Europe Digital Twin Market Size & Outlook, 2023-2030
Europe digital twin market, 2018-2030 (US$M)
Related Markets
Europe digital twin market highlights
- The Europe digital twin market generated a revenue of USD 5,429.7 million in 2023.
- The market is expected to grow at a CAGR of 36% from 2024 to 2030.
- In terms of segment, manufacturing was the largest revenue generating end-use in 2023.
- Agriculture is the most lucrative end-use segment registering the fastest growth during the forecast period.
- Country-wise, France is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 5,429.7 million |
| Market revenue in 2030 | USD 46,752.1 million |
| Growth rate | 36% (CAGR from 2023 to 2030) |
| Largest segment | Manufacturing |
| Fastest growing segment | Agriculture |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Manufacturing, Agriculture, Automotive & Transport, Energy & Utilities, Healthcare & Life Sciences, Residential & Commercial, Retail & Consumer Goods, Aerospace, Telecommunication |
| Key market players worldwide | ABB Ltd, Amazon.com Inc, Ansys Inc, Autodesk Inc, Schneider Electric SE, Bentley Systems Inc Ordinary Shares - Class B, Dassault Systemes SE, GE Aerospace, Hexagon AB ADR, International Business Machines Corp, Microsoft Corp, PTC, Robert Bosch Engineering & Business Solutions, Rockwell Automation Inc, SAP SE, Siemens AG |
Other key industry trends
- In terms of revenue, Europe region accounted for 32.4% of the global digital twin market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 51,738.6 million by 2030.
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Digital Twin Market Scope
Digital Twin Market Companies
| Name | Profile | # Employees | HQ | Website |
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Europe digital twin market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to digital twin market will help companies and investors design strategic landscapes.
Manufacturing was the largest segment with a revenue share of 16.6% in 2023. Horizon Databook has segmented the Europe digital twin market based on manufacturing, agriculture, automotive & transport, energy & utilities, healthcare & life sciences, residential & commercial, retail & consumer goods, aerospace, telecommunication covering the revenue growth of each sub-segment from 2018 to 2030.
The regional growth can be attributed to the rising adoption of Industry 4.0 technologies and the development of emerging technologies such as big data analytics, IoT, AI, and Machine Learning (ML).
In February 2023, Ericsson, the Swedish multinational networking and telecommunications company, announced that it would demonstrate its new indoor and macro equipment, live digital twin of 6G network, and Fixed Wireless Access (FWA) at the Mobile World Congress 2023, Barcelona.
Moreover, the company would also demonstrate how to monetize FWA opportunity and 5G. Similarly, in March 2020, Hexagon AB, a Swedish-based Information Technology (IT) company, acquired CAE fatigue, a provider of mechanical fatigue simulation solutions that can potentially improve manufacturing product design.
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Our clientele includes a mix of digital twin market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Europe digital twin market , including forecasts for subscribers. This continent databook contains high-level insights into Europe digital twin market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe digital twin market size, by country, 2018-2030 (US$M)
Europe Digital Twin Market Outlook Share, 2023 & 2030 (US$M)
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