Europe Digital Twin Market Forecast to 2031 - Regional Analysis - by Type (Asset Twin, System Twin, Process Twin, and Parts/Component Twin), Enterprise Size (Large Enterprises and SMEs), and End User (Manufacturing Sector, Automotive Sector, Aerospace & Defense Sector, Healthcare Sector, Retail Sector, and Others)
The Europe digital twin market was valued at US$ 3,186.38 million in 2023 and is expected to reach US$ 44,992.25 million by 2031; it is estimated to register a CAGR of 39.2% from 2023 to 2031.
Rising Number of Smart City Projects Drives Europe Digital Twin Market
The reliance on technology for a more comfortable living is increasing with the evolving lifestyles of consumers and communities worldwide. Smart cities have gained huge traction in the last few decades as they can potentially facilitate a new way of living with optimized city functions, in turn enabling economic growth and improved quality of life for consumers by using smart technologies and data analysis. According to TWI Ltd., 54% of the world’s population lives in cities, and the number is expected to rise to 66% by 2050. The projected population growth indicates an increasing need to manage the environmental, social, and economic sustainability of resources with the help of smart cities. Governments of various countries are increasingly investing in smart city projects to improve the quality of life of their citizens and overall public safety. Digital twins can be used to help smart cities meet their environmental, economic, and social sustainability goals. Virtual models guide planning decisions and offer solutions to various complex challenges faced by smart cities. Smart city planners can use digital twin technology to design, monitor, and manage infrastructures such as transportation systems, water and wastewater networks, energy grids, and telecommunications. Thus, the rising number of smart city projects would provide growth opportunities for the digital twin market in the coming years.
Europe Digital Twin Market Overview
The Europe digital twin market is segmented into Germany, the UK, Italy, France, Russia, and the Rest of Europe. Benefits of digital twins such as enhanced maintenance, improved operational efficiency, and reduction in downtime encourage the players in various industries to adopt digital twin solutions, which leads to the market growth in the region. In May 2024, Kongsberg Digital, a leading provider of industrial software, and Yara International, a global fertilizer company and the world's largest distributor of ammonia, entered into a two-year agreement. Under the agreement, Kongsberg Digital will develop digital twin technology for Yara's factories in Herøya, Norway and Sluiskil, the Netherlands. The agreement includes an operational twin for Yara's production facilities at Herøya and a project twin for the carbon capture project in Sluiskil. Kongsberg Digital announced its ambition to deploy the solution to Yara's production facilities across the world.
Europe homes various digital twin market players who are continuously engaged in various inorganic and organic business growth strategies. Rapidly growing digitalization in the region leads to the adoption of digital solutions, including digital twin, by several market players across industries such as manufacturing, automotive, oil & gas, and others. Thus, the digital twin market players are focused on expanding their business and product offerings to cater to the demand for digital twins. In February 2024, Capgemini and Unity, the platform for creating and growing real-time 3D (RT3D) content, announced an expansion of their strategic alliance. Per the agreement, Unity’s Digital Twin Professional Services team will join and embedded within Capgemini, forming one of the largest pools of Unity enterprise developers in the world. The transaction will accelerate the iteration and implementation of the market-leading real-time 3D (RT3D) visualization software for the industrial application of digital twins. It will allow end users to envision, understand, and interact with physical systems – a key enabler for intelligent industry. The deal is expected to close in the second quarter of 2024.
Europe Digital Twin Market Revenue and Forecast to 2031 (US$ Million)
Europe Digital Twin Market Segmentation
The Europe digital twin market is categorized into type, enterprise size, end user, and country.
Based on type, the Europe digital twin market is segmented into asset twin, system twin, process twin, and parts/component twin. The asset twin segment held the largest share of Europe digital twin market share in 2023.
In terms of enterprise size, the Europe digital twin market is bifurcated into large enterprises & SMES. The large enterprises segment held a larger share of Europe digital twin market in 2023.
Based on end user, the Europe digital twin market is categorized into manufacturing, automotive, aerospace & defense, healthcare, retail, and others. The manufacturing segment held the largest share of Europe digital twin market in 2023.
By country, the Europe digital twin market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. The UK dominated the Europe digital twin market share in 2023.
General Electric Co; Microsoft Corp; Siemens AG; Dassault Systemes SE; PTC Inc.; Robert Bosch GmbH; International Business Machines Corp; Oracle Corp; Ansys, Inc.; and Autodesk, Inc. are some of the leading companies operating in the Europe digital twin market.
