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According to The Business Research Company’s research on 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, according to the 2019 State of the Cloud Survey by Flexera, a US-based software company, out of 786 technical professionals surveyed, 94% use cloud solutions, and 69% of them are using hybrid cloud solutions. Therefore, the increasing adoption of cloud technologies is propelling the digital twin financial services and insurance market.
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The global digital twin financial services and insurance market size is expected to grow from $2.95 billion in 2021 to $3.57 billion in 2022 at a compound annual growth rate (CAGR) of 20.9%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. As per TBRC’s digital twin financial services and insurance market research the market is expected to grow to $6.82 billion in 2026 at a CAGR of 17.6%.
The global digital twin financial services and insurance market is segmented by type into system digital twin, process digital twin; by technology into IOT And IIOT, artificial intelligence and machine learning, 5G, big data analytics, blockchain and augmented reality, virtual reality, mixed reality; by deployment into cloud, on-premises; by application into bank account funds checking, digital fund transfer checks, policy generation, other applications.
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.
As per TBRC’s digital twin financial services and insurance market report, North America was the largest region in the digital twin financial services and insurance market in 2021. The regions covered in the digital twin financial services and insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Major players in the digital twin financial services and insurance market are IBM Corporation, Atos SE, Swim Inc., General Electric, Microsoft Corporation, SAP SE, ABB Group, Kellton Tech, AVEVA Group plc., PTC, ANSYS Inc., DXC Technology Company, Bosch.IO GmbH, Siemens AG, and Oracle Corporation.
Digital Twin Financial Services And Insurance Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide digital twin financial services and insurance market analysis, digital twin financial services and insurance market forecast size and growth, digital twin financial services and insurance market share, digital twin financial services and insurance market segments, digital twin financial services and insurance market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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