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Europe Digital Twin Financial Services and Insurance Market – Industry Trends and Forecast to 2027

  • ICT
  • Published Report
  • Dec 2020
  • Europe
  • 350 Pages
  • No of Tables: 107
  • No of Figures: 23
  • ICT
  • Published Report
  • Dec 2020
  • Europe
  • 350 Pages
  • No of Tables: 107
  • No of Figures: 23

Europe Digital Twin Financial Services and Insurance Market, By Type (System Digital Twin, Process Digital Twin, Product Digital Twin), Deployment (Cloud, On-Premises), Application (Bank Account Fund Checking, Digital Fund Transfer Checks, Policy Generation and Others), Technology (IOT and IIOT, Artificial Intelligence and Machine Learning, 5G, Big Data Analytics, Blockchain, Augmented Reality, Virtual Reality and Mixed Reality), Country (Germany, U.K., France, Italy, Spain, Russia, Belgium, Turkey, Netherlands, Switzerland and Rest of Europe) Industry Trends and Forecast to 2027

Europe Digital Twin Financial Services and Insurance Market

Market Analysis and Insights: Europe Digital Twin Financial Services and Insurance Market

The digital twin financial services and insurance market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 16.0% in the forecast period of 2020 to 2027 and is expected to reach USD 634.82 million by 2027. Increasing adoption of cloud platform in banking and financial industries is aiding the growth of the digital twin financial services and insurance market.

The rising demand for IoT devices is another driver observed in the digital twin financial services and insurance market. IoT connected devices are increasingly used for integration of banking operations and analysing the real-time data. The high cost involved in setting up the technology is acting as a major restraint for the digital twin financial services and insurance market.

The digitalization through COVID-19 has created ample opportunities towards digitalization of financial activities in the digital twin financial services and insurance market. The improving financial service fulfilment processes using virtual twin is acting as a major challenge for the digital twin financial services and insurance market.

This digital twin financial services and insurance market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the digital twin financial services and insurance market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.

Europe Digital Twin Financial Services And Insurance Market

Digital Twin Financial Services and Insurance Market Scope and Market Size

The digital twin financial services and insurance market is segmented on the basis of type, deployment, application and technology. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of type, the digital twin financial services and insurance market is segmented into system digital twin, process digital twin and product digital twin. In 2020, system digital twin segment accounts for the largest market share in type segment due to surging need for complete virtualization of the banking and insurance operations.
  • On the basis of deployment, the digital twin financial services and insurance market is bifurcated into cloud and on-premises. In 2020, cloud segment is projected to witness the fastest growth mainly due to factors such as increased flexibility toward data access and fulfil customer requirements in an efficient way.
  • On the basis of technology, the digital twin financial services and insurance market is segmented into IoT and IIoT, artificial intelligence and machine learning, 5G, big data analytics, blockchain, and augmented reality, virtual reality and mixed reality. In 2020, IoT and IIoT segment accounts for the largest market share in technology segment owing to increasing need to gather data from connected sources and analyse it for predicting customer requirements.
  • On the basis of application, the digital twin financial services and insurance market is segmented into bank account fund checking, digital fund transfer checks, policy generation and others. In 2020, bank account fund checking segment held the largest share due to rising utilization of digital banking operations and increased convenience.

Europe Digital Twin Financial Services and Insurance Market Country Level Analysis

Europe digital twin financial services and insurance market is analysed and market size information is provided by country, type, deployment, application and technology as referenced above.

The countries covered in the Europe digital twin financial services and insurance market report are Germany, U.K., France, Italy, Spain, Russia, Belgium, Turkey, Netherlands, Switzerland and rest of Europe.

Germany is dominating in the Europe digital twin financial services and insurance market owing to strong growth of banking sector, increased utilization of advanced technologies, presence of large number of banks and high need for automated banking services in the country.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.

Increasing Levels of Investment on Advertising to Enhance their Brand Productivity

Digital twin financial services and insurance market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in digital twin financial services and insurance market and changes in regulatory scenarios with their support for the digital twin financial services and insurance market. The data is available for historic period 2010-2018.

Competitive Landscape and Digital Twin Financial Services and Insurance Market Share Analysis

The digital twin financial services and insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Europe digital twin financial services and insurance market.

The major players covered in the Europe digital twin financial services and insurance market report are Swim inc., SAP SE, Bosch.IO GmbH (a subsidiary of Robert Bosch GmbH), DXC Technology Company, Tata Consultancy Services Limited, IBM Corporation, ABB, Altair Engineering Inc., ANSYS Inc., ATOS SE, AVEVA Group plc, General Electric, Hexaware Technologies Limited, Infosys Limited, KELLTON TECH, Microsoft, NTT Data, Inc., Oracle, PTC, TIBCO Software Inc. among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Many product developments are also initiated by the companies worldwide which are also accelerating the growth of digital twin financial services and insurance market.

For instance,

  • In November 2019, ANSYS Inc. collaborated with Microsoft Corporation to extend Microsoft Azure digital twins which has been combined with Ansys Twin Builder which further enable users to improve operations.

Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for digital twin financial services and insurance.  


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