PUBLISHER: BIS Research | PRODUCT CODE: 1594217
PUBLISHER: BIS Research | PRODUCT CODE: 1594217
Europe Digital Twin Market: Focus on Application, End User, Type, Product Offering, and Country - Analysis and Forecast, 2023-2033
Introduction to Europe Digital Twin Market
The Europe digital twin market is projected to reach $297.5 billion by 2033 from $3.0 billion in 2023, growing at a CAGR of 58.55% during the forecast period 2023-2033. Digital twins, which are virtual models that mimic real-world objects, systems, or processes, are commonly used in Europe to improve operations and spur innovation. Real-time simulations for sectors like manufacturing, healthcare, and urban planning are made possible by digital twins, which combine IoT, AI, machine learning, and big data. They improve decision-making, provide predictive insights, and expedite procedures by collecting sensor data from physical objects. Digital twins are revolutionizing Europe's approach to efficiency and innovation in a variety of areas, including lifecycle management and maintenance optimization.
Market Introduction
| KEY MARKET STATISTICS | |
|---|---|
| Forecast Period | 2023 - 2033 |
| 2023 Evaluation | $3.0 Billion |
| 2033 Forecast | $297.5 Billion |
| CAGR | 58.55% |
The growing use of cutting-edge technologies like the Internet of Things (IoT), artificial intelligence (AI), and big data analytics has propelled the impressive expansion of the European digital twin market. Digital twins, which produce virtual versions of real-world systems, processes, or things, have emerged as a key component of innovation in a variety of European businesses. Digital twins provide real-time simulations and predictive analytics, which aid in decision-making, operations optimization, and efficiency enhancement over the lifecycle of systems or goods.
The increasing emphasis on Industry 4.0, smart cities, and sustainable development projects throughout Europe is driving the market's growth. Digital twins are being used by industries like manufacturing, healthcare, energy, and urban planning to increase operational effectiveness, cut expenses, and lessen their negative effects on the environment. Digital twins' incorporation in predictive maintenance, supply chain management, and infrastructure development highlights their versatile applications.
Leading companies in the market are making significant investments in R&D to provide cutting-edge digital twin solutions that are suited to the various sectors in Europe. To encourage the adoption of this game-changing technology, governments and business groups are working together more and more. With Europe still at the forefront of sustainability and technical innovation, the digital twin market is expected to rise steadily, changing sectors and facilitating more intelligent decision-making.
Market Segmentation:
Segmentation 1: by Application
- Product Design Development
- Performance Monitoring
- Predictive Maintenance
- Inventory Management
- Others
Segmentation 2: by End User
- Manufacturing
- Automotive
- Aviation
- Energy and Utilities
- Healthcare
- Logistics and Retail
- Others
Segmentation 3: by Type
- Asset Digital Twin
- Process Digital Twin
- System Digital Twin
- Digital Twin of an Organization (DTO)
Segmentation 4: by Product Offering
- Platforms
- Hardware
- Support Services
Segmentation 5: by Country
- U.K.
- Germany
- France
- Russia
- Rest-of-the-Europe
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of products available for deployment in Europe Region. Moreover, the study provides the reader with a detailed understanding of the Europe digital twin market based on application (product design development, performance monitoring, predictive maintenance, inventory management, and others), and by end user (manufacturing, automotive, aviation, energy and utilities, healthcare, logistics and retail, and others), on the basis product offering (platform, hardware, and software service), and by type (Asset Digital Twin, Process Digital Twin, System Digital Twin, and Digital Twin of an Organization (DTO).
Growth/Marketing Strategy: The Europe digital twin market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships and contracts to strengthen their position in the Europe digital twin market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.
Some prominent names established in this market are:
- ABB Ltd.
- Dassault Systemes
- Robert Bosch GMBH
Table of Contents
Executive Summary
Scope and Definition
1 Markets
- 1.1 Trends: Current and Future Impact Assessment
- 1.1.1 Rise of Digital Twins in Infrastructure Development
- 1.1.2 Hyper-Personalization
- 1.2 Ecosystem/Ongoing Programs
- 1.2.1 Project PLATEAU
- 1.3 Role of Digital Twin in Industry 5.0
- 1.4 Use Cases by Industry
- 1.5 Startup Funding Summary
- 1.6 Market Dynamics Overview
- 1.6.1 Market Drivers
- 1.6.1.1 Increasing Adoption of AI, ML, IoT, Data Analytics, and 5G
- 1.6.1.2 Increasing Investment in Digital Twin City
- 1.6.2 Market Restraints
- 1.6.2.1 Technical Hurdles in Digital Twin Implementation
- 1.6.2.2 Scaling and High Fidelity
- 1.6.3 Market Opportunities
- 1.6.3.1 Increasing Use of Digital Twin across Various Industries
- 1.6.1 Market Drivers
- 1.7 Supply Chain Overview
2 Regions
- 2.1 Regional Summary
- 2.2 Europe
- 2.2.1 Regional Overview
- 2.2.2 Driving Factors for Market Growth
- 2.2.3 Factors Challenging the Market
- 2.2.4 Application
- 2.2.5 Product
- 2.2.6 France
- 2.2.7 Application
- 2.2.8 Product
- 2.2.9 Germany
- 2.2.10 Application
- 2.2.11 Product
- 2.2.12 U.K.
