Evolve Business Intelligence has published a research report on the Global IoT in Banking and Financial Services Market, 2023–2033. The global IoT in Banking and Financial Services market is projected to exhibit a CAGR of around 53.41% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global IoT in Banking and Financial Services Market: IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Infosys Limited, Cisco Systems, Inc., Accenture plc, Intel Corporation, Huawei Technologies Co., Ltd., Bosch Software Innovations GmbH, Vodafone Group Plc, Capgemini SE, Cognizant Technology Solutions Corporation, HCL Technologies Limited, Tata Consultancy Services Limited.
Market Highlights
The IoT in Banking and Financial Services market is projected to be valued at USD 17.22 Billion by 2033, recording a CAGR of around 53.41% during the forecast period. IoT (Internet of Things) in Banking and Financial Services refers to the integration of interconnected devices and sensors into the industry’s operations to enhance efficiency, security, and customer experiences. This technology allows financial institutions to collect real-time data from various sources, such as ATMs, point-of-sale terminals, wearables, and mobile devices, enabling them to optimize branch operations, monitor assets, prevent fraud, and offer personalized services. IoT also plays a crucial role in improving risk management and compliance by providing a comprehensive view of data across the financial ecosystem, ultimately leading to more informed decision-making and a seamless, digitally-driven banking experience for customers.
For More Information : https://evolvebi.com/report/iot-in-banking-and-financial-services-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
The COVID-19 pandemic had a mixed impact on the IoT in Banking and Financial Services market. On one hand, it accelerated the adoption of IoT solutions as financial institutions sought to automate processes, reduce physical interactions, and enhance remote monitoring and security measures to cope with the challenges posed by the pandemic. This led to increased investments in IoT infrastructure for optimizing operations, ensuring business continuity, and meeting evolving customer demands for digital services. On the other hand, the economic uncertainties caused by the pandemic temporarily slowed down some IoT projects due to budget constraints and shifting priorities. However, in the long run, the pandemic has underscored the importance of IoT in the financial sector, and it is expected to continue driving its growth as the industry increasingly embraces digital transformation to adapt to the new normal.
Segmental Analysis
The global IoT in Banking and Financial Services market has been segmented based on Offering, Deployment Model, Application, and region.
Based on the Offering, the IoT in Banking and Financial Services market is segmented based on Solutions and services. Solution is expected to have the largest market share throughout the forecast period, while Services is expected to grow at the fastest rate.
Based on the Deployment Model, the global IoT in Banking and Financial Services market has been divided into On-premise and cloud. The Cloud segments are anticipated to dominate the market.
Based on the Application, the global IoT in Banking and Financial Services market has been divided into Smart ATMs, Customer Management and Support, Security and Authentication, and Others. The Smart ATM segments are anticipated to dominate the market.
For More Information : https://evolvebi.com/report/iot-in-banking-and-financial-services-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
Regional Analysis
The IoT in Banking and Financial Services market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America, particularly the U.S. and Canada, has a mature financial sector with advanced technological infrastructure. This region is a hub for fintech innovation and has a high level of IoT adoption due to its well-developed financial markets and strong demand for digital banking services. Europe boasts a diverse financial services landscape, ranging from established Western European markets to emerging Eastern European countries. The European Union’s regulatory environment, such as PSD2 (Payment Services Directive 2), has promoted IoT adoption for improved customer authentication and payment security. The Asia-Pacific region, including countries like China, Japan, and India, has seen rapid economic growth and a burgeoning middle class, driving the need for modern banking and financial services. IoT adoption is growing here to enhance customer experiences, expand financial inclusion, and streamline operations. Latin America has diverse financial markets with varying levels of development. IoT is gaining traction to address security concerns, improve payment systems, and extend banking services to underserved populations in the region. The Middle East has a rapidly evolving financial sector, with countries such as the UAE and Saudi Arabia leading in fintech innovation. IoT is being adopted to enhance customer experiences and bolster cybersecurity measures. Africa presents unique challenges and opportunities in the banking and financial services sector. IoT is used to expand banking services to remote areas, enhance mobile banking capabilities, and improve financial inclusion, especially in countries with underdeveloped banking infrastructure.
