Digital Twin in Finance Market by Offering (Platforms & Solutions and Services), End-use Industry (BFSI (Banking, Financial Services, and Insurance), Manufacturing, Transportation & Logistics, Healthcare), Application and Region - Global Forecast to 2028
The digital twin in finance market size is projected to grow from USD 0.1 billion in 2023 to USD 0.5 billion by 2028, at a CAGR of 34.8% during the forecast period. The primary factor driving the growth of digital twin in finance market is the growing need to develop secure infrastructure. The growing use of digital banking has raised concerns among organizations about managing customer and financial data securely. As IoT has become more extensive, organizations require more robust security and privacy to prevent breaches
“By BFSI, the financial services segment is expected to grow with the highest CAGR during the forecast period”
Since consumers prefer using digital channels for financial services, there is a growing need to improve online customer experiences. To address this, financial institutions are collaborating with third-party companies to collect data on consumer behavior online. This data offers insights on how digital twins can leverage third-party data to create virtual assistants, which can replace the need for human support assistants and solve consumer problems through simulated interactions. Therefore, financial institutions must find ways to enhance this experience if they want to minimize costs and increase work efficiency. One practical approach to achieving an automated virtual assistant that can learn from every experience is through a digital twin.
“By service, the managed services segment is expected to grow with the highest CAGR during the forecast period”
Managed services are important as they are specifically related to client experiences. A technological domain requires well-delivered managed services. The services offered must fit perfectly into the client’s environment. Technical expertise, service consistency, and flexibility must be provided by vendors regardless of the client’s location. Companies find it extremely challenging to focus on core business processes and at the same time support various other functions. This makes managed services even more important in the BFSI sector such as insurance.
“Asia Pacific to register the highest growth rate during the forecast period”
Companies in the Asia Pacific could benefit from the flexible economic conditions, industrialization, the globalization-motivated policies of their governments, and the expanding digitalization in the region. The growth of the digital twin in finance market is anticipated to be fueled by the surge in urbanization in the region. With rising urbanization and increasing disposable incomes, individuals can conveniently opt for digital services instead of physically visiting banks. This broadens the potential for growth in the market. The Asia Pacific has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period.
Breakdown of primaries
The study contains insights from various industry experts, ranging from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:
Research Coverage
The market study covers the digital twin in finance market size across different segments. It aims at estimating the market size and the growth potential across different segments, including offering, end-use industry, and region. The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the digital twin in finance market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Growing adoption of industry 4.0, Growing need to test new market scenarios in real time to reduce risks, Increasing demand for secure infrastructure, Growing need to meet compliance requirements), restraints (High cost of digital twin deployment), opportunities (Increasing adoption of real-time data analytical tools, Growing demand for open banking, Risign emphasis on financial crime risk alert mangement), and challenges (Lack of skilled workforce, Growing threat of cyberattacks) influencing the growth of the digital twin in finance market.
“By BFSI, the financial services segment is expected to grow with the highest CAGR during the forecast period”
Since consumers prefer using digital channels for financial services, there is a growing need to improve online customer experiences. To address this, financial institutions are collaborating with third-party companies to collect data on consumer behavior online. This data offers insights on how digital twins can leverage third-party data to create virtual assistants, which can replace the need for human support assistants and solve consumer problems through simulated interactions. Therefore, financial institutions must find ways to enhance this experience if they want to minimize costs and increase work efficiency. One practical approach to achieving an automated virtual assistant that can learn from every experience is through a digital twin.
“By service, the managed services segment is expected to grow with the highest CAGR during the forecast period”
Managed services are important as they are specifically related to client experiences. A technological domain requires well-delivered managed services. The services offered must fit perfectly into the client’s environment. Technical expertise, service consistency, and flexibility must be provided by vendors regardless of the client’s location. Companies find it extremely challenging to focus on core business processes and at the same time support various other functions. This makes managed services even more important in the BFSI sector such as insurance.
“Asia Pacific to register the highest growth rate during the forecast period”
Companies in the Asia Pacific could benefit from the flexible economic conditions, industrialization, the globalization-motivated policies of their governments, and the expanding digitalization in the region. The growth of the digital twin in finance market is anticipated to be fueled by the surge in urbanization in the region. With rising urbanization and increasing disposable incomes, individuals can conveniently opt for digital services instead of physically visiting banks. This broadens the potential for growth in the market. The Asia Pacific has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period.
Breakdown of primaries
The study contains insights from various industry experts, ranging from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:
- By Company Type: Tier 1 – 35%, Tier 2 – 39%, and Tier 3 – 26%
- By Designation: C-level –55%, D-level – 40%, and Others – 5%
- By Region: North America – 38%, Europe – 40%, Asia Pacific – 21%, RoW- 1%
Research Coverage
The market study covers the digital twin in finance market size across different segments. It aims at estimating the market size and the growth potential across different segments, including offering, end-use industry, and region. The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the digital twin in finance market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Growing adoption of industry 4.0, Growing need to test new market scenarios in real time to reduce risks, Increasing demand for secure infrastructure, Growing need to meet compliance requirements), restraints (High cost of digital twin deployment), opportunities (Increasing adoption of real-time data analytical tools, Growing demand for open banking, Risign emphasis on financial crime risk alert mangement), and challenges (Lack of skilled workforce, Growing threat of cyberattacks) influencing the growth of the digital twin in finance market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the digital twin in finance market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the digital twin in finance market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the digital twin in finance market.
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS & EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 REGIONS COVERED
1.3.3 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 STAKEHOLDERS
1.6 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 1 GLOBAL DIGITAL TWIN IN FINANCE MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Primary interviews with experts
2.1.2.2 List of key primary interview participants
2.1.2.3 Breakup of primary interviews
FIGURE 2 BREAKUP OF PRIMARY INTERVIEWS: BY COMPANY, DESIGNATION, AND REGION
2.1.2.4 Key industry insights
2.2 DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 1 (SUPPLY SIDE): REVENUE OF PLATFORMS/SOLUTIONS AND SERVICES
2.3.1 BOTTOM-UP APPROACH
FIGURE 4 BOTTOM-UP APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 2: TOP-DOWN APPROACH (DEMAND SIDE)
2.3.2 TOP-DOWN APPROACH
FIGURE 6 TOP-DOWN APPROACH
2.4 MARKET FORECAST
TABLE 1 FACTOR ANALYSIS
2.5 STUDY ASSUMPTIONS
2.6 STUDY LIMITATIONS
3 EXECUTIVE SUMMARY
FIGURE 7 DIGITAL TWIN IN FINANCE MARKET, 2023–2028 (USD MILLION)
FIGURE 8 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023 VS. 2028 (USD MILLION)
FIGURE 9 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023 VS. 2028 (USD MILLION)
FIGURE 10 DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023 VS. 2028 (USD MILLION)
4 PREMIUM INSIGHTS
4.1 DIGITAL TWIN IN FINANCE MARKET OVERVIEW
FIGURE 11 INCREASING USE OF DIGITALIZED PLATFORMS TO DRIVE MARKET GROWTH
4.2 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023)
FIGURE 12 BFSI SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023
4.3 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023)
FIGURE 13 PLATFORMS & SOLUTIONS TO DOMINATE MARKET IN ASIA PACIFIC IN 2023
4.4 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023)
FIGURE 14 BFSI SEGMENT TO HOLD LARGEST MARKET SHARE IN 2023
4.5 GEOGRAPHICAL SNAPSHOT OF DIGITAL TWIN IN FINANCE MARKET
FIGURE 15 ASIA PACIFIC TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD
5 MARKET OVERVIEW AND INDUSTRY TRENDS
5.1 MARKET OVERVIEW
5.2 MARKET DYNAMICS
FIGURE 16 DIGITAL TWIN IN FINANCE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Growing adoption of Industry 4.0
5.2.1.2 Growing need to test new market scenarios in real-time to reduce risks
5.2.1.3 Increasing demand for secure infrastructure
5.2.1.4 Growing need to meet compliance requirements
5.2.2 RESTRAINTS
5.2.2.1 High cost of digital twin deployment
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing adoption of real-time data analytical tools
5.2.3.2 Growing demand for open banking
5.2.3.3 Rising emphasis on financial crime risk alert management
5.2.4 CHALLENGES
5.2.4.1 Lack of skilled workforce
5.2.4.2 Growing threat of cyberattacks
5.3 EVOLUTION OF DIGITAL TWIN TECHNOLOGY
5.4 ECOSYSTEM ANALYSIS
5.4.1 RESEARCH & DEVELOPMENT
5.4.2 PLANNING & DESIGN
5.4.3 DIGITAL TWIN ENABLERS
5.4.4 SOLUTION/PLATFORM/SERVICE PROVIDERS
5.4.5 END USERS
TABLE 2 DIGITAL TWIN IN FINANCE MARKET: ECOSYSTEM
5.5 VALUE CHAIN ANALYSIS
FIGURE 17 DIGITAL TWIN IN FINANCE MARKET: VALUE CHAIN ANALYSIS
5.6 PRICING ANALYSIS
5.6.1 AVERAGE SELLING PRICE OF KEY PLAYERS, BY OFFERING
TABLE 3 PRICING MODELS AND INDICATIVE PRICE POINTS, 2022–2023
5.6.2 AVERAGE SELLING PRICE TREND
5.7 TECHNOLOGY ANALYSIS
5.7.1 RELATED TECHNOLOGIES
5.7.1.1 Artificial intelligence and machine learning
5.7.1.2 Big data and analytics
5.7.1.3 IoT & IIoT
5.7.1.4 Augmented reality and virtual reality
5.7.1.5 Blockchain
5.7.1.6 5G
5.7.2 IMPACT OF DIGITAL TWINS ON ADJACENT TECHNOLOGIES
5.8 INDUSTRY USE CASES
5.8.1 USE CASE 1: INSURANCE COMPANIES ARE ADOPTING DIGITAL TWINS TO MANAGE RISK
5.8.2 USE CASE 2: COMPANIES ADOPT DIGITAL TWINS TO ADDRESS LEGAL AND COMPLIANCE RISKS IN FINANCIAL DATA
5.9 PATENT ANALYSIS
5.9.1 DOCUMENT TYPES
TABLE 4 PATENTS FILED, 2020–2023
5.9.2 INNOVATION AND PATENT APPLICATIONS
FIGURE 18 TOTAL NUMBER OF PATENTS GRANTED IN A YEAR, 2020–2023
FIGURE 19 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS
TABLE 5 TOP TEN PATENT OWNERS IN DIGITAL TWIN IN FINANCE MARKET, 2020–2023
TABLE 6 LIST OF PATENTS IN DIGITAL TWIN IN FINANCE MARKET, 2020–2022
5.10 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS
FIGURE 20 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS IN DIGITAL TWIN IN FINANCE MARKET
5.11 PORTER’S FIVE FORCES ANALYSIS
TABLE 7 DIGITAL TWIN IN FINANCE MARKET: PORTER’S FIVE FORCES MODEL
5.11.1 THREAT FROM NEW ENTRANTS
5.11.2 THREAT FROM SUBSTITUTES
5.11.3 BARGAINING POWER OF BUYERS
5.11.4 BARGAINING POWER OF SUPPLIERS
5.11.5 DEGREE OF COMPETITION
5.12 REGULATORY LANDSCAPE
TABLE 8 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 9 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 10 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 11 MIDDLE EAST & AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 12 LATIN AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.1 ISO/TC 184/SC 4
5.12.2 ISO/TC 184
5.12.3 GENERAL PERSONAL DATA PROTECTION LAW (GPDP)
5.12.4 AUSTRALIAN DIGITAL CURRENCY COMMERCE ASSOCIATION (ADCCA)
5.12.5 DIGITAL SIGNATURE ACT
5.12.6 GDPR
5.12.7 FINANCIAL SERVICES MODERNIZATION ACT
5.12.8 SOX ACT
5.12.9 PAYMENT CARD INDUSTRY-DATA SECURITY STANDARD
5.12.10 HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT
5.12.11 FEDERAL INFORMATION SECURITY MANAGEMENT ACT
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS
TABLE 13 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS
5.13.2 BUYING CRITERIA
FIGURE 22 KEY BUYING CRITERIA
TABLE 14 KEY BUYING CRITERIA
5.14 KEY CONFERENCES AND EVENTS, 2023–2024
TABLE 15 DIGITAL TWIN IN FINANCE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
5.15 BEST PRACTICES IN DIGITAL TWIN IN FINANCE MARKET
5.16 FUTURE OUTLOOK OF DIGITAL TWIN IN FINANCE MARKET
5.16.1 DIGITAL TWIN TECHNOLOGY ROADMAP TILL 2030
5.16.1.1 Short-term roadmap (2023–2025)
5.16.1.2 Mid-term roadmap (2026–2028)
5.16.1.3 Long-term roadmap (2029–2030)
6 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING
6.1 INTRODUCTION
6.1.1 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING: MARKET DRIVERS
FIGURE 23 SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 16 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
6.2 PLATFORMS & SOLUTIONS
6.2.1 BENEFITS SUCH AS REAL-TIME MONITORING AND PREDICTIVE MAINTENANCE TO DRIVE DEMAND FOR DIGITAL TWIN PLATFORMS & SOLUTIONS
6.3 SERVICES
TABLE 17 DIGITAL TWIN IN FINANCE MARKET, BY TYPE, 2023–2028 (USD MILLION)
6.3.1 PROFESSIONAL SERVICES
6.3.1.1 Growing need for ongoing technical support to boost demand for professional services
TABLE 18 PROFESSIONAL SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
6.3.2 MANAGED SERVICES
6.3.2.1 Ability of managed services to improve client experiences to drive growth
TABLE 19 MANAGED SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
7 DIGITAL TWIN IN FINANCE MARKET, BY APPLICATION
7.1 INTRODUCTION
7.1.1 DIGITAL TWIN IN FINANCE MARKET, BY APPLICATION: MARKET DRIVERS
7.2 RISK ASSESSMENT & COMPLIANCE
7.2.1 GROWING NEED FOR REAL-TIME ASSET MONITORING FOR RISK ESTIMATION TO DRIVE MARKET GROWTH
7.3 PROCESS OPTIMIZATION
7.3.1 ABILITY OF DIGITAL TWINS TO CHECK AND REDUCE BOTTLENECKS TO BOOST ADOPTION
7.4 INSURANCE CLAIMS MANAGEMENT
7.4.1 GROWING USE OF DIGITAL TWINS TO PREVENT DELAYS IN CLAIMS MANAGEMENT PROCESSES TO FAVOR GROWTH
7.5 TESTING & SIMULATION
7.5.1 NEED FOR DIGITAL TWINS TO TEST AND ANALYZE SYSTEM BEHAVIOR IN COMPLEX SITUATIONS TO BOOST MARKET
7.6 OTHER APPLICATIONS
8 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY
8.1 INTRODUCTION
8.1.1 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY: MARKET DRIVERS
FIGURE 24 HEALTHCARE INDUSTRY TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 20 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
8.2 BFSI
FIGURE 25 FINANCIAL SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 21 BFSI: DIGITAL TWIN IN FINANCE MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 22 BFSI: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.1 BANKING
8.2.1.1 Growing need to improve customer experiences to drive use of digital twins in banking sector
TABLE 23 BANKING: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.1.1.1 Use cases
8.2.1.1.1.1 To check and enhance performance of ATMs in real-time
8.2.1.1.1.2 To manage and monitor customer buying preferences in banks
8.2.2 FINANCIAL SERVICES
8.2.2.1 Need for virtual assistants to solve consumer problems through simulated interactions to drive demand for digital twins
TABLE 24 FINANCIAL SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.2.1.1 Use cases
8.2.2.1.1.1 To check performance of portfolio in various conditions before investing
8.2.3 INSURANCE
8.2.3.1 Growing need for risk assessment in insurance sector to boost demand for digital twins
TABLE 25 INSURANCE: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.3.1.1 Use cases
8.2.3.1.1.1 To estimate and settle claims quickly
8.2.3.1.1.2 To detect fraudulent claims
8.2.3.1.1.3 To address legal and compliance risks
8.3 MANUFACTURING
8.3.1 NEED TO CUT TIME AND COST IN MANUFACTURING SECTOR TO DRIVE GROWTH
TABLE 26 MANUFACTURING: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.3.1.1 Use cases
8.3.1.1.1 To reduce costs involved in manufacturing operations
8.3.1.1.2 To improve cost savings and product quality
8.4 HEALTHCARE
8.4.1 GROWING TREND OF DIGITALIZATION IN HEALTHCARE TO BOOST ADOPTION OF DIGITAL TWINS
TABLE 27 HEALTHCARE: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.4.1.1 Use cases
8.4.1.1.1 To reduce costs and improve efficiency with Oracle Health Insurance
8.4.1.1.2 To simulate and enhance clinical workflows
8.5 TRANSPORTATION & LOGISTICS
8.5.1 NEED FOR TRANSPORTATION COMPANIES TO IMPROVE PERFORMANCE OF ASSETS AND PROCESSES TO FUEL MARKET GROWTH
TABLE 28 TRANSPORTATION & LOGISTICS: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.5.1.1 Use cases
8.5.1.1.1 To make calculative investment decisions for Cross River Rail project
8.5.1.1.2 To prevent costly downtime and repairs
8.6 OTHER END-USE INDUSTRIES
TABLE 29 OTHER END-USE INDUSTRIES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.6.1 USE CASES
8.6.1.1 To improve energy operations and help companies enhance revenue models
8.6.1.2 To better understand risk
9 DIGITAL TWIN IN FINANCE MARKET, BY REGION
9.1 INTRODUCTION
FIGURE 26 DIGITAL TWIN IN FINANCE MARKET: REGIONAL SNAPSHOT (2023)
FIGURE 27 ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 30 DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.2 NORTH AMERICA
FIGURE 28 NORTH AMERICA: MARKET SNAPSHOT
9.2.1 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.2.2 NORTH AMERICA: RECESSION IMPACT
TABLE 31 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 32 NORTH AMERICA: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 33 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 34 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
9.2.3 US
9.2.3.1 Rapid adoption of technology in financial sector to drive market growth
9.2.4 CANADA
9.2.4.1 Increasing cyberattacks to drive demand for digital twins
9.3 EUROPE
FIGURE 29 EUROPE: MARKET SNAPSHOT
9.3.1 EUROPE: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.3.2 EUROPE: RECESSION IMPACT
TABLE 35 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 36 EUROPE: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 37 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 38 EUROPE: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
9.3.3 UK
9.3.3.1 Need to improve efficiency of digital infrastructure to boost market growth
9.3.4 GERMANY
9.3.4.1 Significant adoption of IoT technologies and analytics in financial sector to propel market
9.3.5 REST OF EUROPE
9.4 ASIA PACIFIC
FIGURE 30 ASIA PACIFIC: MARKET SNAPSHOT
9.4.1 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.4.2 RECESSION IMPACT: ASIA PACIFIC
TABLE 39 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 40 ASIA PACIFIC: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 41 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 42 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
9.4.3 CHINA
9.4.3.1 Increasing government investments to enhance security of digital platforms to contribute to growth
9.4.4 SINGAPORE
9.4.4.1 Rapid adoption of innovative digital technologies across banking sector to fuel growth
9.4.5 REST OF ASIA PACIFIC
9.5 REST OF THE WORLD
9.5.1 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.5.2 RECESSION IMPACT: REST OF THE WORLD
TABLE 43 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 44 REST OF THE WORLD: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 45 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 46 REST ON THE WORLD: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
10 COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 STRATEGIES ADOPTED BY KEY PLAYERS
TABLE 47 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN DIGITAL TWIN IN FINANCE MARKET
10.3 COMPETITIVE SCENARIO
10.4 MARKET SHARE ANALYSIS OF TOP PLAYERS
TABLE 48 DIGITAL TWIN IN FINANCE MARKET: DEGREE OF COMPETITION
10.5 COMPETITIVE BENCHMARKING
TABLE 49 PRODUCT FOOTPRINT WEIGHTAGE
TABLE 50 DIGITAL TWIN IN FINANCE MARKET: COMPETITIVE BENCHMARKING OF PLAYERS, BY OFFERING, END-USE INDUSTRY, AND REGION
TABLE 51 DIGITAL TWIN IN FINANCE MARKET: DETAILED LIST OF KEY START-UPS/SMES
10.6 MARKET RANKING OF KEY PLAYERS IN DIGITAL TWIN IN FINANCE MARKET, 2023
FIGURE 31 MARKET RANKING OF KEY PLAYERS, 2023
10.7 COMPANY EVALUATION QUADRANT
FIGURE 32 COMPANY EVALUATION MATRIX: CRITERIA WEIGHTAGE
10.7.1 STARS
10.7.2 EMERGING LEADERS
10.7.3 PERVASIVE PLAYERS
10.7.4 PARTICIPANTS
FIGURE 33 DIGITAL TWIN IN FINANCE MARKET: COMPANY EVALUATION MATRIX, 2023
10.8 START-UP/SME EVALUATION MATRIX METHODOLOGY AND DEFINITIONS
FIGURE 34 START-UP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE
10.8.1 PROGRESSIVE COMPANIES
10.8.2 RESPONSIVE COMPANIES
10.8.3 DYNAMIC COMPANIES
10.8.4 STARTING BLOCKS
FIGURE 35 DIGITAL TWIN IN FINANCE MARKET: START-UP/SME EVALUATION MATRIX, 2023
10.9 COMPETITIVE SCENARIO
10.9.1 PRODUCT LAUNCHES
TABLE 52 PRODUCT LAUNCHES, JANUARY 2019–MARCH 2023
10.9.2 DEALS
TABLE 53 DEALS, JANUARY 2019–MARCH 2023
11 COMPANY PROFILES
11.1 MAJOR PLAYERS
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
11.1.1 IBM
TABLE 54 IBM: BUSINESS OVERVIEW
FIGURE 36 IBM: COMPANY SNAPSHOT
TABLE 55 IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 56 IBM: DEALS
11.1.2 MICROSOFT
TABLE 57 MICROSOFT: BUSINESS OVERVIEW
FIGURE 37 MICROSOFT: COMPANY SNAPSHOT
TABLE 58 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 59 MICROSOFT: DEALS
11.1.3 CAPGEMINI
TABLE 60 CAPGEMINI: BUSINESS OVERVIEW
FIGURE 38 CAPGEMINI: COMPANY SNAPSHOT
TABLE 61 CAPGEMINI: PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.1.4 SAP
TABLE 62 SAP: BUSINESS OVERVIEW
FIGURE 39 SAP: COMPANY SNAPSHOT
TABLE 63 SAP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.1.5 ANSYS
TABLE 64 ANSYS: BUSINESS OVERVIEW
FIGURE 40 ANSYS: COMPANY SNAPSHOT
TABLE 65 ANSYS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 66 ANSYS: PRODUCT LAUNCHES
TABLE 67 ANSYS: DEALS
11.1.6 ORACLE CORPORATION
TABLE 68 ORACLE CORPORATION: BUSINESS OVERVIEW
FIGURE 41 ORACLE CORPORATION: COMPANY SNAPSHOT
TABLE 69 ORACLE CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 70 ORACLE CORPORATION: DEALS
11.1.7 ALTAIR ENGINEERING INC.
TABLE 71 ALTAIR ENGINEERING INC.: BUSINESS OVERVIEW
FIGURE 42 ALTAIR ENGINEERING INC.: COMPANY SNAPSHOT
TABLE 72 ALTAIR ENGINEERING INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 73 ALTAIR ENGINEERING INC.: DEALS
11.1.8 DELOITTE
TABLE 74 DELOITTE: BUSINESS OVERVIEW
FIGURE 43 DELOITTE: COMPANY SNAPSHOT
TABLE 75 DELOITTE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 76 DELOITTE: DEALS
11.1.9 NVIDIA CORPORATION
TABLE 77 NVIDIA CORPORATION: BUSINESS OVERVIEW
FIGURE 44 NVIDIA CORPORATION: COMPANY SNAPSHOT
TABLE 78 NVIDIA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.1.10 NTT DATA
11.1.11 VERISK
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
11.2 SMES/START-UPS
11.2.1 COSMO TECH
11.2.2 NAYAONE
11.2.3 VSOPTIMA
11.2.4 MERLYNN INTELLIGENCE TECHNOLOGIES
11.2.5 PIPRATE
11.2.6 TADA
12 ADJACENT/RELATED MARKETS
12.1 RISK ANALYTICS MARKET
12.1.1 MARKET DEFINITION
12.1.2 MARKET OVERVIEW
12.1.3 RISK ANALYTICS MARKET, BY COMPONENT
TABLE 79 RISK ANALYTICS MARKET, BY COMPONENT, 2016–2021 (USD MILLION)
TABLE 80 RISK ANALYTICS MARKET, BY COMPONENT, 2022–2027 (USD MILLION)
12.1.3.1 Software
TABLE 81 RISK ANALYTICS SOFTWARE MARKET, BY REGION, 2016–2021 (USD MILLION)
TABLE 82 RISK ANALYTICS SOFTWARE MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 83 RISK ANALYTICS SOFTWARE MARKET, BY TYPE, 2016–2021 (USD MILLION)
TABLE 84 RISK ANALYTICS SOFTWARE MARKET, BY TYPE, 2022–2027 (USD MILLION)
12.1.3.2 Services
TABLE 85 RISK ANALYTICS SERVICES MARKET, BY REGION, 2016–2021 (USD MILLION)
TABLE 86 RISK ANALYTICS SERVICES MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 87 RISK ANALYTICS SERVICES MARKET, BY TYPE, 2016–2021 (USD MILLION)
TABLE 88 RISK ANALYTICS SERVICES MARKET, BY TYPE, 2022–2027 (USD MILLION)
12.2 INSURANCE ANALYTICS MARKET
12.2.1 MARKET DEFINITION
12.2.2 MARKET OVERVIEW
12.2.3 INSURANCE ANALYTICS MARKET, BY COMPONENT
TABLE 89 INSURANCE ANALYTICS MARKET, BY COMPONENT, 2016–2019 (USD MILLION)
TABLE 90 INSURANCE ANALYTICS MARKET, BY COMPONENT, 2020–2026 (USD MILLION)
TABLE 91 INSURANCE ANALYTICS SERVICES MARKET, BY TYPE, 2016–2019 (USD MILLION)
TABLE 92 INSURANCE ANALYTICS SERVICES MARKET, BY TYPE, 2020–2026 (USD MILLION)
12.2.4 INSURANCE ANALYTICS MARKET, BY APPLICATION
TABLE 93 INSURANCE ANALYTICS MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
TABLE 94 INSURANCE ANALYTICS MARKET, BY APPLICATION, 2020–2026 (USD MILLION)
12.2.5 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE
TABLE 95 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE, 2016–2019 (USD MILLION)
TABLE 96 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE, 2020–2026 (USD MILLION)
12.2.6 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE
TABLE 97 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE, 2016–2019 (USD MILLION)
TABLE 98 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE, 2020–2026 (USD MILLION)
12.2.7 INSURANCE ANALYTICS MARKET, BY END USER
TABLE 99 INSURANCE ANALYTICS MARKET, BY END USER, 2016–2019 (USD MILLION)
TABLE 100 INSURANCE ANALYTICS MARKET, BY END USER, 2020–2026 (USD MILLION)
12.2.8 INSURANCE ANALYTICS MARKET, BY REGION
TABLE 101 INSURANCE ANALYTICS MARKET, BY REGION, 2016–2019 (USD MILLION)
TABLE 102 INSURANCE ANALYTICS MARKET, BY REGION, 2020–2026 (USD MILLION)
13 APPENDIX
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 CUSTOMIZATION OPTIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS & EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 REGIONS COVERED
1.3.3 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 STAKEHOLDERS
1.6 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 1 GLOBAL DIGITAL TWIN IN FINANCE MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Primary interviews with experts
2.1.2.2 List of key primary interview participants
2.1.2.3 Breakup of primary interviews
FIGURE 2 BREAKUP OF PRIMARY INTERVIEWS: BY COMPANY, DESIGNATION, AND REGION
2.1.2.4 Key industry insights
2.2 DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 1 (SUPPLY SIDE): REVENUE OF PLATFORMS/SOLUTIONS AND SERVICES
2.3.1 BOTTOM-UP APPROACH
FIGURE 4 BOTTOM-UP APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 2: TOP-DOWN APPROACH (DEMAND SIDE)
2.3.2 TOP-DOWN APPROACH
FIGURE 6 TOP-DOWN APPROACH
2.4 MARKET FORECAST
TABLE 1 FACTOR ANALYSIS
2.5 STUDY ASSUMPTIONS
2.6 STUDY LIMITATIONS
3 EXECUTIVE SUMMARY
FIGURE 7 DIGITAL TWIN IN FINANCE MARKET, 2023–2028 (USD MILLION)
FIGURE 8 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023 VS. 2028 (USD MILLION)
FIGURE 9 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023 VS. 2028 (USD MILLION)
FIGURE 10 DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023 VS. 2028 (USD MILLION)
4 PREMIUM INSIGHTS
4.1 DIGITAL TWIN IN FINANCE MARKET OVERVIEW
FIGURE 11 INCREASING USE OF DIGITALIZED PLATFORMS TO DRIVE MARKET GROWTH
4.2 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023)
FIGURE 12 BFSI SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023
4.3 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023)
FIGURE 13 PLATFORMS & SOLUTIONS TO DOMINATE MARKET IN ASIA PACIFIC IN 2023
4.4 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023)
FIGURE 14 BFSI SEGMENT TO HOLD LARGEST MARKET SHARE IN 2023
4.5 GEOGRAPHICAL SNAPSHOT OF DIGITAL TWIN IN FINANCE MARKET
FIGURE 15 ASIA PACIFIC TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD
5 MARKET OVERVIEW AND INDUSTRY TRENDS
5.1 MARKET OVERVIEW
5.2 MARKET DYNAMICS
FIGURE 16 DIGITAL TWIN IN FINANCE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Growing adoption of Industry 4.0
5.2.1.2 Growing need to test new market scenarios in real-time to reduce risks
5.2.1.3 Increasing demand for secure infrastructure
5.2.1.4 Growing need to meet compliance requirements
5.2.2 RESTRAINTS
5.2.2.1 High cost of digital twin deployment
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing adoption of real-time data analytical tools
5.2.3.2 Growing demand for open banking
5.2.3.3 Rising emphasis on financial crime risk alert management
5.2.4 CHALLENGES
5.2.4.1 Lack of skilled workforce
5.2.4.2 Growing threat of cyberattacks
5.3 EVOLUTION OF DIGITAL TWIN TECHNOLOGY
5.4 ECOSYSTEM ANALYSIS
5.4.1 RESEARCH & DEVELOPMENT
5.4.2 PLANNING & DESIGN
