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.
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.
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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.
Digital Twin in Finance Market by Offering (Platforms & Solutions and Services), End-use Industry (BFSI (Banking, Financial Services, and Insurance), Manufacturing, Transportation & Logistics, Healthcare), Application and Region - Global Forecast to 2028
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