The India predictive twin market is anticipated to witnessing astronomical growth during 2020-25. The factors for the growth of the market are burgeoning adoption of advance digital technologies among end-user such as such as internet of things (IoT) for manufacturing and designing, rising investment towards R&D activities in the field of IIoT and increasing demand for cost-effective technologies for product manufacturing. Moreover, the growing internet penetration, paradigm shift toward using sensors in product development coupled with snowballing government initiatives towards the promotion of artificial intelligence (AI) and IoT and increasing application of smart connected devices are also driving the growth of the market.
Based on Application, machine & equipment health monitoring segment is surging at a robust pace in 2019. The burgeoning adoption of predictive twin among the verticals such as aerospace & defense, automotive to undertaken cost-effective operations in industrial manufacturing and escalating adoption of advanced analytics such as big data analytics in predictive twin to predict the default in equipment beforehand.
By End-User, Automotive segment grabbed the considerable market share in the India predictive twin market in 2019 as it is among the early adopter of technologies. The predictive twin’s technology is generally used for designing, maintenance, repair, and overhaul, production, and after service and to predict wear and tear, minimize downtime and to detect failure before it happens which in return saves a lot money for the company. However, the increasing need for connected devices and telematics services due to boost in the production activity and surging adoption emerging technologies such as IIoT, Augmented Reality (AR), Virtual Reality (VR) for designing and manufacturing are some of the factor propelling the growth of the market in the coming years.
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.
No comments:
Post a Comment