Middle East and Africa Digital Twin Financial Services and Insurance Market – Industry Trends and Forecast to 2030

Middle East and Africa Digital Twin Financial Services and Insurance Market, By Type (System, Process, Product), Technology (Internet of Things (IoT) and Industrial Internet of Things (IIoT), Artificial Intelligence and Machine Learning, 5G, Big Data Analytics, Blockchain and Augmented Reality, Virtual Reality, Mixed Reality), Deployment (Cloud, On-Premises), Application (Bank Account Funds Checking, Digital Fund Transfer Checks, Policy Generation, Other Applications) – Industry Trends and Forecast to 2030.

Middle East and Africa Digital Twin Financial Services and Insurance Market Analysis and Size

Digital twin technology is being linked outside the financial services and Insurance industry to generate living models of entire factories, supply chains, ports, product lifecycles and cities. Industries are using them to better understand banking operations and analyze real-time data. For instance, in 2019 Unilever collaborated with Microsoft to make intelligent twins of its factories to test potential operational changes and increase production flexibility and efficiency.

Data Bridge Market Research analyses that the digital twin financial services and insurance market is expected to reach USD 639.34 million by 2030, which is USD 204.69 million in 2022, at a CAGR of 15.30% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, 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.

Middle East and Africa Digital Twin Financial Services and Insurance Market Scope and Segmentation

Market Definition

Digital twins are replicas, computer models, or virtual simulations of physical objects such as assets, devices, products, or processes. Digital twins work in real-time, especially in insurance, because they rely heavily on this data being up to date to make major business decisions. Digital twins also take advantage of many other technologies, such as AI solutions, IoT sensors, or data monitoring systems, to support insurers

Middle East and Africa Digital Twin Financial Services and Insurance Market

Drivers

• Growing demand for digital twin technology for fraud detection

The increasing demand for digital twin for fraud detection in financial services and insurance is expected to drive the market growth. According to a current survey, the total price of non-medical insurance fraud in the United States alone represents around $40 billion annually. As a result, the insurers have to increase their premiums, which directly affects their customers' pocketbooks. However, with the help of digital twin technology, fraudulent claims are now easily detected because they digitally reproduce the event that causes the actual damage. Therefore, growing demand of digital twin technology for fraud detection is expected to drive the market growth.

• Increasing usage of digital twin financial services and insurance for a better understanding of their customers

Digital twins can change the dynamics of financial and insurance industry, both in its business operations and customer engagement and revenue generation. Insurers already use data to understand the customer and cross-sell other products where possible. They have made great developments in creating digital copies of their book of business, but with the help of digital twins, they can go a step further. As a result, consumer behavior patterns are simulated, allowing executives better to understand practice relevant sales across the Omni channel spectrum.

Opportunities

• Rising product launches by major market players to provide real-time operational insights

The increasing product launches by major market players to provide real-time operational insights offer numerous growth opportunities within the market. For instance, In April 2018, Swim inc. launched the edge software solution, SWIM EDX which can deliver edge intelligence and real-time business and operational insights. SWIM EDX software offered powerful real-time edge data market and organizational insights by processing massive quantities of 'gray' streamed edge data, applying advanced analytics and machine learning techniques to create 'digital twins who learn' from real-world devices and systems.

• Increasing usage of digital twin financial services and insurance to identify a cross-sell upsell opportunity

Existing data in the insurer landscape can be leveraged to find the cross-sell upsell opportunity. Digital technology will increase revenue for the insurers by upsell and cross-sell. Machine learning models can tap into customer data such as buying patterns and other factors, to identify a cross-sell upsell opportunity. Thus, the increasing usage of digital twin financial services and insurance to identify a cross-sell upsell opportunity will create ample opportunities for market growth of the market.

Restraints

• The issue associated with the affordability of digital twin technology for small companies

Digital twin technologies have become more prevalent across all industries, but the installation and adoption cost is very high. As a result, small companies are not able to afford digital twin technology. The cost of digital twin technology is also high due to the presence of expensive integrated software and digital twin software which will hamper the market growth.

• Growing concern regarding data security and privacy

Increasing concern regarding data security and privacy in the financial services and insurance sector because of the high usage of cloud platforms and the internet of things (IoT) which will obstruct the growth of the digital twin financial services and insurance market during the forecast period.

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.

Recent Development

• In 2020, Oracle Health Insurance chosen HBF to serve as core platform for its health insurance products. This platform will allow HBF to improve the operational efficiency. Oracle helps the health insurers improve billing accuracy, lower administrative expenses, improve operational performance, streamline claim processing, and enhance member satisfaction.
• In 2021, EcoDomus's digital twin software acquired by Siemens Smart Infrastructure acquired platform for an undisclosed amount. Through this acquisition, EcoDomus's digital twin software company will help Siemens to increase their digital building offerings with the support of cloud-based building operations twin software.

Middle East and Africa Digital Twin Financial Services and Insurance Market Scope

The digital twin financial services and insurance market is segmented on the basis of type, technology, deployment and application. 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
• Process
• Product

Technology

• Internet of Things (IoT) and Industrial Internet of Things (IIoT)
• Artificial Intelligence and Machine Learning
• 5G
• Big Data Analytics
• Blockchain and Augmented Reality
• Virtual Reality
• Mixed Reality

Deployment

• Cloud
• On-Premises

Application

• Bank Account Funds Checking
• Digital Fund Transfer Checks
• Policy Generation
• Other Applications

Digital Twin Financial Services and Insurance Market Regional Analysis/Insights

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

The countries covered in the digital twin financial services and insurance market report are Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

U.A.E dominates the digital twin financial services and insurance market because of improved growth of the banking industry and strong focus on digitization in this region. Moreover, growing investment in new technologies will further boost the market's growth in this region.

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:

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