Summary

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:

• 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%
The major players in the digital twin in finance market are IBM (US), Microsoft (US), Capgemini (France), SAP (Germany), Ansys (US), Altair (US), NVIDIA (US), NTT Data (Japan), Oracle (US), Deloitte (UK), Verisk (US), Cosmo Tech (France), NayaOne (UK), VSOptima (US), Merlynn (US), Piprate (Ireland), and TADA (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the digital twin in finance market.




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.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like IBM (US), Microsoft (US), Capgemini (France), SAP (Germany), Ansys (US), Altair (US), NVIDIA (US), NTT Data (Japan), Oracle (US), Deloitte (UK), Verisk (US), Cosmo Tech (France), NayaOne (UK), VSOptima (US), Merlynn (US), Piprate (Ireland), and TADA (US).

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Table of Contents

1 INTRODUCTION 19
1.1 STUDY OBJECTIVES 19
1.2 MARKET DEFINITION 19
1.2.1 INCLUSIONS & EXCLUSIONS 19
1.3 MARKET SCOPE 20
1.3.1 MARKET SEGMENTATION 20
1.3.2 REGIONS COVERED 20
1.3.3 YEARS CONSIDERED 21
1.4 CURRENCY CONSIDERED 21
1.5 STAKEHOLDERS 21
1.6 RECESSION IMPACT 22
2 RESEARCH METHODOLOGY 23
2.1 RESEARCH DATA 23
FIGURE 1 GLOBAL DIGITAL TWIN IN FINANCE MARKET: RESEARCH DESIGN 23
2.1.1 SECONDARY DATA 24
2.1.1.1 Secondary sources 24
2.1.2 PRIMARY DATA 24
2.1.2.1 Primary interviews with experts 24
2.1.2.2 List of key primary interview participants 25
2.1.2.3 Breakup of primary interviews 25
FIGURE 2 BREAKUP OF PRIMARY INTERVIEWS: BY COMPANY, DESIGNATION, AND REGION 25
2.1.2.4 Key industry insights 25
2.2 DATA TRIANGULATION 26
2.3 MARKET SIZE ESTIMATION 27
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 1 (SUPPLY SIDE): REVENUE OF PLATFORMS/SOLUTIONS AND SERVICES 27
2.3.1 BOTTOM-UP APPROACH 27
FIGURE 4 BOTTOM-UP APPROACH 28
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 2: TOP-DOWN APPROACH (DEMAND SIDE) 28
2.3.2 TOP-DOWN APPROACH 28
FIGURE 6 TOP-DOWN APPROACH 29
2.4 MARKET FORECAST 29
TABLE 1 FACTOR ANALYSIS 29
2.5 STUDY ASSUMPTIONS 30
2.6 STUDY LIMITATIONS 30
3 EXECUTIVE SUMMARY 31
FIGURE 7 DIGITAL TWIN IN FINANCE MARKET, 2023–2028 (USD MILLION) 31
FIGURE 8 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023 VS. 2028 (USD MILLION) 32
FIGURE 9 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023 VS. 2028 (USD MILLION) 32
FIGURE 10 DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023 VS. 2028 (USD MILLION) 33
4 PREMIUM INSIGHTS 34
4.1 DIGITAL TWIN IN FINANCE MARKET OVERVIEW 34
FIGURE 11 INCREASING USE OF DIGITALIZED PLATFORMS TO DRIVE MARKET GROWTH 34
4.2 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023) 35
FIGURE 12 BFSI SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023 35
4.3 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023) 35
FIGURE 13 PLATFORMS & SOLUTIONS TO DOMINATE MARKET IN ASIA PACIFIC IN 2023 35
4.4 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING AND END-USE INDUSTRY (2023) 36
FIGURE 14 BFSI SEGMENT TO HOLD LARGEST MARKET SHARE IN 2023 36
