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Global Digital Twin Financial Services and Insurance Market – Industry Trends and Forecast to 2029

  • ICT
  • Upcoming Report
  • Apr 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • ICT
  • Upcoming Report
  • Apr 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Digital Twin Financial Services and Insurance Market, By Type (System Digital Twin, Process Digital Twin and Product Digital Twin), Deployment (Cloud and On-Premises), Application (Bank Account Funds Checking, Digital Fund Transfer Checks, Policy Generation and Others), Technology (IOT and IIOT, Artificial Intelligence and Machine Learning, 5G, Big Data Analytics, Blockchain and Augmented Reality, Virtual Reality, and Mixed Reality) – Industry Trends and Forecast to 2029.

Digital Twin Financial Services and Insurance Market

Global Digital Twin Financial Services and Insurance Market Analysis and Size

In recent year, the market for digital twin financial services and insurance is expected to grow rapidly during the forecast period. Due to help from developing technologies such as artificial intelligence (AI), big data, the internet of things (IoT), and processing power, digital twin technology has seen significant advancement in its capabilities. Machine learning, which allows the use of data to simulate and anticipate future asset conditions and performance, is advancing the technology. The growing use of digital twins in the energy sector is projected to accelerate the transition to renewable energy and pave the way for net-zero emissions.

  • Data Bridge Market Research analyses that the digital twin financial services and insurance market was valued at USD 3.61 billion in 2021 and is expected to reach USD 12.07 billion by 2029, registering a CAGR of 16.30% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Global Digital Twin Financial Services and Insurance Market Definition

In the financial sector, digital twins assist banks and insurance businesses with a variety of applications including loan management, fund checking, and transfer, policy generation, financial product acquisition, and more. It would also lead to higher customer satisfaction and better banking services for customers.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (System Digital Twin, Process Digital Twin and Product Digital Twin), Deployment (Cloud and On-Premises), Application (Bank Account Funds Checking, Digital Fund Transfer Checks, Policy Generation and Others), Technology (IOT and IIOT, Artificial Intelligence and Machine Learning, 5G, Big Data Analytics, Blockchain and Augmented Reality, Virtual Reality, and Mixed Reality)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America

Market Players Covered

General Electric (US), IBM (US), PTC (US), Microsoft (US), Siemens AG (Germany), ANSYS, Inc (US), SAP SE (Germany), Oracle (US), Robert Bosch GmbH (Germany), Swim.ai, Inc. (US)., Atos SE (France), ABB (Switzerland), KELLTON TECH (India), AVEVA Group plc (UK), DXC Technology Company (US), Altair Engineering, Inc (US), Hexaware Technologies Limited (India), Tata Consultancy Services Limited (India), Infosys Limited (Bengaluru), NTT DATA, Inc. (Japan), TIBCO Software Inc. (US)

Market Opportunities

  • Increase in the number of emerging markets
  • Implementation of digital twins in manufacturing industry
  • Technological advancement
  • Increasing number of research and development activities

Digital Twin Financial Services and Insurance Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Rising Adoption Rate Of Cloud Technologies

The increasing adoption rate of cloud technologies and digital banking will boost the market’s growth rate during the forecast period.    

  • Growth Of Industry 4.0 Smart Industry

Over the projected period, the global market is likely to be driven by the growth of the industry 4.0 smart industry. The smart industry is the next step in the evolution of manufacturing systems, incorporating data from system-wide physical, operational, and human resources to drive manufacture, repairs, inventory management, and operations digitization to satisfy the demand for production competence.

Furthermore, rising urbanization and increasing level of disposable income will drive market value growth. Another significant factor influencing the market’s growth rate is the increasing demand for surveillance and maintenance. The rising penetration of smart technologies will enhance the growth rate of digital twin financial services and insurance market.

Opportunities

  • Rise In Research And Development Activities

Increasing number of research and development activities and surging technological advancement will boost new market opportunities for the market’s growth rate.

  • Implementation Of Digital Twins In Manufacturing Industry For Handling Various Issues Due To Spread Of COVID-19

Industry competitors are facing numerous issues as a result of COVID-19, including health and safety, supply chain, supplier resilience, labour shortages, and so on. To reopen an organization, enterprises must adhere to all government-imposed regulations aimed at preventing the spread of COVID-19. Industry producers want real-time visibility across company borders and down the supply and demand chain in the current environment. This is possible because to digital twin technology.

Moreover, rise in strategic collaborations and emerging new markets will act as market drivers and further boost beneficial opportunities for the market’s growth rate.

Restraints/ Challenges Global Digital Twin Financial Services and Insurance Market

On the other hand, data security owing to the use of internet of things (IoT) and cloud platforms will hinder the digital twin financial services and insurance market growth rate. The dearth of skilled workforce and lack of awareness about cost benefit of adoption of digital twins will act as market restraint and further challenge the market growth rate.   

