The CAGR of IoT in Banking and Financial Services Market is Estimated to Grow at 55.3% over the Forecast Years (2019-2027), as Banks and Financial Institutions Prepare to Seize Opportunities Presented by IoT: says Absolute Markets Insights.

There has been a transformation in the way customers interact with a bank. This transformation comprises of touch points ranging from telephone, web and mobile to the now popular apps and wallets. IoT is further set to accelerate this proliferation of customer touch points requiring banks to take a fresh look on how they establish the customer connect. For instance, Amazon has created the Amazon Dash Button which enables a consumer to place a direct order for a re-fill and also make the payment by just a single push of that button. Similarly, adoption of IoT in banks and financial services is now enabling cars and other road transportation vehicles to act as wallets and make payments on the go. An IoT -powered biometric identification on the vehicle’s ignition start button can enable a fuel dispenser to instantly authenticate the driver and authorize the car for refueling. Additionally, when a customer is geographically close to a store, banks can instantly make attractive loan offers based on the history of what the consumer has been browsing online and social media for days. The incorporation and adoption of such IoT enabled features offer banks and financial institutions with a plethora of new opportunities to best serve their customers. This is likely to result in the growth of the IoT in banking and financial services market.

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“Banks and financial institutions are capable of leveraging the IoT ecosystem to connect and act as trusted advisors using information from the networks built around the life of the customer. The adoption of technologies presented by IoT will largely drive 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:

By Solution

  • Customer Management
  • Payment Management
  • Security & Monitoring
  • Others

By Service

  • Professional Services
    • Business Consulting Services
    • Integrated Services
    • Deployment Services
    • Others
  • Managed Services

By Organization Size

  • Small and Medium Enterprise
  • Large Enterprise

By End User

  • Banks
    • Public
    • Private
  • Non-banking Financial Companies
  • Insurance

By Geography

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Benelux Union
  • Belgium
  • The Netherlands
  • Luxembourg
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
  • Rest of Asia Pacific

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

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