Global IoT In Banking And Financial Services Market Size Is Booming Worldwide with Share, Size, Top Key Players

IoT In Banking And Financial Services Market Size And Forecast

IoT In Banking And Financial Services Market size was valued at USD 2.61 Billion in 2024 and is projected to reach USD 52.38 Billion by 2031, growing at a CAGR of 50.10% from 2024 to 2031.

The internet of things (IoT) and its capabilities as a connected device for connecting banking services arose as a result of technological advancements, increasing demand for its application, and, as a result, driving the market growth. Furthermore, the increasing number of data breaches tends to drive the need for such progress. Furthermore, the consistency of growth in Information Technology and Operational Technology adds to the market’s positive outlook. The Global IoT In Banking And Financial Services Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global IoT In Banking And Financial Services Market Definition

Physical objects (or groups of such objects) that are outfitted with sensors, processing power, software, and other technologies to connect and exchange data with other devices and systems over the Internet or other communication networks are referred to as “things” in the Internet of Things (IoT). The term “internet of things” has been deemed a misnomer because devices do not need to be connected to the public internet; instead, they must be connected to a network and addressable individually. Because of the convergence of multiple technologies, such as ubiquitous computing, commodity sensors, increasingly powerful embedded systems, and machine learning, the field has progressed.

The Internet of Things is enabled by traditional fields such as embedded systems, wireless sensor networks, control systems, and automation (including home and building automation). In the consumer market, IoT technology is most closely associated with products that support the concept of the “smart home,” such as lighting fixtures, thermostats, home security systems, cameras, and other home appliances that can be controlled by devices associated with that ecosystem, such as smartphones and smart speakers. For decades, retail banking has used an early prototype of an IoT device: the automated teller machine (ATM).

ATMs are one of the most popular IoT devices because they allow for real-time transactions rather than having to wait for a teller at a physical bank. Banking institutions are increasingly relying on new IoT technologies to improve the user experience and cut costs. Some banks, for example, have begun using beacons to send personalized offers to customers’ smartphones as soon as they enter the branch. Additionally, some ATMs now offer live-stream video support, allowing customers to communicate with tellers if they require assistance.

Global IoT In Banking And Financial Services Market Overview

The growth drivers for the market Increasing the Use of IoT Devices for Connected Banking and the Convergence of Operational Technology and Information Technology. Devices that are connected to the internet of things enable financial institutions to offer unified and real-time banking solutions to their customer’s financial needs. These Internet of Things (IoT)-enabled connected banking solutions to help banks better meet the needs of their customers by utilizing the information gathered from a variety of smart devices to make it easier for customers to make sound financial decisions. Banks are also able to provide value-added services, financial assistance, and customized products to individual customers with the assistance of customer data that is readily available.

Additionally, because of the increased user and IT productivity as well as the decreased costs associated with technology, it assists banks in reducing the costs associated with running their businesses. For example, a multinational UK bank implemented Capgemini’s Connected Banking solution to decommission its legacy core banking system, reduce operational costs, and gain the agility necessary to deliver next-generation innovative and customer-centric banking services. All of these goals were accomplished. The restraints for the market growth are Data Protection and Privacy Concerns and the Lack of Standards for Interconnectivity and Interoperability. Whereas the opportunities are Increasing Global Investments in IoT and Increasing Focus on Services With Real-Time Data Flow.

Global IoT In Banking And Financial Services Market: Segmentation Analysis

The Global IoT In Banking And Financial Services Market is Segmented on the basis of Solution, Service, And Geography.

IoT In Banking And Financial Services Market, By Solution

• Security
• Customer Experience Management
• Monitoring
• Data Management
• Others

Based on Solution, The market is segmented into Security, Customer Experience Management, Monitoring, Data Management, and Others. The Monitoring solution has effectively reduced error resolution time by providing financial institutions with accurate information about the occurrence of a failure, thereby boosting the overall growth of the IoT In Banking And Financial Services Market.

IoT In Banking And Financial Services Market, By Service

• Professional Services
• Managed Services

Based on Service, The market is segmented into Professional Services and Managed Services. Professional Services are expected to have the largest market size during the forecast period. Its rapid growth can be attributed to the increasing complexity of operations and the increasing adoption of IoT solutions by businesses.

IoT In Banking And Financial Services Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

On the basis of Regional Analysis, The Global IoT In Banking And Financial Services Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. As one of the early adopters of IoT technologies, Asia Pacific is anticipated to have the highest market share in the IoT In Banking And Financial Services Market and grow at the quickest CAGR, during the forecast period.

Key Players

The “Global IoT In Banking And Financial Services Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SAP, IBM, Microsoft, Accenture, Cisco, Oracle, Capgemini, Infosys, Vodafone, and Software AG.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2018, SAP collaborated with Banco Atlántida to develop a digitalized banking model for improved analytics insights. Banco Atlántida used this collaboration to implement the SAP Performance Management for Financial Services application, which provided greater analytics insights into key performance indicators such as branch-level profitability.
• In April 2018, Microsoft collaborated with C3 IoT to deliver new technology innovations and go-to-market initiatives that accelerate enterprise AI and IoT application development. This collaboration would allow banking and financial institutions to rapidly develop and deploy AI-based applications for transformative use cases like AI predictive maintenance, fraud detection, investment planning, and customer engagement.

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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