L&T Technology Services Limited (LTTS) and Ansys have signed a Memorandum of Understanding (MoU) to establish the LTTS-Ansys Centre of Excellence (CoE) for Digital Twin.
The centre will support LTTS in demonstrating industry use cases, develop future facing solutions, and enable its customers to optimize design, manufacturing, and supply chain processes.
Ansys' Twin Builder solution will allow LTTS to further expand its market share in digital twin areas.
The MoU signed will see the companies setup CoE for Digital Twin in Chennai with plans to expand in Vadodara and Bangalore as well.
The digital twin market is valued at USD 6.5 billion and is expected to reach USD 125.7 billion by 2030, growing at a CAGR of 39.48 per cent.
Both companies believe that the CoE will help LTTS showcase digital twin proofs of concept to its customers and speed up their adoption. The collaboration will also enable LTTS to meet the growing demand for digital twin solutions and provide access to emerging talent in the technology market.
The joint efforts of Ansys and L&T Technology Services will create opportunities for innovation and growth in the digital twin industry, providing a new level of insight and control to manufacturers. With the digital twin market projected to experience exponential growth in the coming years, this collaboration will position both companies at the forefront of the trend.
LTTS recently launched its next-generation IoT-based engineering practice on Digital Twins and is expected to derive extreme value from this collaboration to bring the benefits of digital twins to a range of industries, from oil and gas to automotive, aerospace, and defense, among others. By leveraging Ansys' simulation tools, the CoE will help accelerate the digital thread for manufacturing and industrial enterprises.
In a statement, Abhishek Sinha, Chief Operating Officer and Board Member at L&T Technology Services Limited, said “We are pleased to collaborate with Ansys which will help our customers visualise every aspect of production and gain actionable insights. With Ansys’ simulation tools, we will be able to accelerate the digital thread of enterprises across manufacturing and industrial segments in particular. This association with Ansys will help accelerate the adoption of digital twin technologies and solve complex problems for our global clientele.”