; IoT in Banking and Financial Services Market Size, Forecast, 2031

Banking and Financial Services Market

IoT in Banking and Financial Services Market: Segmented: By Organization Size (Large Sized Organizations and Small and Medium Sized Organizations), By Application (Cyber Security, Customer Relationship Management, Proactive Services, Product Marketing and Planning and Others), By End Users (Banking Services, Insurance Companies, Investment Banking, Foreign Exchange and Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031

Published on: Sep-2022
Report Code: FG FS 01171
No. of Pages: 170-350
Report Format: PDF

[ 170 + Pages Research Report ] IoT in Banking and Financial Services Market to surpass USD 40,458.5 million by 2031 from USD 811.3 million in 2021 at a CAGR of 47.8% in the coming years, i.e., 2021-31. 

Product Overview

In financial and banking services, IoT enables customers to have simple access to services. The Internet of Things provides services to banks that allow them to monitor consumer use of ATMs in various locations and adjust the number of ATMs installed in particular locations based on usage volumes. Customers get a personalized experience & timely insights using IoT in banking & financial services. A visitor can set up an appointment on their smartphone thanks to the device connectivity. So that the consumer knows exactly when it's their chance to appear at the counter rather than waiting in a huge line.

Market Highlights

Global IoT in Banking and Financial Services market is expected to project a notable CAGR of 47.8% in 2031.

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Global IoT in Banking and Financial Services: Segments

Cybersecurity segment to grow with the highest CAGR during 2021-31

Based on application, global IoT in Banking and Financial Services Market is fragmented into Cyber Security, Customer Relationship Management, Proactive Services, Product Marketing and Planning, and Others. The cybersecurity segment had the greatest market share among the applications. The banking industry is among the most vulnerable businesses to cyber-attacks. Millions of customers' personal information are held in the hands of banks. Banks are targeted by cybercriminals for profit through fraud, extortion, and fraud. As the number of internets - of - things devices in the sector grow, so does the potential for cyber-attacks.

Banking services segment to grow with the highest CAGR during 2021-31

Based on End-user, global IoT in Banking and Financial Services is fragmented into Banking Services, Insurance Companies, Investment Banking, Foreign Exchange, and Others. Banking services had the biggest market share among end-users. Mobile banking's popularity is a big contributor to the total market's growth. Internet banking is a fast and simple way to keep track of your bank accounts. Customers can use it to check their balances, transfer money, and pay bills online, among other things. The use of digital or online systems improves efficiency and transparency while also increasing the risk of data security risks. In the next years, these factors will increase the demand for data analysis from the web and mobile applications.

Market Dynamics

Drivers

Increase the use of IoT devices for connected Banking

Banks may provide holistic and linked banking solutions for client finances in real-time using IoT devices. These IoT-enabled interconnected banking solutions assist banks in meeting client expectations by utilizing data collected from a variety of smart devices to enable smart financial decisions. Banks can also use client data to give value-added services, financial aid, and customized goods to specific customers. Furthermore, higher user and IT efficiency, as well as decreased technology expenditures, assist banks in lowering their operating costs.

Provide complete Banking solutions in real-time

IoT in banking & financial services provides customers with entire banking solutions in real-time. With the use of data received from numerous smart devices, IoT-enabled gadgets assist the bank in meeting the needs of the consumer and simplifying smart financial decisions. Banks can use current customer data to provide value-added services, tailored products, and financial support to individuals. Furthermore, higher IT and user efficiency, as well as lower technology expenditures, contribute to minimizing operational costs.

Restraint

Interconnectivity and interoperability standards are lacking.

Organizations’ current systems do not satisfy global connectivity standards, the connectivity issue among IoT devices and services is one of the largest stumbling blocks for all sectors and their clients. Interoperability is frequently mentioned as being critical to the growth & success of IoT-enabled devices and services. Another significant feature of IoT enablement is easy interoperability between connections, with suppliers sharing an interest in promoting IoT development and interoperability through the use of standards.   Constructing exclusive IoT systems that rely on proprietary protocols and standards offers financial businesses competitive and cost advantages.

Global IoT in Banking and Financial Services: Key Players

  • Cisco Systems Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

  • Huawei Investment and Holding Co. Ltd.
  • Infosys Ltd.
  • Intel Corp.
  • International Business Machines Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • SAP SE
  • Schneider Electric SE
  • Vodafone Group Plc
  • Other Prominent Players

Global IoT in Banking and Financial Services: Regions

Global IoT in Banking and Financial Services market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projection period, APAC emerged as the largest Internet of Things in the banking and financial services market, with a significant share. The APAC area is likely to see an increase in the need for cashless transactions, agile, connected, and overall performance and response of connected financial solutions.

Impact of Covid-19 on IoT in Banking and Financial Services Market

An upsurge in instances of COVID-19 across the world is leading to an economic recession. Developed countries are significantly affected by the outbreak. COVID-19 has a detrimental influence on the IoT industry within the banking and financial services since banks and financial institutions reduce their investment in innovative technologies and services to stay competitive. In the coming years, the industry is likely to grow as financial services & banks start recovering from the economic slowdown caused by COVID-19.

Global IoT in Banking and Financial Services is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global IoT in Banking and Financial Services report also contains analysis on:

IoT in Banking and Financial Services Segments:

  • By Organization Size  
    • Large Sized Organizations
    • Small and Medium-Sized Organizations 
  • By Application  
    • Cyber Security
    • Customer Relationship Management
    • Proactive Services
    • Product Marketing and Planning
    • Others
  • By End Users  
    • Banking Services
    • Insurance Companies
    • Investment Banking
    • Foreign Exchange
    • Others
  • IoT in Banking and Financial Services Dynamics
  • IoT in Banking and Financial Services Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

IoT in Banking and Financial Services Market Report Scope and Segmentation

Report Attribute Details
The market size value in 2021 USD 811.3 million
The revenue forecast in 2031 USD 40,458.5 million
Growth Rate CAGR of 47.8% from 2021 to 2031
The base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Organization size, End User, Application, and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled Cisco Systems Inc., Huawei Investment and Holding Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Vodafone Group Plc. and Other Prominent Players.

Frequently Asked Questions (FAQ):

IoT in Banking and Financial Services Market size was estimated at USD 811.3 million in 2021 and is expected to reach USD 40,458.5 million by 2031

Key players Cisco Systems Inc., Huawei Investment and Holding Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Vodafone Group Plc. and Other Prominent Players.

Cybersecurity segment Is anticipated to hold the on IoT in Banking and Financial Services Market.

Drivers; Increase the use of IoT devices for connected Banking and Provide complete Banking solutions in real-time

In financial and banking services, IoT enables customers to have simple access to services. The Internet of Things provides services to banks that allow them to monitor consumer use of ATMs in various locations and adjust the number of ATMs installed in particular locations based on usage volumes.

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