5.4.3 DIGITAL TWIN ENABLERS
5.4.4 SOLUTION/PLATFORM/SERVICE PROVIDERS
5.4.5 END USERS
TABLE 2 DIGITAL TWIN IN FINANCE MARKET: ECOSYSTEM
5.5 VALUE CHAIN ANALYSIS
FIGURE 17 DIGITAL TWIN IN FINANCE MARKET: VALUE CHAIN ANALYSIS
5.6 PRICING ANALYSIS
5.6.1 AVERAGE SELLING PRICE OF KEY PLAYERS, BY OFFERING
TABLE 3 PRICING MODELS AND INDICATIVE PRICE POINTS, 2022–2023
5.6.2 AVERAGE SELLING PRICE TREND
5.7 TECHNOLOGY ANALYSIS
5.7.1 RELATED TECHNOLOGIES
5.7.1.1 Artificial intelligence and machine learning
5.7.1.2 Big data and analytics
5.7.1.3 IoT & IIoT
5.7.1.4 Augmented reality and virtual reality
5.7.1.5 Blockchain
5.7.1.6 5G
5.7.2 IMPACT OF DIGITAL TWINS ON ADJACENT TECHNOLOGIES
5.8 INDUSTRY USE CASES
5.8.1 USE CASE 1: INSURANCE COMPANIES ARE ADOPTING DIGITAL TWINS TO MANAGE RISK
5.8.2 USE CASE 2: COMPANIES ADOPT DIGITAL TWINS TO ADDRESS LEGAL AND COMPLIANCE RISKS IN FINANCIAL DATA
5.9 PATENT ANALYSIS
5.9.1 DOCUMENT TYPES
TABLE 4 PATENTS FILED, 2020–2023
5.9.2 INNOVATION AND PATENT APPLICATIONS
FIGURE 18 TOTAL NUMBER OF PATENTS GRANTED IN A YEAR, 2020–2023
FIGURE 19 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS
TABLE 5 TOP TEN PATENT OWNERS IN DIGITAL TWIN IN FINANCE MARKET, 2020–2023
TABLE 6 LIST OF PATENTS IN DIGITAL TWIN IN FINANCE MARKET, 2020–2022
5.10 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS
FIGURE 20 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS IN DIGITAL TWIN IN FINANCE MARKET
5.11 PORTER’S FIVE FORCES ANALYSIS
TABLE 7 DIGITAL TWIN IN FINANCE MARKET: PORTER’S FIVE FORCES MODEL
5.11.1 THREAT FROM NEW ENTRANTS
5.11.2 THREAT FROM SUBSTITUTES
5.11.3 BARGAINING POWER OF BUYERS
5.11.4 BARGAINING POWER OF SUPPLIERS
5.11.5 DEGREE OF COMPETITION
5.12 REGULATORY LANDSCAPE
TABLE 8 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 9 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 10 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 11 MIDDLE EAST & AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 12 LATIN AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.1 ISO/TC 184/SC 4
5.12.2 ISO/TC 184
5.12.3 GENERAL PERSONAL DATA PROTECTION LAW (GPDP)
5.12.4 AUSTRALIAN DIGITAL CURRENCY COMMERCE ASSOCIATION (ADCCA)
5.12.5 DIGITAL SIGNATURE ACT
5.12.6 GDPR
5.12.7 FINANCIAL SERVICES MODERNIZATION ACT
5.12.8 SOX ACT
5.12.9 PAYMENT CARD INDUSTRY-DATA SECURITY STANDARD
5.12.10 HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT
5.12.11 FEDERAL INFORMATION SECURITY MANAGEMENT ACT
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS
TABLE 13 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS
5.13.2 BUYING CRITERIA
FIGURE 22 KEY BUYING CRITERIA
TABLE 14 KEY BUYING CRITERIA
5.14 KEY CONFERENCES AND EVENTS, 2023–2024
TABLE 15 DIGITAL TWIN IN FINANCE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
5.15 BEST PRACTICES IN DIGITAL TWIN IN FINANCE MARKET
5.16 FUTURE OUTLOOK OF DIGITAL TWIN IN FINANCE MARKET
5.16.1 DIGITAL TWIN TECHNOLOGY ROADMAP TILL 2030
5.16.1.1 Short-term roadmap (2023–2025)
5.16.1.2 Mid-term roadmap (2026–2028)
5.16.1.3 Long-term roadmap (2029–2030)
6 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING
6.1 INTRODUCTION
6.1.1 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING: MARKET DRIVERS
FIGURE 23 SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 16 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
6.2 PLATFORMS & SOLUTIONS
6.2.1 BENEFITS SUCH AS REAL-TIME MONITORING AND PREDICTIVE MAINTENANCE TO DRIVE DEMAND FOR DIGITAL TWIN PLATFORMS & SOLUTIONS
6.3 SERVICES
TABLE 17 DIGITAL TWIN IN FINANCE MARKET, BY TYPE, 2023–2028 (USD MILLION)
6.3.1 PROFESSIONAL SERVICES
6.3.1.1 Growing need for ongoing technical support to boost demand for professional services
TABLE 18 PROFESSIONAL SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
6.3.2 MANAGED SERVICES
6.3.2.1 Ability of managed services to improve client experiences to drive growth
TABLE 19 MANAGED SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
7 DIGITAL TWIN IN FINANCE MARKET, BY APPLICATION
7.1 INTRODUCTION
7.1.1 DIGITAL TWIN IN FINANCE MARKET, BY APPLICATION: MARKET DRIVERS
7.2 RISK ASSESSMENT & COMPLIANCE
7.2.1 GROWING NEED FOR REAL-TIME ASSET MONITORING FOR RISK ESTIMATION TO DRIVE MARKET GROWTH
7.3 PROCESS OPTIMIZATION
7.3.1 ABILITY OF DIGITAL TWINS TO CHECK AND REDUCE BOTTLENECKS TO BOOST ADOPTION
7.4 INSURANCE CLAIMS MANAGEMENT
7.4.1 GROWING USE OF DIGITAL TWINS TO PREVENT DELAYS IN CLAIMS MANAGEMENT PROCESSES TO FAVOR GROWTH
7.5 TESTING & SIMULATION
7.5.1 NEED FOR DIGITAL TWINS TO TEST AND ANALYZE SYSTEM BEHAVIOR IN COMPLEX SITUATIONS TO BOOST MARKET
7.6 OTHER APPLICATIONS
8 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY
8.1 INTRODUCTION
8.1.1 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY: MARKET DRIVERS
FIGURE 24 HEALTHCARE INDUSTRY TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 20 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
8.2 BFSI
FIGURE 25 FINANCIAL SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 21 BFSI: DIGITAL TWIN IN FINANCE MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 22 BFSI: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.1 BANKING
8.2.1.1 Growing need to improve customer experiences to drive use of digital twins in banking sector
TABLE 23 BANKING: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.1.1.1 Use cases
8.2.1.1.1.1 To check and enhance performance of ATMs in real-time
8.2.1.1.1.2 To manage and monitor customer buying preferences in banks
8.2.2 FINANCIAL SERVICES
8.2.2.1 Need for virtual assistants to solve consumer problems through simulated interactions to drive demand for digital twins
TABLE 24 FINANCIAL SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.2.1.1 Use cases
8.2.2.1.1.1 To check performance of portfolio in various conditions before investing
8.2.3 INSURANCE
8.2.3.1 Growing need for risk assessment in insurance sector to boost demand for digital twins
TABLE 25 INSURANCE: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.2.3.1.1 Use cases
8.2.3.1.1.1 To estimate and settle claims quickly
8.2.3.1.1.2 To detect fraudulent claims
8.2.3.1.1.3 To address legal and compliance risks
8.3 MANUFACTURING
8.3.1 NEED TO CUT TIME AND COST IN MANUFACTURING SECTOR TO DRIVE GROWTH
