Global Digital Twin Report 2023 in Financial Markets:


DUBLIN, May 11, 2023 (Globe Newswire) — The ‘Global Digital Twin’ in Financial Markets (Service Offerings (Platforms & Solutions, Services), End-Use Industries (BFSI, Manufacturing, Transportation & Logistics, Healthcare), Applications, by Region) – Added report “Forecast to 2028” of Recruitment.

The global digital twin in financial markets is expected to grow from US$100 million in 2023 to US$500 million by 2028, at a CAGR of 34.8% during the forecast period.

A major factor driving the growth of digital twins in financial markets is the growing need to develop secure infrastructure. The increasing use of digital banking has raised concerns among organizations about the secure management of customer and financial data. As IoT becomes more pervasive, organizations need more robust security and privacy to prevent breaches.

The financial services sector is expected to grow at the highest CAGR during the forecast period, according to BFSI

As consumers prefer to use digital channels for financial services, there is a growing need to improve the online customer experience. To combat this, financial institutions are working with third-party companies to collect data on consumer behavior online. This data provides insight into how digital twins leverage third-party data to create virtual assistants. Virtual assistants can replace the need for human support assistants and solve consumer problems through simulated interactions. Therefore, financial institutions must find ways to improve this experience if they want to minimize costs and improve work efficiency. One practical approach to achieving automated virtual assistants that can learn from any experience is to use digital twins.

By service, the managed services segment is expected to grow at the highest CAGR during the forecast period

Managed services are important, especially as they relate to client experience. The technology space requires well-delivered managed services. The services provided must fit perfectly into the client’s environment. Technical expertise, consistency of service and flexibility should be provided by the vendor regardless of the client’s location. Enterprises find it very difficult to focus on core business processes and simultaneously support various other functions. This makes managed services even more important in his BFSI areas such as insurance.

Asia Pacific to record the highest growth rate during the forecast period

Companies in the Asia-Pacific region may benefit from flexible economic conditions, industrialization, globalization-oriented policies of governments, and growing digitalization in the region. The growth of digital twins in financial markets is expected to be driven by the surge in urbanization in the region. Increasing urbanization and rising disposable incomes have made it possible for individuals to conveniently choose digital services instead of going to the bank physically. This opens up the potential for market growth. Asia-Pacific witnessed advanced and dynamic introduction of new technologies and is expected to register the highest CAGR during the forecast period.

Market trend


  • Increased adoption of Industry 4.0
  • Growing Need to Test New Market Scenarios in Real Time to Reduce Risk
  • Growing demand for secure infrastructure
  • Increased need to meet compliance requirements


  • High cost of digital twin deployment


  • Increased adoption of real-time data analysis tools
  • Growing demand for open banking
  • Increased importance of financial crime risk vigilance and management


  • shortage of skilled labor
  • Growing threat of cyberattacks

Key Attributes:

report attribute detail
number of pages 163
Forecast period 2023-2028
2023 Estimated Market Value (USD) $100 million
Projected Market Value (USD) to 2028 $500 million
compound annual growth rate 34.8%
Target area global

Main topics covered:

1.First of all

2 Research method

3 Overview

4 Premium Insights

5 Market overview and industry trends

6 Digital twins in financial markets (by offering)
6.1 Introduction
6.2 Platforms and Solutions
6.2.1 Benefits such as real-time monitoring and predictive maintenance driving demand for digital twin platforms and solutions
6.3 Services
6.3.1 Professional Services Growing Need for Ongoing Technical Support to Increase Demand for Professional Services
6.3.2 Managed Services Capabilities of Managed Services to Improve Client Experience and Drive Growth

7 Digital twins in financial markets (by application)
7.1 Introduction
7.1.1 Market, By Application: Market Drivers
7.2 Risk assessment and 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 Capabilities of Digital Twins to Check and Mitigate Bottlenecks to Facilitate Adoption
7.4 Claims Management
7.4.1 Increased use of digital twins to prevent delays in claims management processes to drive growth
7.5 Tests and simulations
7.5.1 Need for digital twins to test and analyze system behavior in complex situations to drive the market
7.6 Other applications

8 Digital Twins in Financial Markets by End-Use Industry
8.1 Introduction
8.1.1 Market by End-Use Industry: Market Drivers
8.2 BFSI
8.2.1 Banking Growing Need to Improve Customer Experience to Facilitate the Use of Digital Twins in the Banking Sector Usage example Check and enhance ATM performance in real time Manage and monitor customer purchasing preferences at the bank
8.2.2 Financial services Need for Virtual Assistants to Solve Consumer Problems Through Simulated Interactions to Drive Demand for Digital Twins Usage example Check portfolio performance under different conditions before investing
8.2.3 Insurance Growing need for risk assessment in the insurance sector to drive demand for digital twins Usage example To estimate and resolve claims quickly Fraudulent Billing Detection Address legal and compliance risks
8.3 Manufacturing
8.3.1 Manufacturing needs to cut time and costs to drive growth Usage example Reduce the cost of manufacturing operations Reduce costs and improve product quality
8.4 Healthcare
8.4.1 Growing trend of digitization in healthcare driving the adoption of digital twins Usage example Reduce Costs and Improve Efficiency with Oracle Health Insurance Simulate and enhance clinical workflow
8.5 Transport and Logistics
8.5.1 The Need for Transportation Companies to Improve Asset and Process Performance to Drive Market Growth Usage example Make a calculated investment decision for the Cross River Rail Project To prevent costly downtime and repairs
8.6 Other end-use industries
8.6.1 Usage example Improve energy operations and help strengthen corporate revenue models For better understanding of risk

9 Digital twins in financial markets (by region)

10 Competitive environment

11 Company profile

12 Adjacent and Related Markets

13 Appendix

companies mentioned

  • Altair Engineering Co., Ltd.
  • Ansis
  • capgemini
  • Cosmo Tech
  • Deloitte
  • IBM
  • Merlin Intelligence Technologies
  • microsoft
  • Nayaone
  • NVIDIA Corporation
  • Oracle Corporation
  • piplate
  • SAP
  • Tada
  • Verisk
  • VS Optima

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  • Global Digital Twin in Financial Markets


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