Market size of IoT in banking and financial services expected to reach USD 12.17 billion at a CAGR of 46.9%, by 2028 – The Bollywood Ticket

The popularity of Cloud Computing and Internet of Things (IoT) will contribute to the growth of the market.

Market size – USD 551.8 million in 2020, market growth – CAGR of 46.9%, market trends – The emergence of big data analytics.

The global market for IoT in banking and financial services is expected to reach USD 12.17 billion by 2028, according to a new report from Reports and Data. The Internet of Things (IoT) is the interconnectivity of electronic devices, such as smartphones, on a single network. These devices transmit signals to the server and to each other. The technology captures data from all available sources, which is then filtered and analyzed to better understand the various processes of a business. Due to its potential, IoT is gaining traction in the banking industry across the globe. The banking industry is looking for ways to leverage the potential of IoT to generate better revenue from business activities.

Data collected and analyzed from sources such as mobile and web applications is used by banks to launch better and more targeted service offerings. Data on past service offerings is analyzed to understand the needs and preferences of its customers. Banking customers demand customized solutions for their varied needs. The data is necessary for his current economic situation and his buying behavior. The Internet of Things (IoT) has enabled banks to track all consumer activity and present a solution specific to the customer’s needs and wants.

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Major participants include IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Accenture, Cisco Systems, Inc., Vodafone Group plc, Infosys Limited, Software AG, and Capgemini SE, among others.

Other key findings from the report suggest

  • Among software, security and monitoring accounted for the largest market share of around 28% in 2018. Banking security solutions combine banking security systems along with remote security monitoring and management services to improve banking operations and better understand the business. ATM security solutions include silent alarm notification, advanced anti-skimming technology, ATM lighting, CCTV and remote video monitoring, among others. Using the remote management tools, it is possible to receive remote alerts and perform live video monitoring on any electronic device, with video displays.
  • Data Management is expected to witness the highest growth rate of 49.6% during the forecast period. Today, banks generate and store huge amounts of valuable information in their firewalls. The use of data improves decision-making in multiple banking activities. Banks find risk and fraud information faster. Banks also gain insight into data storage and management to meet regulatory requirements so that data can be retained, operated, archived or deleted to comply.
  • North America held the largest market share of around 30% in 2018. The region has successfully adapted analytical tools and technologies and continues to invest heavily in such technologies such as cloud computing, internet artificial intelligence, the Internet of Things, etc. The region is equipped with high-speed access and has already moved towards high-speed Internet. Moreover, the presence of several players in the market is also boosting the market growth in the region.
  • Major participants include IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Accenture, Cisco Systems, Inc., Vodafone Group plc, Infosys Limited, Software AG, and Capgemini SE, among others.

To identify key industry trends, click the link below:
https://www.reportsanddata.com/report-detail/iot-in-banking-and-financial-services-market

For the purposes of this report, the reports and data have segmented the global IoT in banking and financial services market on the basis of organization size, application, end users, software, and region :

Organization Size Outlook (Revenue, USD Million; 2018-2028)

  • Large organizations
  • Small and medium organizations

Application Outlook (Revenue, USD Million; 2018-2028)

  • cyber security
  • Customer relationship management
  • Proactive services
  • Transport and logistics
  • Marketing and product planning
  • Others

Software Outlook (Revenue, USD Million; 2018-2028)

  • Security and Surveillance
  • Customer Experience Management
  • Payment management
  • Data management
  • Others

End User Outlook (Revenue, USD Million; 2018-2028)

  • Banking services
  • Insurance companies
  • investment bank
  • Mortgage companies
  • Exchange
  • stock Exchange
  • Brokerage companies
  • Others

Regional Outlook (Revenue, USD Million; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • AEM
  • Latin America

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Key Benefits of IoT in Banking & Financial Services Report:

  • Identification and analysis of market size and competition
  • Qualitative and quantitative analysis of market data
  • Data validated by industry experts after extensive primary and secondary research
  • In-Depth Regional Analysis of IoT in Banking and Financial Services Industry
  • Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces analysis for an in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, constraints, challenges, risks and limitations

In conclusion, all aspects of the IoT in Banking & Financial Services Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.

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