India provides various major manufacturers and end users lucrative opportunities for the growth of predictive twin market and is expected to continue to do so over the forecast period due to significant rise in the adoption of technologies such as IoT and cloud in verticals such as healthcare, aerospace & defense, and automotive & transportation along with surging expenditure towards R&D activities in the field of IoT and IIoT. Apart from this, the rising need for efficient and cost-effective technologies for product manufacturing, escalating rate of penetration of internet, burgeoning use of smart connected devices, and rising adoption of intelligent transportation system (ITS) for monitoring of traffic congestion in order to improve decision making, and process advancement are key factors promoting the growth of the market.
According to MarkNtel Advisors’ research report titled “India Predictive Twin Market Analysis, 2020”, the India Predictive Twin market is anticipated to grow at a CAGR of 26% during 2020-25. Based on product type, system twin acquired the largest share of the Predictive twin market in 2019. System Predictive twin is a collection of products and processes that together perform as a system- or network-wide function. The extensive demand for predictive twin from several industries such as transportation, hospital, oil & gas plant, automotive is surging as it monitors the equipment in order to maintain efficiency and effectiveness.
“India Predictive Twin Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Predictive Twin providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Automotive Acquired the Significant Market Share
By end user, automotive is a dominant end-user industry for the India predictive twin market as the industry is an early adopter of various forms of innovative technologies. The predictive twins are majorly used for designing, maintenance, repair, and overhaul, production, and after service. Furthermore, the rising demand for connected devices coupled with increasing telematics services and surging adoption of emerging technologies such as IIoT, Augmented Reality (AR), Virtual Reality (VR), mixed reality are fueling the growth of predictive twin market.
Besides this, rising production and sales vehicles along with increasing application of predictive twin for 3D simulation for several purposes in the industry such as in designing, manufacturing, assembly line and maintenance & repair are expected to bolster the growth of the Predictive Twin Market in the forthcoming period as stated in MarkNtel Advisors’ research report “India Predictive Twin Market Analysis, 2020”. According to MarkNtel Advisors, the key players with a considerable market share in the India Predictive Twin market are General Electric, PTC, Siemens, Dassault Systems, IBM Corporation, ANSYS, Microsoft Corporation and Oracle Corporation etc.
Key questions answered in the study: