Jersey City, NJ, May 31, 2023 (GLOBE NEWSWIRE) -- The Global Digital Twin in Finance Market is estimated to reach over USD 1427.71 million by 2031, exhibiting a CAGR of 33.70% during the forecast period.
Digital twins can improve operational efficiency, reduce risk, and support informed decision-making by creating a virtual model of financial processes, systems, and resources. The primary reason for the finance industry's growing interest in digital twin technology is the rising demand for secure infrastructure. As the prevalence of digital banking continues to increase, businesses are more concerned than ever about safeguarding financial and consumer data.
As the Internet of Things (IoT) usage grows, organizations require stronger security and privacy measures to deter breaches. The growth of Industry 4.0, also known as the smart industry, is expected to propel the global market forward. The smart industry is the next stage in the development of manufacturing systems, utilizing data from physical, operational, and human resources across the entire system to enhance manufacturing, repairs, inventory management, and digitization of operations to meet the demand for production efficiency.
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The market value is also expected to increase due to rising urbanization and disposable income levels. Another key factor driving market growth is the increasing demand for surveillance and maintenance. The expanding use of smart technologies is anticipated to boost further the growth rate of the digital twin financial services and insurance market.
Recent Developments:
- Oracle Health Insurance (OHI) selected HBF, the fourth-largest health insurer in Australia, as the primary platform for its health insurance offerings in February 2020. This decision enables HBF to enhance operational efficiency and respond to evolving market demands and the needs of its members.
- Siemens Smart Infrastructure, a Switzerland-based company specializing in smart solutions, acquired EcoDomus's digital twin software platform in December 2021 for an undisclosed sum. This acquisition will enable Siemens Smart Infrastructure to broaden its digital building services by incorporating cloud-based building operations twin software.
List of Prominent Players in the Digital Twin in Finance Market:
- IBM Corporation (U.S.)
- PTC, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Siemens AG (Germany)
- Ansys, Inc. (U.S.)
- SAP SE (Germany)
- Oracle Corporation (U.S.)
- Robert Bosch GmbH (Germany)
- Swim. AI (U.S.)
- Rescale, inc (U.S.)
- Dassault Systems (France)
- ABB Ltd. (U.K.)
- Honeywell International Corporation (U.S.)
- Schneider Electric SE (France).
Digital Twin In Finance Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 105.77 Mn |
| Revenue forecast in 2031 | USD 1427.71 Mn |
| Growth rate CAGR | CAGR of 33.70 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Offerings, Applications And End Users |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Market Dynamics:
Drivers:
The COVID-19 pandemic has presented various challenges for industry players, such as health and safety concerns, supply chain disruptions, supplier resilience, labor shortages, etc. To resume operations, businesses must comply with all government regulations designed to prevent the spread of the virus. In the current environment, industry producers are seeking real-time visibility across organizational boundaries and throughout the supply and demand chain, which can be facilitated by digital twin technology. Cloud technologies are hosted in the cloud and can be accessed via the internet using a web browser. The utilization of cloud technologies in digital insurance and financial services is anticipated to encourage the adoption of digital twin financial services and insurance by providing enhanced security, faster processing times, and reduced costs. Consequently, the growing adoption of cloud technologies is driving the market forward.
Challenges:
Data security concerns may impede the digital twin financial services and insurance market's growth rate due to the utilization of IoT and cloud platforms. Moreover, a shortage of skilled personnel and a limited understanding of the cost-benefit analysis of digital twin adoption may serve as market constraints, posing additional challenges to market expansion. Managing every design file for the digital twin among suppliers and distributors limits the market's global expansion. The main issue facing the market for digital twins in the coming years is the prevalence of cyberattacks.
Regional Trends:
The North America Digital Twin in Finance market is expected to hold a significant market share due to the increasing adoption of Industry 4.0 technologies, the rising demand for predictive maintenance solutions, and the expansion of IoT devices and sensors. Besides, the Europe region had a substantial share of the market. Some leading users of digital twin technology are the automotive, aerospace and defense, and healthcare sectors. Moreover, the region has numerous top digital twin software and service providers propelling market growth through innovative product development and strategic partnerships with other companies.
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Segmentation of Digital Twin in Finance Market-
By offerings-
- Platform & solutions
- Services
- Professional Services
- Managed Services
By Application-
- Risk Assessment and Compliance
- Process Optimization
- Insurance Claims Management
- Testing & Stimulation
- Other Applications
By End users
- BFSI
- Banking
- Financial Services
- Insurance
- Manufacturing
- Transportation & logistics
- Healthcare
- Other End Users
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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