IoT In Banking & Financial Services Market Scope
Internet of Things (IoT) is a popular communication paradigm that embeds intelligence in basic items and connects them to communicate, transmit messages, make choices, anticipate outcomes, and deliver relevant services. In the banking and financial services industry, the growth of branchless banking services across numerous communication channels has allowed for the creation of a new type of added value for consumers. With the increasing usage of mobile phones, especially other wireless devices such as wearables and sensors, the Internet of Things has become a logical development in electronic banking as a tool to improve client experience. The ability to use cutting-edge Internet of Things (IoT) technology to extract consumer insights via analytics and then shape the data into consumables for other linked systems is opening up a slew of new possibilities for banking and financial services. Businesses are investigating the possibilities of IoT in finance to utilise data and mitigate the risks that are inherent to the banking and financial services industry, which is rapidly digitising and mobilising.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Corporation (United States), Microsoft Corporation (United States), Capgemini (France), Infosys Limited (India), Cisco Systems (United States), Oracle Corporation (United States) and Accenture plc (Ireland) |
CAGR | 17.3% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IoT In Banking & Financial Services market throughout the predicted period.
IBM Corporation (United States), Microsoft Corporation (United States), Capgemini (France), Infosys Limited (India), Cisco Systems (United States), Oracle Corporation (United States) and Accenture plc (Ireland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are SAP SE (Germany), Software AG (Germany) and Vodafone (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global IoT In Banking & Financial Services market by Type , by Application (Cashless Payments, Optimized Voice technology, Improved visibility and Security and Authentication) and Region with country level break-up.
On the basis of geography, the market of IoT In Banking & Financial Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
May, 2021 - Apollo Acquired Verizon Media, Valued With Almost Monthly Active Users Worldwide, Verizon Media, Which Includes Renowned Brands Like Yahoo And AOL, Will Be Able to Actively Pursue Growth Areas as A Result of The Corporate Carveout.
In December, 2020 - INV Fintech Released New for Effective Discovery of New and Emerging Technologies, Strategies, And Products for Financial Institutions, Investors, And Potential Partners. The New INV Fintech Discovery is a Plug-And-Play Fintech Network That Connects People, Information, to Help Businesses Meet Changing Demands.
Influencing Trend:
Convergence of Operational Technology and Information Technology
Market Growth Drivers:
Increasing Implementation of IoT Devices for Connected Banking and Rising IoT Applications Across Different Industry Verticals
Challenges:
Lack of Standards for Interoperability & Interconnectivity and Data Computation
Restraints:
Data Security and Privacy Concerns
Opportunities:
High Investment in IoT Infrastructure and Growing Digitization in Banking Sector Across Emerging Regions
Key Target Audience
IoT In Banking & Financial Services Solution Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others