Dublin, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The "Europe Digital Twin Market: Focus on Application, End User, Type, Product Offering, and Country - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
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
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.
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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 62 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $3 Billion |
| Forecasted Market Value (USD) by 2033 | $297.5 Billion |
| Compound Annual Growth Rate | 58.5% |
| Regions Covered | Europe |
Key Topics Covered:
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
1.7 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
3.2.4 Siemens
3.2.5 SAP SE
4 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/w7in9e
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