New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Twin Financial Services and Insurance Global Market Report 2023" - https://www.reportlinker.com/p06443915/?utm_source=GNW
, PTC, ANSYS Inc., DXC Technology Company, Bosch.IO GmbH, Siemens AG, and Oracle Corporation.
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. 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 market consists of revenues earned by entities by providing digital twin financial services and insurance that are used to assist insurers in defining new policies or packages, mitigating risks, and lowering administration costs.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
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 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 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.
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.For instance, in 2022, according to hybrid cloud adoption study conducted by Hornetsecurity, surveyed 900 IT professionals primarily based in North America and Europe, found that 93% of businesses were adopting a hybrid of cloud and on-premise solutions or migrating fully to the cloud within 5 years .
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.
The countries covered in the digital twin financial services and insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The digital twin financial services and insurance market research report is one of a series of new reports that provides digital twin financial services and insurance market statistics, including digital twin financial services and insurance industry global market size, regional shares, competitors with digital twin financial services and insurance market share, detailed digital twin financial services and insurance market segments, market trends and opportunities, and any further data you may need to thrive in the digital twin financial services and insurance industry. This digital twin financial services and insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06443915/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
