- 90% of the enterprises surveyed are aware of digital and virtual twins
- 45% of virtual twin deployments take nearly 12-24 months at each level, indicating the time-intensive technology discovery-to-production cycle with each new virtual twin implementation
- 33% of the virtual twin initiatives in life sciences are driven by top leadership (CXOs), compared to just 22% on average
- 3X more life sciences companies indicate dependence on downstream companies’ virtual twin adoption for their own virtual twin impact
Mumbai: 17th June 2024— Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and nasscom today released a report on the adoption and impact of virtual twin technology. The report reveals a twofold increase in virtual twin implementations post-pandemic. Virtual twin adoption in India could play a crucial role in accelerating the design-to-realization process, helping organizations achieve their sustainability and circularity goals across the value chain.
Here are the key findings for India:
Digital and Process Maturity
- 57% of Indian enterprises allocate less than 30% of technology spending to digital spend
- Over 50% of the enterprises also indicate patchy digitalization, with only the key functions digitalized, but in silos, thereby limiting effective ROI realization
- Less than 1-in-5 companies have put in place advanced process automation; the majority have implemented Retrofitted Process Automation (RPA)
Virtual Twin Budgets and Scale
- 25% of the companies do not have formal budgets for virtual twins
- 80% of the companies have less than 7% of tech spend allocated to virtual twin adoption
- 63% of Indian companies deploy virtual twins at the product or process level. 40% of those companies are at the product level in using virtual twins, 23% at the process level. Precision in product-market fit came as one of the top three objectives for implementing virtual twins.
Deployment Time
- 75% of virtual twin implementations in India take between 12-24 months of deployment time at each level of product, process, or system virtual twin
Primary Business Objectives
- Precision in product market fit
- Manufacturing process efficiencies
- Remote maintenance and worker safety
Supplier Strategy
- 75% of Indian enterprises cite supplier selection as a major challenge
- 50% are evaluating suppliers
Tech Readiness
- 70% of Indian firms indicate that across software, IT-OT hardware, and connectivity tech, they are still in the PoC/pilot stages
- Analytics and AI/ML applications are some of the least productionized, after high-definition 3D software and other specialist applications
- 67% of enterprises seek either best-of-breed software packages or partner with large managed service providers for their virtual twin applications
This report is based on a survey of 130 companies in India as well as across Europe and APAC, focusing on large and mid-sized enterprises with annual recurring revenue (ARR) of $500 million and above. The survey spans four major industry segments: continuous manufacturing, discrete manufacturing, public infrastructure and smart cities, and life sciences and healthcare.
“Virtual twin technology is poised at the brink of transformative potential, marked by a sharp increase in awareness and early adoptions since the pandemic. Although full-scale implementations and dedicated budgets remain limited, the focus on optimizing assets and processes opens up expansive opportunities. Overcoming hurdles in software procurement, enhancing top-level commitment and ecosystem synergies can unlock groundbreaking innovations, driving industries toward a more efficient and digitally integrated future,” said Sangeeta Gupta, Senior Vice President & Chief Strategy Officer at nasscom.
“With our latest report on virtual twin technology impact and adoption in collaboration with nasscom, we are encouraged by the significant growth in adoption and the emergence of industry-specific use cases. Our report underscores the imperative for organizations to secure top leadership commitment and navigate software procurement challenges to achieve production-grade capabilities. We remain committed to empowering businesses in their journey towards enhanced performance and operational efficiency through virtual twin technology, driving sustainable growth and innovation across industries,” said Deepak NG, Managing Director, India, Dassault Systèmes.
