecast, 2019–2029
- By Value (USD Billion)
- Market Share & Forecast
- By Enterprise
- By Application
- By Industry
- Market Size & Forecast, 2019–2029
- East India Digital Twin Market
- Market Size & Forecast, 2019–2029
- By Value (USD Billion)
- Market Share & Forecast
- By Enterprise
- By Application
- By Industry
- Market Size & Forecast, 2019–2029
- West India Digital Twin Market
- Market Size & Forecast, 2019–2029
- By Value (USD Billion)
- Market Share & Forecast
- By Enterprise
- By Application
- By Industry
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- India Digital Twin Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on India Digital Twin Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- NSYS Inc.
- Cal-Tek SRL
- Cityzenith Inc.
- General Electric Company
- IBM Corporation
- Lanner Group Limited (Royal Haskoning DHV)
- Mevea Ltd
- Microsoft Corporation
- Rescale Inc.
- SAP SE
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 India Digital Twin Segmentation
Figure 2 India Digital Twin Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Figure 5 India Digital Twin Market Share, By Enterprise Size, By Value, 2019–2029
Figure 6 India Digital Twin Market Share, By Application, By Value, 2019–2029
Figure 7 India Digital Twin Market Share, By Industry, By Value, 2019–2029
Figure 8 North India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Figure 9 North India Digital Twin Market Share, By Enterprise Size, By Value, 2019–2029
Figure 10 North India Digital Twin Market Share, By Application, By Value, 2019–2029
Figure 11 North India Digital Twin Market Share, By Industry, By Value, 2019–2029
Figure 12 South India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Figure 13 South India Digital Twin Market Share, By Enterprise Size, By Value, 2019–2029
Figure 14 South India Digital Twin Market Share, By Application, By Value, 2019–2029
Figure 15 South India Digital Twin Market Share, By Industry, By Value, 2019–2029
Figure 16 East India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Figure 17 East India Digital Twin Market Share, By Enterprise Size, By Value, 2019–2029
Figure 18 East India Digital Twin Market Share, By Application, By Value, 2019–2029
Figure 19 East India Digital Twin Market Share, By Industry, By Value, 2019–2029
Figure 20 West India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Figure 21 West India Digital Twin Market Share, By Enterprise Size, By Value, 2019–2029
Figure 22 West India Digital Twin Market Share, By Application, By Value, 2019–2029
Figure 23 West India Digital Twin Market Share, By Industry, By Value, 2019–2029
List of Tables
Table 1 India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Table 2 India Digital Twin Market Size, By Enterprise Size, By Value, 2019–2029
Table 3 India Digital Twin Market Size, By Application, By Value, 2019–2029
Table 4 India Digital Twin Market Size, By Industry, By Value, 2019–2029
Table 5 North India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Table 6 North India Digital Twin Market Size, By Enterprise Size, By Value, 2019–2029
Table 7 North India Digital Twin Market Size, By Application, By Value, 2019–2029
Table 8 North India Digital Twin Market Size, By Industry, By Value, 2019–2029
Table 9 South India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Table 10 South India Digital Twin Market Size, By Enterprise Size, By Value, 2019–2029
Table 11 South India Digital Twin Market Size, By Application, By Value, 2019–2029
Table 12 South India Digital Twin Market Size, By Industry, By Value, 2019–2029
Table 13 East India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Table 14 East India Digital Twin Market Size, By Enterprise Size, By Value, 2019–2029
Table 15 East India Digital Twin Market Size, By Application, By Value, 2019–2029
Table 16 East India Digital Twin Market Size, By Industry, By Value, 2019–2029
Table 17 West India Digital Twin Market Size, By Value (USD Billion), 2019–2029
Table 18 West India Digital Twin Market Size, By Enterprise Size, By Value, 2019–2029
Table 19 West India Digital Twin Market Size, By Application, By Value, 2019–2029
Table 20 West India Digital Twin Market Size, By Industry, By Value, 2019–2029
Table 21 NSYS Inc. Company Overview
Table 22 NSYS Inc. Financial Overview
Table 23 Cal-Tek SRL Company Overview
Table 24 Cal-Tek SRL Financial Overview
Table 25 Cityzenith Inc. Company Overview
Table 26 Cityzenith Inc. Financial Overview
Table 27 General Electric Company: Company Overview
Table 28 General Electric Company Financial Overview
Table 29 IBM Corporation Company Overview
Table 30 IBM Corporation Financial Overview
Table 31 Lanner Group Limited (Royal Haskoning DHV) Company Overview
Table 32 Lanner Group Limited (Royal Haskoning DHV) Financial Overview
Table 33 Mevea Ltd Company Overview
Table 34 Mevea Ltd Financial Overview
Table 35 Microsoft Corporation Company Overview
Table 36 Microsoft Corporation Financial Overview
Table 37 Rescale Inc. Company Overview
Table 38 Rescale Inc. Financial Overview
Table 39 SAP SE Company Overview
Table 40 SAP SE Financial Overview
Market Segmentation
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