Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Digital Twin Financial Services and Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global digital twin financial services and insurance market grew from $3.6 billion in 2022 to $4.31 billion in 2023 at a compound annual growth rate (CAGR) of 19.6%. The digital twin financial services and insurance market is expected to grow to $8.28 billion in 2027 at a CAGR of 17.7%.
The digital twin financial services and insurance refers to a technology used for assisting customers with loan management, mitigating risks, policy buying and management, and more. Digital twins are digital replicas of physical products. The data is stored and visualized on a digital platform for better optimization of businesses. The digital twin framework in the insurance and financial services sectors is providing customers with more optimized solutions.
The main types of digital twin in financial services and insurance are system digital twin, process digital twin, and product digital twin. The system digital twin is used for digitalizing systems in the financial services and insurance sectors. System twins are the digitalization of whole business systems to study how they work in the financial services and insurance sectors.
The different technologies include IoT and IIoT, artificial intelligence and machine learning, 5G, big data analytics, blockchain, augmented reality, virtual reality, and mixed reality that are deployed in the cloud and on-premises. It is used in several applications, such as bank account fund checking, digital fund transfer checks, policy generation, and others.
The increasing adoption of cloud technologies is expected to propel the growth of the digital twin financial services and insurance market going forward. Cloud technologies are hosted in the cloud and are accessed via a web browser using the internet. The use of cloud technologies in digital insurance and financial services is expected to promote the adoption of digital twin financial services and insurance as it offers greater security, and quicker processing times with reduced prices. Therefore, the increasing adoption of cloud technologies is propelling the digital twin financial services and insurance market.
In December 2021, Siemens Smart Infrastructure, a Switzerland-based provider of smart solutions acquired EcoDomus's digital twin software platform for an undisclosed amount. The acquisition would help Siemens smart infrastructure to expand its digital building offerings with cloud-based building operations twin software. EcoDomus is a US-based digital twin software solutions company.
North America was the largest region in the digital twin financial services and insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital twin financial services and insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising urbanization around the world is expected to propel the growth of the digital twin financial services and insurance market going forward. Urbanization refers to the increasing population densities in urban areas compared to rural areas. Due to urbanization and increased net income, people can afford to pay for digital services instead of physically visiting the banks.
For instance, according to the United Nations Department of Economic and Social Affairs, a US-based government agency, 68% of the global population is expected to live in urban areas by 2050. Therefore, the rising urbanization and increasing disposable income is driving the digital twin financial services and insurance market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $4.31 billion |
| Forecasted Market Value (USD) by 2027 | $8.28 billion |
| Compound Annual Growth Rate | 17.7% |
| Regions Covered | Global |
Major players in the digital twin financial services and insurance market are
- IBM Corporation
- Atos SE
- Swim Inc.
- General Electric
- Microsoft Corporation
- SAP SE
- ABB Group
- Kellton Tech
- AVEVA Group plc
- PTC
- ANSYS Inc
- DXC Technology Company
- Bosch.IO GmbH
- Siemens AG
- Oracle Corporation.
Key Topics Covered:
1. Executive Summary
2. Digital Twin Financial Services And Insurance Market Characteristics
3. Digital Twin Financial Services And Insurance Market Trends And Strategies
4. Digital Twin Financial Services And Insurance Market - Macro Economic Scenario
4.1. COVID-19 Impact On Digital Twin Financial Services And Insurance Market
4.2. Ukraine-Russia War Impact On Digital Twin Financial Services And Insurance Market
4.3. Impact Of High Inflation On Digital Twin Financial Services And Insurance Market
5. Digital Twin Financial Services And Insurance Market Size And Growth
5.1. Global Digital Twin Financial Services And Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Digital Twin Financial Services And Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Digital Twin Financial Services And Insurance Market Segmentation
6.1. Global Digital Twin Financial Services And Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- System Digital Twin
- Process Digital Twin
- Product Digital Twin
6.2. Global Digital Twin Financial Services And Insurance Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- IOT And IIOT
- Artificial Intelligence And Machine Learning
- 5G
- Big Data Analytics
- Blockchain And Augmented Reality
- Virtual Reality
- Mixed Reality
6.3. Global Digital Twin Financial Services And Insurance Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud
- On-Premises
6.4. Global Digital Twin Financial Services And Insurance Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Bank Account Funds Checking
- Digital Fund Transfer Checks
- Policy Generation
- Other Applications
7. Digital Twin Financial Services And Insurance Market Regional And Country Analysis
7.1. Global Digital Twin Financial Services And Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Digital Twin Financial Services And Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/fgk73z
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