Europe Digital Twin Market

Europe Digital Twin Market Analysis Report (2021 - 2026)

The insights for the Europe Digital Twin Market are estimated to grow in a significant way over the forecast period. It is estimated that the target market in this region is going to grow at a CAGR of 1.23%.

A digital twin, a replica of living or non-living physical entity, refers to a digital model of potential and actual physical assets, processes, people, places, systems and devices that can be used for various purposes. 

The digital twin technology comprises two crucial features, namely the connection between the physical model and the corresponding virtual model, and the connection is established by generating real-time data using sensors. The concept of the digital twin is almost similar to other concepts like cross-reality environments or co-spaces and mirror models, which mainly aims to synchronize part of the physical world with its cyber representation.

The growth of the Europe digital twin market is attributed to the rising adoption of the IoT and IIoT, which are because of increasing internet penetration along with the proliferation of smartphones in the European region. Also, the growing demand for decreasing asset downtime, optimizing process time, and improving operational efficiency is boosting the growth of the target market in this region.

Recent Developments

• Microsoft Corp. and WalkMe have announced their strategic partnership to enable enterprise organizations to quickly deploy the WalkMe's Digital Adoption Platform on top of Microsoft Dynamics 365. This is estimated to offer their employees the power to utilize technology in an efficient and productive manner. 

• Wipro Limited has partnered with Skybox, which is a computer security company, to improve and unify its organization security management in convergent, hybrid IT-OT networks.

Drivers and Restraints of Europe Digital Twin Market

The support of government initiatives regarding the construction of smart cities and energy-efficient intelligent buildings in nations like Germany, UK, France, and others are the key drivers of the Europe Digital Twin Market.

And the presence of the finest automobile manufacturers in European countries like Germany and Italy is immensely contributing to the target market in Europe, which is likely to expand in a significant way over the foreseen period.

Market Segmentation of Europe Digital Twin Market with evaluated size and forecast until 2025.

• By Technology: IoT & IIoT, Blockchain, Artificial Intelligence & Machine Learning, Augmented Reality, Virtual Reality, & Mixed Reality, Big Data Analytics, and 5G.

• By Type: Product Digital Twin, Process Digital Twin, and System Digital Twin.

• By Industry: Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, and Others.

• By Region: UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe. In the regional analysis of the Europe Digital Twin Market, Germany and Italy are the majorly contributing countries in the market's revenue. The growth of the digital twin market in these countries is due to the presence of the major automobile manufacturers and the robust automotive industry within the area. The increasing adoption of technological advancements also fuels the development in the regional business.

The key players of the Europe Digital Twin Market include Accenture plc, Capgemini SE, IBM Corporation, Infosys Limited, Microsoft Corporation, Oracle Corporation, PTC Inc., SAP SE, SAS Institute, TIBCO Software Inc., Wipro Limited, ABB Group, Ansys Inc., Autodesk, Inc., AVEVA Group plc, Bentley Systems, Incorporated, Dassault Systèmes, General Electric Company, Robert Bosch GmbH, Rockwell Automation, Schneider Electric SE, Siemens AG.