Report Overview

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

• 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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Digital Twin Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Emphasis on Digital Twin in Manufacturing Industries
         2. Growing Focus on Predictive Maintenance
      2. Restraints
         1. High Investments Associated with Implementation of Digital Twin Technology
      3. Opportunities
         1. Increasing Adoption of Industry 4.0 Principles
      4. Challenges
         1. Lack of Skilled Workforce
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Digital Twin Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Enterprise Size
         1. Large Enterprises
         2. Small and Medium-sized Enterprises (SMEs)
      2. By Application
         1. Product Design & Development
         2. Predictive Maintenance
         3. Business Optimization
         4. Performance Monitoring
         5. Inventory Management
         6. Others
      3. By Industry
         1. Manufacturing
         2. Agriculture
         3. Automotive & Transport
         4. Energy & Utilities
         5. Healthcare & Life Sciences
         6. Residential & Commercial
         7. Retail & Consumer Goods
         8. Aerospace
         9. Telecommunication
         10. Others
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Digital Twin Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Enterprise
      2. By Application
      3. By Industry
6. South India Digital Twin Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Enterprise
      2. By Application
      3. By Industry
7. East India Digital Twin Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Enterprise
      2. By Application
      3. By Industry
8. West India Digital Twin Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Enterprise
      2. By Application
      3. By Industry
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Digital Twin Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Digital Twin Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. NSYS Inc.
    2. Cal-Tek SRL
    3. Cityzenith Inc.
    4. General Electric Company
    5. IBM Corporation
    6. Lanner Group Limited (Royal Haskoning DHV)
    7. Mevea Ltd
    8. Microsoft Corporation
    9. Rescale Inc.
    10. SAP SE
    11. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*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