4.5 GEOGRAPHICAL SNAPSHOT OF DIGITAL TWIN IN FINANCE MARKET 36
FIGURE 15 ASIA PACIFIC TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD 36
5 MARKET OVERVIEW AND INDUSTRY TRENDS 37
5.1 MARKET OVERVIEW 37
5.2 MARKET DYNAMICS 37
FIGURE 16 DIGITAL TWIN IN FINANCE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 37
5.2.1 DRIVERS 38
5.2.1.1 Growing adoption of Industry 4.0 38
5.2.1.2 Growing need to test new market scenarios in real-time to reduce risks 38
5.2.1.3 Increasing demand for secure infrastructure 38
5.2.1.4 Growing need to meet compliance requirements 39
5.2.2 RESTRAINTS 39
5.2.2.1 High cost of digital twin deployment 39
5.2.3 OPPORTUNITIES 39
5.2.3.1 Increasing adoption of real-time data analytical tools 39
5.2.3.2 Growing demand for open banking 40
5.2.3.3 Rising emphasis on financial crime risk alert management 40
5.2.4 CHALLENGES 40
5.2.4.1 Lack of skilled workforce 40
5.2.4.2 Growing threat of cyberattacks 41
5.3 EVOLUTION OF DIGITAL TWIN TECHNOLOGY 41
5.4 ECOSYSTEM ANALYSIS 42
5.4.1 RESEARCH & DEVELOPMENT 42
5.4.2 PLANNING & DESIGN 42
5.4.3 DIGITAL TWIN ENABLERS 42
5.4.4 SOLUTION/PLATFORM/SERVICE PROVIDERS 42
5.4.5 END USERS 42
TABLE 2 DIGITAL TWIN IN FINANCE MARKET: ECOSYSTEM 43
5.5 VALUE CHAIN ANALYSIS 43
FIGURE 17 DIGITAL TWIN IN FINANCE MARKET: VALUE CHAIN ANALYSIS 43
5.6 PRICING ANALYSIS 44
5.6.1 AVERAGE SELLING PRICE OF KEY PLAYERS, BY OFFERING 44
TABLE 3 PRICING MODELS AND INDICATIVE PRICE POINTS, 2022–2023 44
5.6.2 AVERAGE SELLING PRICE TREND 44
5.7 TECHNOLOGY ANALYSIS 45
5.7.1 RELATED TECHNOLOGIES 45
5.7.1.1 Artificial intelligence and machine learning 45
5.7.1.2 Big data and analytics 45
5.7.1.3 IoT & IIoT 45
5.7.1.4 Augmented reality and virtual reality 46
5.7.1.5 Blockchain 46
5.7.1.6 5G 46
5.7.2 IMPACT OF DIGITAL TWINS ON ADJACENT TECHNOLOGIES 47
5.8 INDUSTRY USE CASES 47
5.8.1 USE CASE 1: INSURANCE COMPANIES ARE ADOPTING DIGITAL TWINS TO MANAGE RISK 47
5.8.2 USE CASE 2: COMPANIES ADOPT DIGITAL TWINS TO ADDRESS LEGAL AND COMPLIANCE RISKS IN FINANCIAL DATA 48
5.9 PATENT ANALYSIS 48
5.9.1 DOCUMENT TYPES 48
TABLE 4 PATENTS FILED, 2020–2023 48
5.9.2 INNOVATION AND PATENT APPLICATIONS 49
FIGURE 18 TOTAL NUMBER OF PATENTS GRANTED IN A YEAR, 2020–2023 49
FIGURE 19 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS 49
TABLE 5 TOP TEN PATENT OWNERS IN DIGITAL TWIN IN FINANCE MARKET, 2020–2023 49
TABLE 6 LIST OF PATENTS IN DIGITAL TWIN IN FINANCE MARKET, 2020–2022 50
5.10 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS 51
FIGURE 20 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS IN DIGITAL TWIN IN FINANCE MARKET 51
5.11 PORTER’S FIVE FORCES ANALYSIS 51
TABLE 7 DIGITAL TWIN IN FINANCE MARKET: PORTER’S FIVE FORCES MODEL 51
5.11.1 THREAT FROM NEW ENTRANTS 52
5.11.2 THREAT FROM SUBSTITUTES 52
5.11.3 BARGAINING POWER OF BUYERS 52
5.11.4 BARGAINING POWER OF SUPPLIERS 52
5.11.5 DEGREE OF COMPETITION 52
5.12 REGULATORY LANDSCAPE 53
TABLE 8 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 53
TABLE 9 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 53