TABLE 26 MANUFACTURING: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.3.1.1 Use cases
8.3.1.1.1 To reduce costs involved in manufacturing operations
8.3.1.1.2 To improve cost savings and product quality
8.4 HEALTHCARE
8.4.1 GROWING TREND OF DIGITALIZATION IN HEALTHCARE TO BOOST ADOPTION OF DIGITAL TWINS
TABLE 27 HEALTHCARE: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.4.1.1 Use cases
8.4.1.1.1 To reduce costs and improve efficiency with Oracle Health Insurance
8.4.1.1.2 To simulate and enhance clinical workflows
8.5 TRANSPORTATION & LOGISTICS
8.5.1 NEED FOR TRANSPORTATION COMPANIES TO IMPROVE PERFORMANCE OF ASSETS AND PROCESSES TO FUEL MARKET GROWTH
TABLE 28 TRANSPORTATION & LOGISTICS: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.5.1.1 Use cases
8.5.1.1.1 To make calculative investment decisions for Cross River Rail project
8.5.1.1.2 To prevent costly downtime and repairs
8.6 OTHER END-USE INDUSTRIES
TABLE 29 OTHER END-USE INDUSTRIES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.6.1 USE CASES
8.6.1.1 To improve energy operations and help companies enhance revenue models
8.6.1.2 To better understand risk
9 DIGITAL TWIN IN FINANCE MARKET, BY REGION
9.1 INTRODUCTION
FIGURE 26 DIGITAL TWIN IN FINANCE MARKET: REGIONAL SNAPSHOT (2023)
FIGURE 27 ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 30 DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.2 NORTH AMERICA
FIGURE 28 NORTH AMERICA: MARKET SNAPSHOT
9.2.1 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.2.2 NORTH AMERICA: RECESSION IMPACT
TABLE 31 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 32 NORTH AMERICA: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 33 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 34 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
9.2.3 US
9.2.3.1 Rapid adoption of technology in financial sector to drive market growth
9.2.4 CANADA
9.2.4.1 Increasing cyberattacks to drive demand for digital twins
9.3 EUROPE
FIGURE 29 EUROPE: MARKET SNAPSHOT
9.3.1 EUROPE: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.3.2 EUROPE: RECESSION IMPACT
TABLE 35 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 36 EUROPE: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 37 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 38 EUROPE: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
9.3.3 UK
9.3.3.1 Need to improve efficiency of digital infrastructure to boost market growth
9.3.4 GERMANY
9.3.4.1 Significant adoption of IoT technologies and analytics in financial sector to propel market
9.3.5 REST OF EUROPE
9.4 ASIA PACIFIC
FIGURE 30 ASIA PACIFIC: MARKET SNAPSHOT
9.4.1 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.4.2 RECESSION IMPACT: ASIA PACIFIC
TABLE 39 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 40 ASIA PACIFIC: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 41 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 42 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
9.4.3 CHINA
9.4.3.1 Increasing government investments to enhance security of digital platforms to contribute to growth
9.4.4 SINGAPORE
9.4.4.1 Rapid adoption of innovative digital technologies across banking sector to fuel growth
9.4.5 REST OF ASIA PACIFIC
9.5 REST OF THE WORLD
9.5.1 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET DRIVERS
9.5.2 RECESSION IMPACT: REST OF THE WORLD
TABLE 43 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION)
TABLE 44 REST OF THE WORLD: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
TABLE 45 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION)
TABLE 46 REST ON THE WORLD: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION)
10 COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 STRATEGIES ADOPTED BY KEY PLAYERS
TABLE 47 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN DIGITAL TWIN IN FINANCE MARKET
10.3 COMPETITIVE SCENARIO
10.4 MARKET SHARE ANALYSIS OF TOP PLAYERS
TABLE 48 DIGITAL TWIN IN FINANCE MARKET: DEGREE OF COMPETITION
10.5 COMPETITIVE BENCHMARKING
TABLE 49 PRODUCT FOOTPRINT WEIGHTAGE
TABLE 50 DIGITAL TWIN IN FINANCE MARKET: COMPETITIVE BENCHMARKING OF PLAYERS, BY OFFERING, END-USE INDUSTRY, AND REGION
TABLE 51 DIGITAL TWIN IN FINANCE MARKET: DETAILED LIST OF KEY START-UPS/SMES
10.6 MARKET RANKING OF KEY PLAYERS IN DIGITAL TWIN IN FINANCE MARKET, 2023
FIGURE 31 MARKET RANKING OF KEY PLAYERS, 2023
10.7 COMPANY EVALUATION QUADRANT
FIGURE 32 COMPANY EVALUATION MATRIX: CRITERIA WEIGHTAGE
10.7.1 STARS
10.7.2 EMERGING LEADERS
10.7.3 PERVASIVE PLAYERS
10.7.4 PARTICIPANTS
FIGURE 33 DIGITAL TWIN IN FINANCE MARKET: COMPANY EVALUATION MATRIX, 2023
10.8 START-UP/SME EVALUATION MATRIX METHODOLOGY AND DEFINITIONS
FIGURE 34 START-UP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE
10.8.1 PROGRESSIVE COMPANIES
10.8.2 RESPONSIVE COMPANIES
10.8.3 DYNAMIC COMPANIES
10.8.4 STARTING BLOCKS
FIGURE 35 DIGITAL TWIN IN FINANCE MARKET: START-UP/SME EVALUATION MATRIX, 2023
10.9 COMPETITIVE SCENARIO
10.9.1 PRODUCT LAUNCHES
TABLE 52 PRODUCT LAUNCHES, JANUARY 2019–MARCH 2023
10.9.2 DEALS
TABLE 53 DEALS, JANUARY 2019–MARCH 2023
11 COMPANY PROFILES
11.1 MAJOR PLAYERS
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
11.1.1 IBM
TABLE 54 IBM: BUSINESS OVERVIEW
FIGURE 36 IBM: COMPANY SNAPSHOT
TABLE 55 IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 56 IBM: DEALS
11.1.2 MICROSOFT
TABLE 57 MICROSOFT: BUSINESS OVERVIEW
FIGURE 37 MICROSOFT: COMPANY SNAPSHOT
TABLE 58 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 59 MICROSOFT: DEALS
11.1.3 CAPGEMINI
TABLE 60 CAPGEMINI: BUSINESS OVERVIEW
FIGURE 38 CAPGEMINI: COMPANY SNAPSHOT
TABLE 61 CAPGEMINI: PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.1.4 SAP
TABLE 62 SAP: BUSINESS OVERVIEW
FIGURE 39 SAP: COMPANY SNAPSHOT
TABLE 63 SAP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.1.5 ANSYS
TABLE 64 ANSYS: BUSINESS OVERVIEW
FIGURE 40 ANSYS: COMPANY SNAPSHOT
TABLE 65 ANSYS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 66 ANSYS: PRODUCT LAUNCHES
TABLE 67 ANSYS: DEALS
11.1.6 ORACLE CORPORATION
TABLE 68 ORACLE CORPORATION: BUSINESS OVERVIEW
FIGURE 41 ORACLE CORPORATION: COMPANY SNAPSHOT
TABLE 69 ORACLE CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 70 ORACLE CORPORATION: DEALS
