India Digital Twin Market Size Exploding Almost 30X to Touch USD Whopping USD 77 Billion by 2029
The India digital twin market is gaining traction because of the increasing emphasis on digital twin in manufacturing industries and a growing focus on predictive maintenance.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India digital twin market size at 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 robust CAGR of 62.3% reaching a value of USD 76.67 billion by 2029. The increasing adoption of digital twin technology along with cutting-edge advancements like cloud computing, IoT, and artificial intelligence into niche industries including manufacturing and aerospace are key growth factors for the India digital twin market. It is also projected that the implementation of 5G and the increasing automation and digitization of manufacturing facilities would offer market participants in digital twins significant growth potential.
India Digital Twin Market – Overview
According to the definition by IBM, “a digital twin 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.
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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 segment 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. In addition, twinning makes it possible for stakeholders, including product designers and end users, to communicate effectively.
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.
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.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the India Digital Twin Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Digital Twin Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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