Financial institutions and retail banks in particular are investing increasing amount of funds into IoT infrastructure that is supporting the new network of connected devices. It expected that retail banks will be looking forward to spend largely and invest heavily on IoT technology initiatives in the banking and financial services industry. Payment leaders such as Visa and MasterCard have announced plans to support payments functionality across a whole array of smart devices and appliances so that any appliance with an internet connectivity could potentially become e-commerce enabled.
The resulting data explosion from IoT powered connected devices is expected to hold infinite opportunity that is capable of revolutionizing this sector. During the next five years, financial institutions are expected to allocate an average of 0.4% of their total revenue to the development of IoT technology. A large amount of their IoT budget is estimated to account for monitoring financial products and services. This growing investment in IoT technology is expected to boost the IoT in banking and financial services market in the coming years.
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“The increasing application of IoT within banking and financial services is giving rise to new data-centric business models and innovative processes. IoT’s compelling benefits of faster claims settlement, effective underwriting and improved internal efficiency is drawing attention of investors from across the spectrum. This development is largely propelling the growth of the IoT in banking and financial services market.”
This research study aims at providing the reader with quantitative and qualitative analysis of the global IoT in banking and financial services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The supply side analysis covers the prominent players and their regional and global presence and key business strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
Some of the major players operating in the global IoT in banking and financial services market include Hewlett Packard Enterprise Development LP, IBM, Infosys Limited, Microsoft, Oracle, SAP SE, Software AG, Tata Consultancy Services Limited, Vodafone Group Services Limited and EdgeVerve Limited amongst others.
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IoT in Banking and Financial Services Market:
Security & Monitoring
IoT in Banking and Financial Services Market By Service
Business Consulting Services
By Organization Size
Small and Medium Enterprise
By End User
Non-banking Financial Companies
IoT in Banking and Financial Services Market By Geography
Rest of North America
Rest of Europe
Rest of Southeast Asia
Rest of Asia Pacific
Middle East and Africa
Rest of Middle East & Africa
Rest of Latin America
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