TABLE 10 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 54
TABLE 11 MIDDLE EAST & AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 54
TABLE 12 LATIN AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 54
5.12.1 ISO/TC 184/SC 4 55
5.12.2 ISO/TC 184 55
5.12.3 GENERAL PERSONAL DATA PROTECTION LAW (GPDP) 55
5.12.4 AUSTRALIAN DIGITAL CURRENCY COMMERCE ASSOCIATION (ADCCA) 55
5.12.5 DIGITAL SIGNATURE ACT 55
5.12.6 GDPR 55
5.12.7 FINANCIAL SERVICES MODERNIZATION ACT 56
5.12.8 SOX ACT 56
5.12.9 PAYMENT CARD INDUSTRY-DATA SECURITY STANDARD 56
5.12.10 HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT 56
5.12.11 FEDERAL INFORMATION SECURITY MANAGEMENT ACT 57
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 57
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 57
FIGURE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS 57
TABLE 13 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS 57
5.13.2 BUYING CRITERIA 58
FIGURE 22 KEY BUYING CRITERIA 58
TABLE 14 KEY BUYING CRITERIA 58
5.14 KEY CONFERENCES AND EVENTS, 2023–2024 59
TABLE 15 DIGITAL TWIN IN FINANCE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 59
5.15 BEST PRACTICES IN DIGITAL TWIN IN FINANCE MARKET 60
5.16 FUTURE OUTLOOK OF DIGITAL TWIN IN FINANCE MARKET 60
5.16.1 DIGITAL TWIN TECHNOLOGY ROADMAP TILL 2030 60
5.16.1.1 Short-term roadmap (2023–2025) 61
5.16.1.2 Mid-term roadmap (2026–2028) 61
5.16.1.3 Long-term roadmap (2029–2030) 61
6 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING 63
6.1 INTRODUCTION 64
6.1.1 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING: MARKET DRIVERS 64
FIGURE 23 SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 64
TABLE 16 DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION) 64
6.2 PLATFORMS & SOLUTIONS 65
6.2.1 BENEFITS SUCH AS REAL-TIME MONITORING AND PREDICTIVE MAINTENANCE TO DRIVE DEMAND FOR DIGITAL TWIN PLATFORMS & SOLUTIONS 65
6.3 SERVICES 65
TABLE 17 DIGITAL TWIN IN FINANCE MARKET, BY TYPE, 2023–2028 (USD MILLION) 65
6.3.1 PROFESSIONAL SERVICES 65
6.3.1.1 Growing need for ongoing technical support to boost demand for professional services 65
TABLE 18 PROFESSIONAL SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 66
6.3.2 MANAGED SERVICES 66
6.3.2.1 Ability of managed services to improve client experiences to drive growth 66
TABLE 19 MANAGED SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 66
7 DIGITAL TWIN IN FINANCE MARKET, BY APPLICATION 67
7.1 INTRODUCTION 67
7.1.1 DIGITAL TWIN IN FINANCE MARKET, BY APPLICATION: MARKET DRIVERS 67
7.2 RISK ASSESSMENT & COMPLIANCE 67
7.2.1 GROWING NEED FOR REAL-TIME ASSET MONITORING FOR RISK ESTIMATION TO DRIVE MARKET GROWTH 67
7.3 PROCESS OPTIMIZATION 68
7.3.1 ABILITY OF DIGITAL TWINS TO CHECK AND REDUCE BOTTLENECKS TO BOOST ADOPTION 68
7.4 INSURANCE CLAIMS MANAGEMENT 68
7.4.1 GROWING USE OF DIGITAL TWINS TO PREVENT DELAYS IN CLAIMS MANAGEMENT PROCESSES TO FAVOR GROWTH 68
7.5 TESTING & SIMULATION 69
7.5.1 NEED FOR DIGITAL TWINS TO TEST AND ANALYZE SYSTEM BEHAVIOR IN COMPLEX SITUATIONS TO BOOST MARKET 69
7.6 OTHER APPLICATIONS 69
8 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY 70
