Pune, Jan. 02, 2020 (GLOBE NEWSWIRE) -- The global internet of things (IoT) in banking, financial services, and insurance (BFSI) market is predicted to reach USD 116.27 billion by 2026, exhibiting a CAGR of 26.5% during the forecast period. The increasing investment of banks and financial institutions in IoT technologies will stimulate the growth of the market in the foreseeable future. According to the studies conducted by Tata consultancy services, financial institutions spend an average IoT budget of $117.4 million, which is 0.4% of the revenue. The study also revealed that some banks and financial institutes spent around $153.5 million in 2018. A large amount of their IoT budget (32% in 2015 and 29% by 2020) will account for monitoring financial products and services. Also, the plan of financial institutes to allocate 30% of their IoT budget to track customers. This allocation is expected to increase to 34% by 2020. These trends are expected to create lucrative growth opportunities for the market in the forthcoming years.
According to the report, published by Fortune Business Insights in a report, titled “Internet of Things (IoT) in Banking, Financial Services, and Insurance (BFSI) Market Size, Share & Industry Analysis, By Component (Solutions and Services), By Application (Customer Experience Management, Security, Monitoring, Data Management and Others (Payment Management, etc.)), and Regional Forecast, 2019-2026” the market size stood at USD 17.85 billion in 2018. The report offers dynamic insights into all the preponderating trends of the internet of things (IoT) in banking, financial services, and insurance (BFSI) market. It provides an all-encompassing summary of all the segments and shares analytical statistics of the regions. It is contained after extensive research followed by profound analysis to aid companies, stakeholders, financers, and potential investors. It is designed to provide a proper depiction of the market size. Besides, it also includes the latest advancement and development, product launches, acquisitions, collaborations & partnerships, and others.
To gain more insights into the market with detailed table of content and figures,
click here: https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-in-bfsi-market-101826
Advancement in Online Banking Applications to Spur Demand for IoT Solutions
The increasing improvement and growing awareness regarding the benefits of online banking applications is expected to boost the internet of things (IoT) in the BFSI trend. The expanding use of E-wallets service, virtual assistants, self-assisted services and highly authenticated security systems to secure funds from cyber-attacks will further boost the IoT in BFSI market trends during the forecast period. Furthermore, the increasing focus of key players towards strategic partnerships and acquisitions to develop banking applications for end-users will facilitate the IoT in BFSI market growth in the foreseeable future. For instance, in May 2018, Hero Electronix acquired Zenatix to develop banking applications for BFSI, automotive and retail industry. Also, the rising demand for banking suite applications is expected to fuel the demand for IoT solutions in the BFSI industry. The increasing implementation of IoT software in banking applications as it helps to collect facts, information, and usage capability of users with the help of surveys and feedback and further analyze customer’s behaviors and make enhanced decisions will also favor the growth of the market.
Request a Sample Copy: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/internet-of-things-iot-in-bfsi-market-101826
Implementation of Cloud of Things in IoT Platforms to Create Growth Opportunities
The increasing deployment of the cloud of things platform in IoT devices will favor the growth of the market. The rising demand for IoT solutions in BFSI will also aid the healthy growth of the market. The advantages such as analyzation and prediction of frauds and risk related to debit and credit card transactions will fuel demand among banks and financial institutions for the implementation of IoT technology-based on cloud services. Increasing investment and collaboration initiatives of key players to offer cloud services to banking organizations will support the internet of things (IoT) in BFSI market share. For instance, in July 2019, Deutsche Telekom completed a partnership with Software AG to develop and offer a cloud of things platform and expand its presence across the U.S, Germany, and other European countries.
Moreover, rising concerns regarding security threats will aid the adoption of IoT security solutions, which, in turn, will encourage the growth of the market. For instance, Attila Security developed GoSilent to identify and mitigate online cyber-attacks. GoSilent helps to secure all the network endpoints including servers, mobile devices, printer, scanners, laptops, desktops, and other peripheral devices
List of the Prominent Companies in the Global Internet of Things (IoT) in BFSI Market are
- Cisco Systems
- IBM Corporation
- Microsoft Corporation
- Capgemini SE
- SAP ERP
- Oracle Corporation
- Accenture Plc.,
- Infosys Limited
- Software AG
- Tibbo Systems
- Intel Corporation
Industry Developments
- June 2019 – Amazon launched IoT services in which users will synchronize their banking information with Alexa, and deposit their money in an Amazon-branded online account.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/internet-of-things-iot-in-bfsi-market-101826
Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Internet of Things (IoT) in BFSI Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Component
- Solutions
- Services
- Market Analysis, Insights, and Forecast – By Application
- Customer Experience Management
- Security
- Monitoring
- Data Management
- Others
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Request for Customization:
https://www.fortunebusinessinsights.com/enquiry/customization/internet-of-things-iot-in-bfsi-market-101826
(Have a Look at Reports Trending in Information & Technology Industry)
Browse Related Reports:
Internet of Things (IoT) Market Size, Share and Industry Analysis By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Regional Forecast, 2019 – 2026
Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026
IIoT (Industrial Internet of Things) Technology Market Size, Share and Global By Deployment Type (Hardware & Software), By Industry Vertical (Manufacturing, Oil &Gas, Metal & Mining), By Applications (Distribution Management System, Visualization Software, Transit Management System, and others) and Geography Forecast till 2026
Intelligent App Market Size, Share and Global Trend By Service (Google Play, Apple App Store and Others), By Deployment Type (Cloud, On-Premises and Others), By Industry Vertical (BFSI, Telecom, Retail and e-commerce and others) and Geography Forecast till 2025
About us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Press Release- https://www.fortunebusinessinsights.com/press-release/internet-of-things-iot-in-bfsi-market-9467