L&T Technology Services and Ansys set up CoE for Digital Twin

- Turnkey digital twin projects to address customer requirements around design, manufacturing, and supply chain processesBANGALORE, India, March 31, 2023--(BUSINESS WIRE)--L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global pure-play engineering services company, and Ansys, a global leader and pioneer of Multiphysics engineering simulation software have signed an MOU to establish the LTTS-Ansys Center of Excellence (CoE) for Digital Twin. The center 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 digital twin market is valued at $6.5 billion and is expected to reach $125.7 billion by 2030, growing at a CAGR of 39.48%. The CoE will help LTTS showcase digital twin proofs of concept to its customers and speed up their adoption. The collaboration will 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 positions both companies at the forefront of the trend. The collaboration demonstrates the commitment of both organizations in providing the most advanced and effective digital twin solutions to customers in manufacturing and industrial sectors. The establishment of the CoE marks the beginning of a long-term partnership aimed at shaping the future of the digital twin industry.
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