8.1 INTRODUCTION 71
8.1.1 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY: MARKET DRIVERS 71
FIGURE 24 HEALTHCARE INDUSTRY TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 71
TABLE 20 DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION) 72
8.2 BFSI 72
FIGURE 25 FINANCIAL SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 72
TABLE 21 BFSI: DIGITAL TWIN IN FINANCE MARKET, BY TYPE, 2023–2028 (USD MILLION) 73
TABLE 22 BFSI: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 73
8.2.1 BANKING 73
8.2.1.1 Growing need to improve customer experiences to drive use of digital twins in banking sector 73
TABLE 23 BANKING: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 73
8.2.1.1.1 Use cases 74
8.2.1.1.1.1 To check and enhance performance of ATMs in real-time 74
8.2.1.1.1.2 To manage and monitor customer buying preferences in banks 74
8.2.2 FINANCIAL SERVICES 74
8.2.2.1 Need for virtual assistants to solve consumer problems through simulated interactions to drive demand for digital twins 74
TABLE 24 FINANCIAL SERVICES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 74
8.2.2.1.1 Use cases 75
8.2.2.1.1.1 To check performance of portfolio in various conditions before investing 75
8.2.3 INSURANCE 75
8.2.3.1 Growing need for risk assessment in insurance sector to boost demand for digital twins 75
TABLE 25 INSURANCE: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 75
8.2.3.1.1 Use cases 76
8.2.3.1.1.1 To estimate and settle claims quickly 76
8.2.3.1.1.2 To detect fraudulent claims 76
8.2.3.1.1.3 To address legal and compliance risks 76
8.3 MANUFACTURING 76
8.3.1 NEED TO CUT TIME AND COST IN MANUFACTURING SECTOR TO DRIVE GROWTH 76
TABLE 26 MANUFACTURING: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 77
8.3.1.1 Use cases 77
8.3.1.1.1 To reduce costs involved in manufacturing operations 77
8.3.1.1.2 To improve cost savings and product quality 77
8.4 HEALTHCARE 77
8.4.1 GROWING TREND OF DIGITALIZATION IN HEALTHCARE TO BOOST ADOPTION OF DIGITAL TWINS 77
TABLE 27 HEALTHCARE: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 78
8.4.1.1 Use cases 78
8.4.1.1.1 To reduce costs and improve efficiency with Oracle Health Insurance 78
8.4.1.1.2 To simulate and enhance clinical workflows 78
8.5 TRANSPORTATION & LOGISTICS 78
8.5.1 NEED FOR TRANSPORTATION COMPANIES TO IMPROVE PERFORMANCE OF ASSETS AND PROCESSES TO FUEL MARKET GROWTH 78
TABLE 28 TRANSPORTATION & LOGISTICS: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 79
8.5.1.1 Use cases 79
8.5.1.1.1 To make calculative investment decisions for Cross River Rail project 79
8.5.1.1.2 To prevent costly downtime and repairs 79
8.6 OTHER END-USE INDUSTRIES 80
TABLE 29 OTHER END-USE INDUSTRIES: DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 80
8.6.1 USE CASES 80
8.6.1.1 To improve energy operations and help companies enhance revenue models 80
8.6.1.2 To better understand risk 80
9 DIGITAL TWIN IN FINANCE MARKET, BY REGION 81
9.1 INTRODUCTION 82
FIGURE 26 DIGITAL TWIN IN FINANCE MARKET: REGIONAL SNAPSHOT (2023) 82
FIGURE 27 ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 82
