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 growing adoption of industry 4.0 and need to test new market scenarios in real time to reduce risks will drive the growth of digital twin in financial market. In the banking sector, Industry 4.0 technologies have unlocked new dimensions. With Industry 4.0, new banking services and opportunities can be launched to improve business performance and end customer experiences.
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By offering, service segment is expected to grow with the highest CAGR during the forecast period
Digital twin services provide a range of benefits to companies by utilizing digital technologies to create a virtual replica of a physical asset or system. These services can be used during the design and engineering phase to simulate various scenarios and test different configurations, as well as for real-time monitoring and management of physical assets to identify potential issues and optimize performances.
By end-use industry, the BFSI segment is expected to have largest market share during the forecast period
Banks and financial institutions face multiple challenges from different sources, which compels them to adopt innovative and new approaches. One of the biggest challenges that they face is managing the massive volumes of data across businesses. This data comes from various sources, including customer transactions, market data, and internal operations. There is also ongoing uncertainty about who owns this data and where it should be stored, particularly with the rise of cloud computing and other digital technologies.
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Various globally established players such as IBM (US), SAP (Germany), Capgemini (France), Ansys (US), and Microsoft (US) are dominating the digital twin in finance market. 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 smart transportation market.
IBM provide Maximo application suite that is a single, integrated cloud-based platform that uses AI, IoT and analytics to optimize performance, extend asset lifecycles, and reduce operational downtime and costs. It provides features such as asset management, predictive maintenance, and control of complex environments. In April 2023, IBM integrated with CosmoTech. The combination of IBM Maximo Application Suite and Cosmo Tech Asset represents enormous added value for asset managers. The Cosmo Tech platform connects to asset information from the IBM Maximo Application Suite. Through this integration, asset managers can simulate the complete physical and financial life cycle of their asset network, even under conditions that have never occurred before.
Another important player in digital twin in finance market is Microsoft. Microsoft offers Azure Digital Twins platform that allows users to create knowledge graphs based on digital models of entire environments. Buildings, industries, farms, energy networks, railways, stadiums, and more—even entire cities—could be among these environments. In July 2022, Microsoft and Cosmo Tech collaborated to merge their digital twin platforms to deliver practical insights for organizations to achieve net-zero carbon emissions. This partnership brings together Microsoft Azure Digital Twins and the 360° Simulation Digital Twin platform from Cosmo Tech. By integrating these platforms, the enterprise customers of Microsoft Azure can track emissions from their systems almost instantly and model future outcomes of various asustainability initiatives.
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