With a steady increase in revenue in 2019 in Europe Digital Twin Market, it is predicted to touch the 9.5 billion-dollar benchmark till 2026. The market is forecasted to grow by Graphical Research at 30% between the years 2020 and 2026.
The advent of real-time information has transformed how businesses and organizations operate and the digital twin technology has been consistently paving the way for the spread of smart technology.
With the entire world awaiting the promise of an anti-dote for the Novel Coronavirus, an advanced digital twin can play a crucial role throughout the R&D lifecycle, right from the first visualizations of the structure of the virus to delivering the COVID vaccine out of the research laboratory, making it available publicly across hospitals on a global scale.
The machine & health equipment monitoring segment is set for considerable growth due to the enhanced ability to make vaccines and other medicines available to patients at a faster pace and with efficiency.
Thus, simulation of every single step in the launch of new products in the domain can save time simultaneously preventing costly investments, thereby speeding up the progression of the European digital twin market growth.
The deployment of digital twin technology assists in the visualization of the infrastructure assets efficiently, by presenting the entire lifecycle of the asset, tracking change, and performing analysis for optimizing asset performance. The infrastructure buildings segment is expected to soar owing to the integration of the Internet of Things (IoT), reality data, and engineering data, access to holistic data enabling surveillance of infrastructure below and above the ground is possible.
Since the utilization of digital twin technology aids significantly in decision-making and consequently, better outcomes, advancing the European digital twin technology market share.
Leading industry players have been contributing toward the European digital twin market growth by offering advanced solutions to the construction industry. For instance, recently in December 2020, Microsoft announced its global partnership with Ireland-based Johnson Controls to integrate two digital platforms, Azure Digital Twins and OpenBlue Digital Twins.
The collaboration seeks to surround the entire ecosystem consisting of the building and device management technologies by digital cloud technologies.
Due to the rapid penetration of digital twin technology, Italy represents a major chunk of market share.
Since Italy is continuously exploring the application of the technology across electricity grids, maritime, and logistics industries, it appears to be a highly promising geographical segment of the Europe digital twin market over the coming years. Recent developments across the nation have been setting the stage for the expansion of the Europe digital twin technology market size.
For instance, Ericsson has been utilizing a digital twin-engine to recreate the Livorno Port area in real-time. Digitalized 3D models of the general cargo freight and the storage space enables inaccurate localization of goods, which is fundamental to the optimization of the space. It also enables faster retrieval of an object at the right time, ensuring smoother loading of cargo at the port.
Along the same lines, digital twin technology is being used in the form of digitalized 3D models of the electricity grid in the identification of single components as well as their state of operation using multiple sensors across the grid.
By 2026, the Europe digital twin market is expected to command over $9.5 billion, as the region approaches a highly automated future.
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