TABLE 30 DIGITAL TWIN IN FINANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 83
9.2 NORTH AMERICA 83
FIGURE 28 NORTH AMERICA: MARKET SNAPSHOT 84
9.2.1 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET DRIVERS 84
9.2.2 NORTH AMERICA: RECESSION IMPACT 85
TABLE 31 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION) 85
TABLE 32 NORTH AMERICA: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION) 85
TABLE 33 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION) 86
TABLE 34 NORTH AMERICA: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION) 86
9.2.3 US 86
9.2.3.1 Rapid adoption of technology in financial sector to drive market growth 86
9.2.4 CANADA 87
9.2.4.1 Increasing cyberattacks to drive demand for digital twins 87
9.3 EUROPE 87
FIGURE 29 EUROPE: MARKET SNAPSHOT 88
9.3.1 EUROPE: DIGITAL TWIN IN FINANCE MARKET DRIVERS 88
9.3.2 EUROPE: RECESSION IMPACT 88
TABLE 35 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION) 89
TABLE 36 EUROPE: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION) 89
TABLE 37 EUROPE: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION) 89
TABLE 38 EUROPE: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION) 90
9.3.3 UK 90
9.3.3.1 Need to improve efficiency of digital infrastructure to boost market growth 90
9.3.4 GERMANY 90
9.3.4.1 Significant adoption of IoT technologies and analytics in financial sector to propel market 90
9.3.5 REST OF EUROPE 91
9.4 ASIA PACIFIC 91
FIGURE 30 ASIA PACIFIC: MARKET SNAPSHOT 92
9.4.1 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET DRIVERS 92
9.4.2 RECESSION IMPACT: ASIA PACIFIC 92
TABLE 39 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION) 93
TABLE 40 ASIA PACIFIC: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION) 93
TABLE 41 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION) 94
TABLE 42 ASIA PACIFIC: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION) 94
9.4.3 CHINA 94
9.4.3.1 Increasing government investments to enhance security of digital platforms to contribute to growth 94
9.4.4 SINGAPORE 95
9.4.4.1 Rapid adoption of innovative digital technologies across banking sector to fuel growth 95
9.4.5 REST OF ASIA PACIFIC 95
9.5 REST OF THE WORLD 95
9.5.1 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET DRIVERS 95
9.5.2 RECESSION IMPACT: REST OF THE WORLD 96
TABLE 43 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET, BY OFFERING, 2023–2028 (USD MILLION) 96
TABLE 44 REST OF THE WORLD: DIGITAL TWIN IN FINANCE SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION) 96
TABLE 45 REST OF THE WORLD: DIGITAL TWIN IN FINANCE MARKET, BY END-USE INDUSTRY, 2023–2028 (USD MILLION) 97
TABLE 46 REST ON THE WORLD: DIGITAL TWIN IN FINANCE MARKET FOR BFSI SECTOR, BY TYPE, 2023–2028 (USD MILLION) 97
10 COMPETITIVE LANDSCAPE 98
10.1 OVERVIEW 98
10.2 STRATEGIES ADOPTED BY KEY PLAYERS 98
TABLE 47 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN DIGITAL TWIN IN FINANCE MARKET 98
10.3 COMPETITIVE SCENARIO 99
10.4 MARKET SHARE ANALYSIS OF TOP PLAYERS 99
TABLE 48 DIGITAL TWIN IN FINANCE MARKET: DEGREE OF COMPETITION 99
