IoT in Banking and Financial Services Market by Component (Services), by Solution (Automatic Payment), by Services (Consulting), by Application Type (Banking, Insurance), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2019 to 2027)

IoT in Banking and Financial Services Market Size, Share, Trends, Growth, Analysis, Research

IoT in Banking and Financial Services Market: Summary

The Global IoT in Banking and Financial Services Market is projected to reach a value of over USD 5.5 Billion by 2027 at a CAGR of around 50.5%.

IoT is refers to the network of physical objects that are connected over the internet for transferring information without the human intervention.  The IoT in the banking and financial services introduces automation in the process. It is used to reduce the workload and additional operational cost in the various services which includes data management, accounting and for fraud detection. Moreover, it helps to analyze the customer behavior by providing banking solution to the users.

Hence, the application of IoT in the smart wearable improve the new method of payments which will enhanced the growth of the market.

IoT in Banking and Financial Services Market

IOT IN BANKING AND FINANCIAL SERVICES MARKET: Drivers & restraint

Market Drivers:

  • Increasing Digital Services

The increasing demand for digital services enhance the real-time data generation services for the IoT in banking and financial services market. It helps to analytics the user experiences, automation payment and reduce the risk profiles. Moreover, its collected the data through the mobile application and digital sensor. Digital sensor helps to collect the customer information through ATM as well as by other automated devices which analyze customer behavior and help the banks to know the user demand.

Hence, with the increasing digital services will lead to enhance the demand for market growth in the forecast period.

  • Enhancement in Customer Relationship Management (CRM)

A customer relationship management solution in banking helps banks manage customers and better understand their needs in order to provide the right solutions, quickly. CRM is used to track customer data across the banks which includes services and loan origination departments. Moreover, it helps to reduce the administrative work, improve the customer engagements. boosted sales, increased customer loyalty, and increased productivity.

Therefore, enhancement customer relationship management (CRM) to rising the demand of the IoT in banking and financial services market during the forecast period.

Market Restraint:

  • Complex Process

The banking and financial sector use a complex system for processing the operational functions. The Internet of Things (IoT) is represented as a chain which is link to each other for any data transfer. Moreover, if any link fails to connect the chain, will also break and hamper badly on processes as well as the services. Furthermore, it is necessary to choose the high quality hardware manufacture and reliable software for secure and best solution to reduce the complexity.

Hence, the complex process in the banking for processing may lead hinder the growth of market on the forecast period.

IoT in Banking and Financial Services Market: Key segments

  • Based on Component: Solution and Services
  • Based on Solution: Multiplatform, Automatic Payment, Data Management, Digital Banking and Others
  • Based on Services: Device and Integration Services, Consulting and Deployment
  • Based on Application: Banking, Insurance, Wealth Management, Capital Market and Others
  • Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis

IoT in Banking and Financial Services Market: Report SCOPE

The report on the IoT in banking and financial services market covers a deep dive analysis of historic, recent and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Report Features

Specifics

Historical/Estimated/Forecasted Market Size Years

2018-2027

Base Year for Market Calculation

2019

Forecasted Period

2020-2027 (2020 estimated year, forecasted up to 2027)

Measured Units

Value (USD Million)

Segments Included

Component, Solution, Services, Application, and Region

Regional Coverage

North America, Asia-Pacific, Europe, Middle East & Africa, South America

KEY Companies Covered

  • IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • SAP SE
  • Microsoft Corporation
  • Cisco Systems, Inc.
  • Oracle
  • Infosys Limited
  • Software AG
  • Vodafone Group plc
  • Accenture Plc
  • Capgemini SE
  • Other Key Companies

IoT in Banking and Financial Services Market: report segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

IoT in Banking and Financial Services Market, by Component

  • Solution
  • Services

IoT in Banking and Financial Services Market, by Solution

  • Multiplatform
  • Automatic Payment
  • Data Management
  • Digital Banking
  • Others

IoT in Banking and Financial Services Market, by Services

  • Device and Integration Services
  • Consulting
  • Deployment

IoT in Banking and Financial Services Market, by Application

  • Banking
  • Insurance
  • Wealth Management
  • Capital Market
  • Others

IoT in Banking and Financial Services Market, by Region

  • North America
    • US
    • Canada
    • Mexico
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Key Questions answered by the report

  • What are the important developments affecting the market globally and its growth?
  • What will be the impact of the developments in the market on the industry and on the market competitor in the future?
  • What are the evolving variations of the market globally?
  • What are the evolving functions of the market globally?
  • What is the important condition that will affect market growth worldwide during the study period?
  • Who are the major players operating in the market across the globe?
  • How are the major players leveraging in the present market scenario worldwide?

Report Audience

  • IoT in Banking and Financial Services Market Providers
  • IoT in Banking and Financial Services Market Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of IoT in Banking and Financial Services Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations
  • Investment Banks & Private Equity Firms

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE IOT IN BANKING AND FINANCIAL SERVICES MARKET STUDY

  1. INTRODUCTION
    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
  2. RESEARCH DESIGN & SCOPE
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Introduction
    2. Drivers
      1. Increasing Digital Services
      2. Enhancement in Customer Relationship Management (CRM)
    3. Restraints
      1. Complex Data Process
    4. Opportunities
      1. Growing Demand for IoT Service Platform
      2. Increasing Automate in Business Processes
    5. Challenges
      1. Privacy and Security Issues
  5. INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Macro-Economic Indicators
  6. GLOBAL IOT IN BFSI MARKET BY COMPONENT, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Services
    3. Solution
  7. GLOBAL IOT IN BFSI MARKET BY SOLUTION, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Multiplatform
    3. Automatic Payment
    4. Data Management
    5. Digital Banking
    6. Others
  8. GLOBAL IOT IN BFSI MARKET BY SERVICES, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Device and Integration Services
    3. Consulting
    4. Deployment
  9. GLOBAL IOT IN BFSI MARKET BY APPLICATION, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Banking
    3. Insurance
    4. Wealth Management
    5. Capital Market
    6. Others
  10. GLOBAL IOT IN BFSI MARKET BY REGION, Market Size in USD Million (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Rest of Europe
    3. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of Asia-Pacific
    4. Middle East and Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East and Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
  11. COMPETITIVE LANDSCAPE
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
  12. COMPANY PROFILES
    1. IBM Corporation
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
    2. SAP SE
    3. Microsoft Corporation
    4. Cisco Systems, Inc.
    5. Oracle
    6. Infosys Limited
    7. Software AG
    8. Vodafone Group plc
    9. Accenture Plc
    10. Capgemini SE
    11. Other Key Companies
  13. APPENDIX
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

Note1: Tentative table of contents, may get updated during the course of research.

Note2: Company financial information is subject to availability in public domain

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY

 

Rep Id : ICT 057

Published : February, 2020


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