This digital twin financial services and insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital twin financial services and insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Digital Twin Financial Services and Insurance Market

The healthcare and pharmaceutical industries are in the forefront of the fight against COVID-19 due to its fast proliferation. A digital twin is useful for tracking a patient's health, the impact of tablets, and other factors. Some industry companies have seized the opportunity to combat the coronavirus pandemic by offering various remedies. The efficacy and interactions of pharmaceuticals in the body of a patient are tracked using this digital twin solution based on their characteristics, such as age, gender, and kidney status. Furthermore, as a result of the COVID-19 pandemic, industry companies are progressively engaging in research and development connected to new everyday life developments. Players are working on a digital twin solution to identify persons who have symptoms, are infected, or have recovered with antibodies, as well as people who have been into touch with someone who is infected. State and local governments will be able to monitor green and red zones more easily with the help of such solutions. Such ideas can be successfully implemented in smart cities.

Recent Development

  • In February 2020, HBF, Australia's fourth-largest health insurer, has been chosen by Oracle Health Insurance (OHI) to serve as the core platform for its health insurance products, allowing HBF to boost operational efficiency and react to changing market requirements and needs of its members. Oracle is a crucial administrative processing technology that aids health insurers in lowering administrative expenses, improving operational performance, streamlining claim processing, improving billing accuracy, and improving member satisfaction.

Global Digital Twin Financial Services and Insurance Market Scope

The digital twin financial services and insurance market is segmented on the basis of type, deployment, application, and technology. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • System Digital Twin
  • Process Digital Twin
  • Product Digital Twin

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.

Technology

  • IOT and IIOT
  • Artificial Intelligence and Machine Learning
  • 5G
  • Big Data Analytics
  • Blockchain and Augmented Reality
  • Virtual Reality
  • Mixed Reality

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.

Deployment

  • Cloud
  • On-Premises

On the basis of deployment, the digital twin financial services and insurance market is bifurcated into cloud and on-premises.

Application

  • Bank Account Funds Checking
  • Digital Fund Transfer Checks
  • Policy Generation
  • Others

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.

Digital Twin Financial Services and Insurance Market Regional Analysis/Insights

The digital twin financial services and insurance market is analysed and market size insights and trends are provided by country, type, deployment, application, and technology as referenced above.

The countries covered in the digital twin financial services and insurance market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

North America dominates the digital twin financial services and insurance market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. Because of the high presence of major organizations as well as system, process, and product digital twin in the country, the United States accounted for the largest market share for the digital twin financial services and insurance organization size segment.

Europe on the other hand is projected to exhibit the highest growth rate during the forecast period of 2022 to 2029. Due to the existence of advanced digital analytics, artificial intelligence, and machine learning, Germany holds the second greatest market share of organization size digital twin financial services and insurance infrastructure in Europe.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

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, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital twin financial services and insurance market.

Some of the major players operating in the digital twin financial services and insurance market are:

  • General Electric (US)
  • IBM (US)
  • PTC (US)
  • Microsoft (US)
  • Siemens AG (Germany)
  • ANSYS, Inc (US)
  • SAP SE (Germany)
  • Oracle (US)
  • Robert Bosch GmbH (Germany)
  • Swim.ai, Inc. (US)
  • Atos SE (France)
  • ABB (Switzerland)
  • KELLTON TECH (India)
  • AVEVA Group plc (UK)
  • DXC Technology Company (US)
  • Altair Engineering, Inc (US)
  • Hexaware Technologies Limited (India)
  • Tata Consultancy Services Limited (India)
  • Infosys Limited (Bengaluru)
  • NTT DATA, Inc. (Japan)
  • TIBCO Software Inc (US)     

 

 

 

 


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Frequently Asked Questions

The Market Value for Digital Twin Financial Services and Insurance Market is expected USD 12.07 billion by 2029.
The Digital Twin Financial Services and Insurance Market is to Grow at a CAGR of 16.30% During the Forecast Period of 2022 to 2029.
General Electric (US), IBM (US), PTC (US), Microsoft (US), Oracle (US), Robert Bosch GmbH (Germany), Swim.ai, Inc. (US)., Atos SE (France), ABB (Switzerland), KELLTON TECH (India), AVEVA Group plc (UK), DXC Technology Company (US), Altair Engineering, Inc (US) are the Major Companies Operating in Digital Twin Financial Services and Insurance Market.
The Countries Covered in the Digital Twin Financial Services and Insurance Market Report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
The Digital Twin Financial Services and Insurance Market Report Curated by the Data Bridge Market Research Team Includes In-Depth Expert Analysis, Patient Epidemiology, Pipeline Analysis, Pricing Analysis, and Regulatory Framework.