10.5 COMPETITIVE BENCHMARKING 100
TABLE 49 PRODUCT FOOTPRINT WEIGHTAGE 100
TABLE 50 DIGITAL TWIN IN FINANCE MARKET: COMPETITIVE BENCHMARKING OF PLAYERS, BY OFFERING, END-USE INDUSTRY, AND REGION 100
TABLE 51 DIGITAL TWIN IN FINANCE MARKET: DETAILED LIST OF KEY START-UPS/SMES 101
10.6 MARKET RANKING OF KEY PLAYERS IN DIGITAL TWIN IN FINANCE MARKET, 2023 101
FIGURE 31 MARKET RANKING OF KEY PLAYERS, 2023 101
10.7 COMPANY EVALUATION QUADRANT 102
FIGURE 32 COMPANY EVALUATION MATRIX: CRITERIA WEIGHTAGE 102
10.7.1 STARS 102
10.7.2 EMERGING LEADERS 103
10.7.3 PERVASIVE PLAYERS 103
10.7.4 PARTICIPANTS 103
FIGURE 33 DIGITAL TWIN IN FINANCE MARKET: COMPANY EVALUATION MATRIX, 2023 104
10.8 START-UP/SME EVALUATION MATRIX METHODOLOGY AND DEFINITIONS 105
FIGURE 34 START-UP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE 105
10.8.1 PROGRESSIVE COMPANIES 105
10.8.2 RESPONSIVE COMPANIES 105
10.8.3 DYNAMIC COMPANIES 105
10.8.4 STARTING BLOCKS 105
FIGURE 35 DIGITAL TWIN IN FINANCE MARKET: START-UP/SME EVALUATION MATRIX, 2023 106
10.9 COMPETITIVE SCENARIO 106
10.9.1 PRODUCT LAUNCHES 106
TABLE 52 PRODUCT LAUNCHES, JANUARY 2019–MARCH 2023 107
10.9.2 DEALS 107
TABLE 53 DEALS, JANUARY 2019–MARCH 2023 107
 
11 COMPANY PROFILES 109
11.1 MAJOR PLAYERS 109
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
11.1.1 IBM 109
TABLE 54 IBM: BUSINESS OVERVIEW 109
FIGURE 36 IBM: COMPANY SNAPSHOT 110
TABLE 55 IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED 110
TABLE 56 IBM: DEALS 111
11.1.2 MICROSOFT 113
TABLE 57 MICROSOFT: BUSINESS OVERVIEW 113
FIGURE 37 MICROSOFT: COMPANY SNAPSHOT 114
TABLE 58 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 114
TABLE 59 MICROSOFT: DEALS 115
11.1.3 CAPGEMINI 117
TABLE 60 CAPGEMINI: BUSINESS OVERVIEW 117
FIGURE 38 CAPGEMINI: COMPANY SNAPSHOT 118
TABLE 61 CAPGEMINI: PRODUCTS/SOLUTIONS/SERVICES OFFERED 118
11.1.4 SAP 120
TABLE 62 SAP: BUSINESS OVERVIEW 120
FIGURE 39 SAP: COMPANY SNAPSHOT 121
TABLE 63 SAP: PRODUCTS/SOLUTIONS/SERVICES OFFERED 121
11.1.5 ANSYS 123
TABLE 64 ANSYS: BUSINESS OVERVIEW 123
FIGURE 40 ANSYS: COMPANY SNAPSHOT 124
TABLE 65 ANSYS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 124
TABLE 66 ANSYS: PRODUCT LAUNCHES 125
TABLE 67 ANSYS: DEALS 125
11.1.6 ORACLE CORPORATION 127
TABLE 68 ORACLE CORPORATION: BUSINESS OVERVIEW 127
FIGURE 41 ORACLE CORPORATION: COMPANY SNAPSHOT 128
TABLE 69 ORACLE CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 128
TABLE 70 ORACLE CORPORATION: DEALS 129
11.1.7 ALTAIR ENGINEERING INC. 130
TABLE 71 ALTAIR ENGINEERING INC.: BUSINESS OVERVIEW 130
FIGURE 42 ALTAIR ENGINEERING INC.: COMPANY SNAPSHOT 131
TABLE 72 ALTAIR ENGINEERING INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 131
TABLE 73 ALTAIR ENGINEERING INC.: DEALS 132
11.1.8 DELOITTE 133
TABLE 74 DELOITTE: BUSINESS OVERVIEW 133
FIGURE 43 DELOITTE: COMPANY SNAPSHOT 133
TABLE 75 DELOITTE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 134
TABLE 76 DELOITTE: DEALS 134
11.1.9 NVIDIA CORPORATION 135
TABLE 77 NVIDIA CORPORATION: BUSINESS OVERVIEW 135
FIGURE 44 NVIDIA CORPORATION: COMPANY SNAPSHOT 136