11.1.7 ALTAIR ENGINEERING INC.
TABLE 71 ALTAIR ENGINEERING INC.: BUSINESS OVERVIEW
FIGURE 42 ALTAIR ENGINEERING INC.: COMPANY SNAPSHOT
TABLE 72 ALTAIR ENGINEERING INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 73 ALTAIR ENGINEERING INC.: DEALS
11.1.8 DELOITTE
TABLE 74 DELOITTE: BUSINESS OVERVIEW
FIGURE 43 DELOITTE: COMPANY SNAPSHOT
TABLE 75 DELOITTE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 76 DELOITTE: DEALS
11.1.9 NVIDIA CORPORATION
TABLE 77 NVIDIA CORPORATION: BUSINESS OVERVIEW
FIGURE 44 NVIDIA CORPORATION: COMPANY SNAPSHOT
TABLE 78 NVIDIA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.1.10 NTT DATA
11.1.11 VERISK
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
11.2 SMES/START-UPS
11.2.1 COSMO TECH
11.2.2 NAYAONE
11.2.3 VSOPTIMA
11.2.4 MERLYNN INTELLIGENCE TECHNOLOGIES
11.2.5 PIPRATE
11.2.6 TADA
12 ADJACENT/RELATED MARKETS
12.1 RISK ANALYTICS MARKET
12.1.1 MARKET DEFINITION
12.1.2 MARKET OVERVIEW
12.1.3 RISK ANALYTICS MARKET, BY COMPONENT
TABLE 79 RISK ANALYTICS MARKET, BY COMPONENT, 2016–2021 (USD MILLION)
TABLE 80 RISK ANALYTICS MARKET, BY COMPONENT, 2022–2027 (USD MILLION)
12.1.3.1 Software
TABLE 81 RISK ANALYTICS SOFTWARE MARKET, BY REGION, 2016–2021 (USD MILLION)
TABLE 82 RISK ANALYTICS SOFTWARE MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 83 RISK ANALYTICS SOFTWARE MARKET, BY TYPE, 2016–2021 (USD MILLION)
TABLE 84 RISK ANALYTICS SOFTWARE MARKET, BY TYPE, 2022–2027 (USD MILLION)
12.1.3.2 Services
TABLE 85 RISK ANALYTICS SERVICES MARKET, BY REGION, 2016–2021 (USD MILLION)
TABLE 86 RISK ANALYTICS SERVICES MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 87 RISK ANALYTICS SERVICES MARKET, BY TYPE, 2016–2021 (USD MILLION)
TABLE 88 RISK ANALYTICS SERVICES MARKET, BY TYPE, 2022–2027 (USD MILLION)
12.2 INSURANCE ANALYTICS MARKET
12.2.1 MARKET DEFINITION
12.2.2 MARKET OVERVIEW
12.2.3 INSURANCE ANALYTICS MARKET, BY COMPONENT
TABLE 89 INSURANCE ANALYTICS MARKET, BY COMPONENT, 2016–2019 (USD MILLION)
TABLE 90 INSURANCE ANALYTICS MARKET, BY COMPONENT, 2020–2026 (USD MILLION)
TABLE 91 INSURANCE ANALYTICS SERVICES MARKET, BY TYPE, 2016–2019 (USD MILLION)
TABLE 92 INSURANCE ANALYTICS SERVICES MARKET, BY TYPE, 2020–2026 (USD MILLION)
12.2.4 INSURANCE ANALYTICS MARKET, BY APPLICATION
TABLE 93 INSURANCE ANALYTICS MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
TABLE 94 INSURANCE ANALYTICS MARKET, BY APPLICATION, 2020–2026 (USD MILLION)
12.2.5 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE
TABLE 95 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE, 2016–2019 (USD MILLION)
TABLE 96 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE, 2020–2026 (USD MILLION)
12.2.6 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE
TABLE 97 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE, 2016–2019 (USD MILLION)
TABLE 98 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE, 2020–2026 (USD MILLION)
12.2.7 INSURANCE ANALYTICS MARKET, BY END USER
TABLE 99 INSURANCE ANALYTICS MARKET, BY END USER, 2016–2019 (USD MILLION)
TABLE 100 INSURANCE ANALYTICS MARKET, BY END USER, 2020–2026 (USD MILLION)
12.2.8 INSURANCE ANALYTICS MARKET, BY REGION
TABLE 101 INSURANCE ANALYTICS MARKET, BY REGION, 2016–2019 (USD MILLION)
TABLE 102 INSURANCE ANALYTICS MARKET, BY REGION, 2020–2026 (USD MILLION)
13 APPENDIX
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 CUSTOMIZATION OPTIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