TABLE OF CONTENTS
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Digital Twin Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 Software Providers
4.2.2 Service Providers and System Integrators
4.2.3 End-Users
4.2.4 List of Vendors in the Value Chain
5. Europe Digital Twin Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of IoT Devices
5.1.2 Large-Scale Digital Transformation and Industry 4.O Adoption Across Enterprises
5.1.3 Surging Emphasis on Predictive Maintenance
5.2 Market Restraints
5.2.1 High Development Cost
5.3 Market Opportunities
5.3.1 Rising Number of Smart City Projects
5.4 Trends
5.4.1 Integration of AI, AR, VR, and Other Advanced Technologies
5.5 Impact of Drivers and Restraints:
6. Digital Twin Market - Europe Analysis
6.1 Overview
6.2 Digital Twin Market Revenue (US$ Million), 2021-2031
6.3 Digital Twin Market Forecast Analysis
7. Europe Digital Twin Market Analysis - by Type
7.1 Asset Twin
7.1.1 Overview
7.1.2 Asset Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
7.2 System Twin
7.2.1 Overview
7.2.2 System Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
7.3 Process Twin
7.3.1 Overview
7.3.2 Process Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
7.4 Parts/Component Twin
7.4.1 Overview
7.4.2 Parts/Component Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
8. Europe Digital Twin Market Analysis - by Enterprise Size
8.1 Large Enterprises
8.1.1 Overview
8.1.2 Large Enterprises: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
8.2 SMEs
8.2.1 Overview
8.2.2 SMEs: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
9. Europe Digital Twin Market Analysis - by End User
9.1 Manufacturing
9.1.1 Overview
9.1.2 Manufacturing: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Aerospace & Defense
9.3.1 Overview
9.3.2 Aerospace & Defense: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
9.4 Healthcare
9.4.1 Overview
9.4.2 Healthcare: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
9.5 Retail
9.5.1 Overview
9.5.2 Retail: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
10. Europe Digital Twin Market - Country Analysis
10.1 Europe Market Overview
10.1.1 Europe: Digital Twin Market, By Key Country - Revenue 2023(US$ Million)
10.1.2 Europe: Digital Twin Market - Revenue and Forecast Analysis - by Country
10.1.2.1 Europe: Digital Twin Market - Revenue and Forecast Analysis - by Country
10.1.2.2 United Kingdom: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 United Kingdom: Digital Twin Market Breakdown, by Type
10.1.2.2.2 United Kingdom: Digital Twin Market Breakdown, by Enterprise Size
10.1.2.2.3 United Kingdom: Digital Twin Market Breakdown, by End User
10.1.2.3 Germany: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 Germany: Digital Twin Market Breakdown, by Type
10.1.2.3.2 Germany: Digital Twin Market Breakdown, by Enterprise Size
10.1.2.3.3 Germany: Digital Twin Market Breakdown, by End User
10.1.2.4 France: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 France: Digital Twin Market Breakdown, by Type
10.1.2.4.2 France: Digital Twin Market Breakdown, by Enterprise Size
10.1.2.4.3 France: Digital Twin Market Breakdown, by End User
10.1.2.5 Italy: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
10.1.2.5.1 Italy: Digital Twin Market Breakdown, by Type
10.1.2.5.2 Italy: Digital Twin Market Breakdown, by Enterprise Size
10.1.2.5.3 Italy: Digital Twin Market Breakdown, by End User
10.1.2.6 Russia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
10.1.2.6.1 Russia: Digital Twin Market Breakdown, by Type
10.1.2.6.2 Russia: Digital Twin Market Breakdown, by Enterprise Size
10.1.2.6.3 Russia: Digital Twin Market Breakdown, by End User
10.1.2.7 Rest of Europe: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
10.1.2.7.1 Rest of Europe: Digital Twin Market Breakdown, by Type
10.1.2.7.2 Rest of Europe: Digital Twin Market Breakdown, by Enterprise Size
10.1.2.7.3 Rest of Europe: Digital Twin Market Breakdown, by End User
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
12.4 Product Development
13. Company Profiles
13.1 General Electric Co
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Microsoft Corp
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Siemens AG
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Dassault Systemes SE
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 PTC Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Robert Bosch GmbH
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 International Business Machines Corp
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Oracle Corp
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Ansys, Inc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Autodesk, Inc.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About The Insight Partners
List of Tables
Table 1. Digital Twin Market Segmentation
Table 2. List of Vendors
Table 3. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Table 4. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type
Table 5. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size
Table 6. Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 7. Europe: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Country
Table 8. United Kingdom: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type
Table 9. United Kingdom: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size
Table 10. United Kingdom: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 11. Germany: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type
Table 12. Germany: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size
Table 13. Germany: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 14. France: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type
Table 15. France: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size
Table 16. France: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 17. Italy: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type
Table 18. Italy: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size
Table 19. Italy: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 20. Russia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type
Table 21. Russia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size
Table 22. Russia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 23. Rest of Europe: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Type
Table 24. Rest of Europe: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by Enterprise Size
Table 25. Rest of Europe: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 26. Heat Map Analysis by Key Players
Table 27. List of Abbreviation
List of Figures
Figure 1. Digital Twin Market Segmentation, by Country
Figure 2. Digital Twin Market - Key Market Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Digital Twin Market Revenue (US$ Million), 2021-2031
Figure 5. Digital Twin Market Share (%) - by Type (2023 and 2031)
Figure 6. Asset Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 7. System Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 8. Process Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 9. Parts/Component Twin: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 10. Digital Twin Market Share (%) - by Enterprise Size (2023 and 2031)
Figure 11. Large Enterprises: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 12. SMEs: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 13. Digital Twin Market Share (%) - by End User (2023 and 2031)
Figure 14. Manufacturing: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 15. Automotive: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 16. Aerospace & Defense: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 17. Healthcare: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 18. Retail: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 19. Others: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 20. Europe: Digital Twin Market, By Key Country - Revenue 2023 (US$ Million)
Figure 21. Europe: Digital Twin Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 22. United Kingdom: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 23. Germany: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 24. France: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 25. Italy: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 26. Russia: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 27. Rest of Europe: Digital Twin Market - Revenue and Forecast to 2031 (US$ Million)
Figure 28. Company Positioning & Concentration
- General Electric Co
- Microsoft Corp
- Siemens AG
- Dassault Systemes SE
- PTC Inc.
- Robert Bosch GmbH
- International Business Machines Corp
- Oracle Corp
- Ansys, Inc.
- Autodesk, Inc.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe digital twin market.
- Highlights key business priorities to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Europe digital twin market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe digital twin market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.