TABLE 78 NVIDIA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 136
11.1.10 NTT DATA 137
11.1.11 VERISK 138
*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 139
11.2.1 COSMO TECH 139
11.2.2 NAYAONE 140
11.2.3 VSOPTIMA 141
11.2.4 MERLYNN INTELLIGENCE TECHNOLOGIES 142
11.2.5 PIPRATE 143
11.2.6 TADA 144
12 ADJACENT/RELATED MARKETS 145
12.1 RISK ANALYTICS MARKET 145
12.1.1 MARKET DEFINITION 145
12.1.2 MARKET OVERVIEW 145
12.1.3 RISK ANALYTICS MARKET, BY COMPONENT 145
TABLE 79 RISK ANALYTICS MARKET, BY COMPONENT, 2016–2021 (USD MILLION) 145
TABLE 80 RISK ANALYTICS MARKET, BY COMPONENT, 2022–2027 (USD MILLION) 146
12.1.3.1 Software 146
TABLE 81 RISK ANALYTICS SOFTWARE MARKET, BY REGION, 2016–2021 (USD MILLION) 146
TABLE 82 RISK ANALYTICS SOFTWARE MARKET, BY REGION, 2022–2027 (USD MILLION) 147
TABLE 83 RISK ANALYTICS SOFTWARE MARKET, BY TYPE, 2016–2021 (USD MILLION) 147
TABLE 84 RISK ANALYTICS SOFTWARE MARKET, BY TYPE, 2022–2027 (USD MILLION) 147
12.1.3.2 Services 148
TABLE 85 RISK ANALYTICS SERVICES MARKET, BY REGION, 2016–2021 (USD MILLION) 148
TABLE 86 RISK ANALYTICS SERVICES MARKET, BY REGION, 2022–2027 (USD MILLION) 148
TABLE 87 RISK ANALYTICS SERVICES MARKET, BY TYPE, 2016–2021 (USD MILLION) 148
TABLE 88 RISK ANALYTICS SERVICES MARKET, BY TYPE, 2022–2027 (USD MILLION) 149
12.2 INSURANCE ANALYTICS MARKET 149
12.2.1 MARKET DEFINITION 149
12.2.2 MARKET OVERVIEW 149
12.2.3 INSURANCE ANALYTICS MARKET, BY COMPONENT 149
TABLE 89 INSURANCE ANALYTICS MARKET, BY COMPONENT, 2016–2019 (USD MILLION) 150
TABLE 90 INSURANCE ANALYTICS MARKET, BY COMPONENT, 2020–2026 (USD MILLION) 150
TABLE 91 INSURANCE ANALYTICS SERVICES MARKET, BY TYPE, 2016–2019 (USD MILLION) 150
TABLE 92 INSURANCE ANALYTICS SERVICES MARKET, BY TYPE, 2020–2026 (USD MILLION) 150
12.2.4 INSURANCE ANALYTICS MARKET, BY APPLICATION 151
TABLE 93 INSURANCE ANALYTICS MARKET, BY APPLICATION, 2016–2019 (USD MILLION) 151
TABLE 94 INSURANCE ANALYTICS MARKET, BY APPLICATION, 2020–2026 (USD MILLION) 151
12.2.5 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE 151
TABLE 95 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE, 2016–2019 (USD MILLION) 152
TABLE 96 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODE, 2020–2026 (USD MILLION) 152
12.2.6 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE 152
TABLE 97 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE, 2016–2019 (USD MILLION) 152
TABLE 98 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE, 2020–2026 (USD MILLION) 153
12.2.7 INSURANCE ANALYTICS MARKET, BY END USER 153
TABLE 99 INSURANCE ANALYTICS MARKET, BY END USER, 2016–2019 (USD MILLION) 153
TABLE 100 INSURANCE ANALYTICS MARKET, BY END USER, 2020–2026 (USD MILLION) 153
12.2.8 INSURANCE ANALYTICS MARKET, BY REGION 154
TABLE 101 INSURANCE ANALYTICS MARKET, BY REGION, 2016–2019 (USD MILLION) 154
TABLE 102 INSURANCE ANALYTICS MARKET, BY REGION, 2020–2026 (USD MILLION) 154
13 APPENDIX 155
13.1 DISCUSSION GUIDE 155
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 158
13.3 CUSTOMIZATION OPTIONS 160
13.4 RELATED REPORTS 160
13.5 AUTHOR DETAILS 161