IoT technology is revolutionizing the financial and banking industry. It mainly focuses on enhancing products and services by monitoring customers. Customer data available through IoT helps banks and financial institutes identify their customers’ business needs and analyses the value chain, including suppliers, retailers, and distributors, to gain customer insights. While IoT in financial and banking services is yet in the planning phase, significant scope exists for innovation in terms of enhancing revenue and customer experience.
The IoT in banking and financial services market can be segmented by solution, services, and end user.
On the basis of solution, the market can be segmented into security, customer experience management, monitoring, data management, and others. The monitoring segment is likely to grow at the highest CAGR in the IoT in banking and financial services market during the forecast period as these solutions help analyse consumer behaviour and deal with unexpected customer problems.
On the basis of services, the IoT in banking and financial services market can be segmented into professional services and managed services. The managed services segment is projected to hold the largest market share, as these services deliver intelligence, skills, and experience to use the full potential of IoT-connected devices while ensuring that company assets are safeguarded.
Based on end user, the market can be segmented into banking, insurance, and others. The insurance segment is expected to hold the largest share in the IoT in banking and financial services market during the forecast period. IoT helps insurance companies determine prices and services on the basis of consumer data collected.
The Asia-Pacific IoT in banking and financial services market is anticipated to register the highest CAGR, due to a large consumer base and development of IT infrastructure in the region.
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North America is expected to hold the largest market share during the forecast period, owing to the presence of a large number of IoT providers. As per the ReadWrite and Spoke Intelligence report ‘IoT Revolution handbook, almost 2,748 companies in the U.S. alone, plus another 140 in Canada, provide IoT technology.
Europe is one of the promising regions in the IoT in banking and financial services market, owing to the increasing need for agility in cashless payments and connected financial solutions. The LAMEA region is anticipated to grow with a healthy rate in the IoT in banking and financial services market, owing to due to the rising adoption of IoT in UAE and Saudi Arabia, among other economically advanced nations in the region.
Some of the prominent players in the IoT in banking and financial services market are IBM (U.S.), Microsoft (U.S.), Capgemini (France), Cisco (U.S.), SAP (Germany), Oracle (U.S.), Accenture (Ireland), and Infosys (India). Many leading IoT in banking and financial service providers are significantly investing in IoT technology to offer innovative products. For instance, in 2018, Microsoft Corporation announced a USD 5-billion investment in IoT for the next four years.
IoT in Banking and Financial Sector Market: Segmentation
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