SAP SE, Tata Consultancy Services Limited and Bosch.IO GmbH (A Subsidiary of Robert Bosch GmbH) are Dominating the Global Digital Twin Financial Services and Insurance Market in 2019

Global Digital Twin Financial Services and Insurance Market is expected to grow with the CAGR of 19.9% in the forecast period of 2020 to 2027. The years considered for study are as mentioned below.

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Global digital twin financial services and insurance market is a highly consolidated market, which includes specific number of key players as well as local players. The market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in global digital twin financial services and insurance market are introducing advanced digital AI analytics along with software and services. This has helped companies to maximize the sales with enhanced product portfolio. For instance, in March 2020, Oracle twin factors are driving corporate banking into a new age including technological innovation and consumer demands. In a diverse and highly competitive market climate, an increasingly tech-savvy and demanding clientele is forcing banks to embrace new digital platforms and analytics software as they aim to create and maintain confidence. The corporate banking customers demand the same transaction speed they encounter as retail customers if not faster.

SAP SE company is the dominating player in the digital twin financial services and insurance market. The other key players existing in the market are IBM Corporation, Atos SE, Swim inc., General Electric, Microsoft, SAP SE, ABB, KELLTON TECH, AVEVA Group plc, PTC, ANSYS, Inc., DXC Technology Company, Bosch.IO GmbH (A Subsidiary of Robert Bosch GmbH), Altair Engineering, Inc., Hexaware Technologies Limited., Tata Consultancy Services Limited., Infosys Limited, NTT DATA, Inc., TIBCO Software Inc, among others.

Digital Twin Financial Services and Insurance Market

SAP SE

SAP SE Company is headquartered in Walldorf, Germany and was founded in 1972. The company focus on the enterprises application software for machine learning, Internet of Things (IoT) and advanced analytics technology for converting customer business into intelligent enterprises. The company deals in various business segments of Applications, Technology, Services among which Services is market focussed segment. The company offers broad portfolio of innovative products in ERP and finance, CRM and customer experience, network and spend management, digital supply chain, HR and people engagement, business technology platform, application development and integration, database and data management, analytics, intelligent technologies and  among which digital supply chain is the market focused category.

  • In September 2018, SAP SE introduced smart digital supply chain capabilities by introducing new features to digitally transform the supply chain and infuse it with knowledge from product design and manufacturing to distribution, operations and service. The latest solution enhancements allow for an integrated supply chain and manufacturing environment with improved production planning and scheduling capabilities, availability and fulfilment, enforcement, health and safety, and engineering and operations of production.

The company has wide global presence across Americas, Europe, Middle East and Africa, Asia-Pacific. Company also generates revenue from the subsidiaries such as Qualtrics (U.S.), SAP Concur (U.S.), SAP SuccessFactors (U.S.), SAP Ariba (U.S.), SAP Japan Co., Ltd. (Japan), Syclo (U.S.), among others.

Tata Consultancy Services Limited.  

Tata Consultancy Services Limited is headquartered in Maharashtra, India was founded in the year 1968. The company focus in customer experiences by providing IT services through digital and business solutions defining them with brand, analytics and innovation. The company offers various product categories such as CHROMA, ignio, Jile, TAP, TCS iON, TCS OmniStore, Customer Intelligence and Insights, Intelligent Urban Exchange, Quartz - The Smart Ledgers, TCS BaNCS, TCS MasterCraft, TCS Optumera among which Customer Intelligence and Insights is focused category. The company also deals in business segments such as banking financial services and insurance, retail and consumer business, communication media and technology, manufacturing, others among which banking financial services and insurance is focussed segment.

  • In September 2020, Verinit. has been awarded the “Automation Solution of the Year” for the AI blueprint in Best Contact Center Culture and CX Transformation Categories. The Verint’s AI Blueprint make use of AI to validate and identify the Intelligent Virtual Assistant use cases for accelerating automation opportunities. The company is going to enhance its credibility attracting more customers to it.

The company has presence in America, Europe, Middle East and Africa and Asia-Pacific. In addition to it, the company also generates its revenue from the various subsidiary companies such as TCS Foundation (India), Tata Consultancy Services (Thailand) Limited, Tata Consultancy Services (Philippines) Inc., Tata Consultancy Services (China) Co., Ltd., Tata Consultancy Services (South Africa) (PTY) Limited, TCS Business Services GmbH (Germany), among others.

Bosch.IO GmbH (A Subsidiary of Robert Bosch GmbH)

Bosch.IO GmbH (A Subsidiary of Robert Bosch GmbH) is headquartered in Berlin, Germany. The company focus on the AI-powered IoT solutions that transform business, enhance efficiency, and tap new revenue streams. The company has wide service categories such as Pre-Configured Bosch IoT Suite Service Packages, Iot-Specific Cloud Services, On-Premises and Edge Computing among which IoT-Specific Cloud Services is market focused category.

  • In September 2020, Bosch.IO GmbH has enhanced the upgradation of Bosch IoT Suite for Asset Communication package documentation. A new recommendation for Eclipse Vorto Information Models comes with the latest update to the Bosch IoT Suite for Asset Communication kit documentation: Use UpperCamelCase for Feature Block IDs. The feature ID would also be represented through UpperCamelCase while the upper and lower cases will be preserved that increases readability.

The company has global presence in Germany, Bulgaria, Spain, U.S., Singapore, China and Japan.