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Digital Twin Financial Services and Insurance Global Market Report 2024 To 2033 | International Business Machines Corporation, Atos SE, Swim Inc., General Electric Company, Microsoft Corporation, Capgemini SE, Ansys Inc
Digital Twin Financial Services and Insurance Market Segment
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According to The Business Research Company's, The digital twin financial services and insurance market size has grown rapidly in recent years. It will grow from $4.31 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to increased volume of financial data, advances in data analytics and simulation technologies, regulatory compliance and risk management needs, digital transformation in financial services, growth in insurtech innovations.
The digital twin financial services and insurance market size is expected to see rapid growth in the next few years. It will grow to $10.11 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to adoption of blockchain for transparent financial transactions, expansion of personalized financial planning solutions, increased use of digital twins for fraud detection, emphasis on real-time analytics in financial services, rise of tokenization and digital assets in financial services. Major trends in the forecast period include integration of artificial intelligence in digital twins, simulation-based scenario planning in finance, digital twins for customer journey mapping in insurance, cybersecurity simulation and threat detection, integration of digital twins with robotic process automation (rpa)
.
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Market Drivers and Trends:
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 growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
International Business Machines Corporation, Atos SE, Swim Inc., General Electric Company, Microsoft Corporation, Capgemini SE, Ansys Inc., NVIDIA Corporation, Altair Engineering Inc., Accenture* plc, Infosys Limited, Wipro Limited, Cognizant Technology Solutions Corporation, DXC Technology Company, Tata Consultancy Services Limited, Consultants to Government and Industry Incorporated, Genpact Limited, HCL Technologies Limited, Mindtree Limited, Larsen & Toubro Infotech Limited, Virtusa Corporation, Zensar Technologies Limited, Mphasis Limited, Hexaware Technologies Limited, Tech Mahindra Limited, Fidelity National Information Services Inc., Fiserv Inc., Mastercard Incorporated, Visa Inc., American Express Company
Digital Twin Financial Services and Insurance Market 2024 Key Insights:
• The digital twin financial services and insurance market size is expected to see rapid growth in the next few years. It will grow to $10.11 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Urbanization Powering The Future Of Digital Twin Financial Services And Insurance
• Accelerating Digital Twin Financial Services And Insurance
• North America was the largest region in the digital twin financial services and insurance market in 2023
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