- 2.2.13 Application
- 2.2.14 Product
- 2.2.15 Russia
- 2.2.16 Application
- 2.2.17 Product
- 2.2.18 Rest-of-Europe
- 2.2.19 Application
- 2.2.20 Product
3 Markets - Competitive Benchmarking & Company Profiles
- 3.1 Next Frontiers
- 3.2 Geographic Assessment
- 3.2.1 ABB
- 3.2.1.1 Overview
- 3.2.1.2 Top Products/Product Portfolio
- 3.2.1.3 Top Competitors
- 3.2.1.4 Target Customers
- 3.2.1.5 Key Personnel
- 3.2.1.6 Analyst View
- 3.2.1.7 Market Share, 2023
- 3.2.2 Dassault Systemes
- 3.2.2.1 Overview
- 3.2.2.2 Top Products/Product Portfolio
- 3.2.2.3 Top Competitors
- 3.2.2.4 Target Customers
- 3.2.2.5 Key Personnel
- 3.2.2.6 Analyst View
- 3.2.2.7 Market Share, 2023
- 3.2.3 Robert Bosch Gmbh
- 3.2.3.1 Overview
- 3.2.3.2 Top Products/Product Portfolio
- 3.2.3.3 Top Competitors
- 3.2.3.4 Target Customers
- 3.2.3.5 Key Personnel
- 3.2.3.6 Analyst View
- 3.2.3.7 Market Share, 2023
- 3.2.4 Siemens
- 3.2.4.1 Overview
- 3.2.4.2 Top Products/Product Portfolio
- 3.2.4.3 Top Competitors
- 3.2.4.4 Target Customers
- 3.2.4.5 Key Personnel
- 3.2.4.6 Analyst View
- 3.2.4.7 Market Share, 2023
- 3.2.5 SAP SE
- 3.2.5.1 Overview
- 3.2.5.2 Top Products/Product Portfolio
- 3.2.5.3 Top Competitors
- 3.2.5.4 Target Customers
- 3.2.5.5 Key Personnel
- 3.2.5.6 Analyst View
- 3.2.5.7 Market Share, 2023
- 3.2.1 ABB
4 Research Methodology
- 4.1 Data Sources
- 4.1.1 Primary Data Sources
- 4.1.2 Secondary Data Sources
- 4.1.3 Data Triangulation
- 4.2 Market Estimation and Forecast
List of Figures
- Figure 1: Digital Twin Market (by Region), $Billion, 2022, 2023, and 2033
- Figure 2: Europe Digital Twin Market (by Application), $Billion, 2022, 2023, and 2033
- Figure 3: Europe Digital Twin Market (by End User), $Billion, 2022, 2023, and 2033
- Figure 4: Europe Digital Twin Market (by Product Offering), $Billion, 2022, 2023, and 2033
- Figure 5: Europe Digital Twin Market (by Type), $Billion, 2022, 2023, and 2033
- Figure 6: Digital Twin, Recent Developments
- Figure 7: Impact Analysis of Market Navigating Factors, 2022-2033
- Figure 8: Supply Chain and Risks within the Supply Chain
- Figure 9: France Digital Twin Market, $Billion, 2022-2033
- Figure 10: Germany Digital Twin Market, $Billion, 2022-2033
- Figure 11: U.K. Digital Twin Market, $Billion, 2022-2033
- Figure 12: Russia Digital Twin Market, $Billion, 2022-2033
- Figure 13: Rest-of-Europe Digital Twin Market, $Billion, 2022-2033
- Figure 14: Strategic Initiatives, 2020-2023
- Figure 15: Share of Strategic Initiatives, 2020-2023
- Figure 16: Data Triangulation
- Figure 17: Top-Down and Bottom-Up Approach
- Figure 18: Assumptions and Limitations
List of Tables
- Table 1: Market Snapshot
- Table 2: Digital Twin Market, Opportunities across Regions
- Table 3: Funding and Investment Scenario, February 2022-February 2024
- Table 4: Digital Twin Market (by Region), $Billion, 2022-2033
- Table 5: Europe Digital Twin Market (by End User), $Billion, 2022-2033
- Table 6: Europe Digital Twin Market (by Application), $Billion, 2022-2033
- Table 7: Europe Digital Twin Market (by Type), $Billion, 2022-2033
- Table 8: Europe Digital Twin Market (by Product Offering), $Billion, 2022-2033
- Table 9: France Digital Twin Market (by End User), $Billion, 2022-2033
- Table 10: France Digital Twin Market (by Application), $Billion, 2022-2033
- Table 11: France Digital Twin Market (by Type), $Billion, 2022-2033
- Table 12: France Digital Twin Market (by Product Offering), $Billion, 2022-2033
- Table 13: Germany Digital Twin Market (by End User), $Billion, 2022-2033
- Table 14: Germany Digital Twin Market (by Application), $Billion, 2022-2033
- Table 15: Germany Digital Twin Market (by Type), $Billion, 2022-2033
- Table 16: Germany Digital Twin Market (by Product Offering), $Billion, 2022-2033
- Table 17: U.K. Digital Twin Market (by End User), $Billion, 2022-2033
- Table 18: U.K. Digital Twin Market (by Application), $Billion, 2022-2033
- Table 19: U.K. Digital Twin Market (by Type), $Billion, 2022-2033
- Table 20: U.K. Digital Twin Market (by Product Offering), $Billion, 2022-2033
- Table 21: Russia Digital Twin Market (by End User), $Billion, 2022-2033
- Table 22: Russia Digital Twin Market (by Application), $Billion, 2022-2033
- Table 23: Russia Digital Twin Market (by Type), $Billion, 2022-2033
- Table 24: Russia Digital Twin Market (by Product Offering), $Billion, 2022-2033
- Table 25: Rest-of-Europe Digital Twin Market (by End User), $Billion, 2022-2033
- Table 26: Rest-of-Europe Digital Twin Market (by Application), $Billion, 2022-2033
- Table 27: Rest-of-Europe Digital Twin Market (by Type), $Billion, 2022-2033
- Table 28: Rest-of-Europe Digital Twin Market (by Product Offering), $Billion, 2022-2033
- Table 29: Market Share, 2022
