Europe Digital Twin Market By Type (System, Process and Product), By Application (Predictive Maintenance & Performance Monitoring, Business Optimization, Inventory Management, Product Design & Development and Others), By Industry (Automotive & Transportation, Residential & Commercial, Healthcare & Life Sciences, Manufacturing, Energy & Power, Agriculture, Retail & Consumer Goods and Others), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Europe Digital Twin Market
Market Report Description
The Europe Digital Twin Market would witness market growth of 41.1% CAGR during the forecast period (2021-2027). Businesses all over the world are swiftly transforming due to the increasing adoption of The Internet of Things (IoT). Developers of digital twin platforms are using IoT in order to enhance system productivity, improve operations, and augment sales.
The IoT devices are also proliferating and are opening new opportunities for growth for developers. The developers are focused to adopt IoT in developing IoT-enabled digital twin solutions that will help in bolstering their market position. ABB, Siemens AG, AVEVA Group plc, DassaultSystemes, General Electric, and Hexagon AB are some of the market players that have recently included IoT-enabled digital twin solutions in their portfolio.
The concept of digitalization is changing operational activities across the globe. It is positively impacting various spheres of human existence. It is used from houses to personal devices and complex manufacturing as well as industrial processes. The adoption and implementation of digital technologies have been increasing more in developing counties in the past few years. It has been rapidly adopted by various industries and is completely transforming the operational way of the businesses and defines new rules of competitive excellence.
In Europe, the UK seems to adapt, respond, and recover from the COVID-19 pandemic. For this, urgent and sustained action is needed to reignite different layers of society and economy. Though, the absence of consensus around digital twins is likely to create uncertainty in the regional market. The adoption of this technology in the healthcare sector will help in planning better management services for the COVID-19 in hospitals. The full benefits of digital twin technology are yet not established. In West Yorkshire, England, a digital twin of Bradford will support the pandemic recovery and future planning in the city. Smarting the city is a complex process due to the intricacy of a city. The digital twin help in developing a simulated digital counterpart to a physical system. It relates the information throughout the physical life cycle counterpart. It will be easier for state governments to monitor green and red zones using a digital twin. Thus, these solutions proved to be beneficial in designing smart cities effectively.
The Germany market dominated the Europe Digital Twin Process Market by Country 2020, thereby, achieving a market value of $1,161.6 million by 2027. The UK market is showcasing a CAGR of 40.8% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 42.8% during (2021 - 2027).
Based on Type, the market is segmented into System, Process and Product. Based on Application, the market is segmented into Predictive Maintenance & Performance Monitoring, Business Optimization, Inventory Management, Product Design & Development and Others. Based on Industry, the market is segmented into Automotive & Transportation, Residential & Commercial, Healthcare & Life Sciences, Manufacturing, Energy & Power, Agriculture, Retail & Consumer Goods and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Digital Twin Market Size will Hit $63.5 Billion by 2027, at a CAGR of 41.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., SAP SE, PTC, Inc., General Electric (GE) Co., IBM Corporation, Oracle Corporation, Siemens AG, Robert Bosch GmbH, Microsoft Corporation, and ABB Group.
Scope of the Study
Market Segments Covered in the Report:
- Predictive Maintenance & Performance Monitoring
- Business Optimization
- Inventory Management
- Product Design & Development
- Automotive & Transportation
- Residential & Commercial
- Healthcare & Life Sciences
- Energy & Power
- Retail & Consumer Goods
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Honeywell International, Inc.
- SAP SE
- PTC, Inc.
- General Electric (GE) Co.
- IBM Corporation
- Oracle Corporation
- Siemens AG
- Robert Bosch GmbH
- Microsoft Corporation
- ABB Group
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