New York, United States , Sept. 06, 2024 (GLOBE NEWSWIRE) -- The Global IoT in Banking and Financial Services Market Size is to Grow from USD 1.27 Billion in 2023 to USD 38.52 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 40.67% during the projected period.
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IoT (Internet of Things) in banking and financial services refers to the use of connected devices and sensors to improve many elements of financial operations and client interactions. Banks and financial institutions may use IoT technology to increase fraud detection by analyzing transaction trends in real time, as well as provide tailored client experiences based on data collected from linked devices. IoT allows smart ATMs and branch automation, which improves service delivery and operational efficiencies. It also improves security measures by implementing advanced monitoring and access control systems, as well as data analytics to get insights into client behavior and industry trends. However, the increased connectivity introduces more potential vulnerabilities that could be exploited by cybercriminals, risking sensitive financial data.
Browse key industry insights spread across 240 pages with 115 Market data tables and figures & charts from the report on the "Global IoT in Banking and Financial Services Market Size, Share, and COVID-19 Impact Analysis, By Component (Services, Solutions), By Solution (Data Management, Security, Monitoring, Customer Experience Management), By Application (Insurance, Banking), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The service segment is anticipated to hold the greatest share of the global IoT in banking and financial services market during the projected timeframe.
Based on the component, the global IoT in banking and financial services market is divided into services and solutions. Among these, the services segment is anticipated to hold the greatest share of the global IoT in banking and financial services market during the projected timeframe. The growth is primarily driven by the need for specialized expertise, particularly in financial institutions, which often require consulting services to navigate IoT implementation complexities, system integration, and maintenance services.
The security segment is anticipated to grow at the fastest pace in the global IoT in banking and financial services market during the projected timeframe.
Based on the solution, the global IoT in banking and financial services market is divided into data management, security, monitoring, and customer experience management. Among these, the security segment is anticipated to grow at the fastest pace in the global IoT in banking and financial services market during the projected timeframe. The rise in IoT adoption by banks and financial institutions increases the number of connected devices which has elevated the hacker attacks that necessitate robust security measures to protect financial data.
The banking segment is anticipated to grow at the fastest pace in the global IoT in banking and financial services market during the projected timeframe.
Based on the application, the global IoT in banking and financial services market is divided into insurance and banking. Among these, the banking segment is anticipated to grow at the fastest pace in the global IoT in banking and financial services market during the projected timeframe. IoT solutions are increasingly being utilized by banks to enhance digital transformation, improve client satisfaction, enhance operational efficiency, and offer innovative services across various banking operations.
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Asia Pacific is expected to hold the largest share of the global IoT in banking and financial services market over the forecast period.
Asia Pacific is expected to hold the largest share of the global IoT in banking and Financial Services market over the forecast period. The region’s rapid urbanization is increasing the demand for digital banking services, with IoT technologies being popular in countries like China, India, and Japan to improve efficiency and customer service.
North America is predicted to grow at the fastest pace in the global IoT in banking and Financial Services market during the projected timeframe. The region’s financial sector is leveraging advanced IoT technology to enhance customer experience, security, and operational efficiency, with banks and financial services firms investing in digital transformation initiatives to remain competitive in this rapidly evolving technology landscape.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global IoT in Banking and Financial Services Market include Oracle Corporation, Cisco Systems, Inc., Capgemini, Qualcomm Technologies, Inc., HuaweiTechnologies Co, Ltd, Microsoft Corporation, Infosys Limited, Dell Technologies, IBM Corporation, TIBCO Software Inc., Intel Corporation, Accenture, Honeywell International Inc., Siemens AG, SAP SE, and Others.
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Recent Developments
- In November 2023, Financial Software & Systems Pvt Ltd (FSS), a major global provider of payments technology solutions, announced the launching of its IoT and AI/ML-enabled ATMs in India.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global IoT in banking and financial services market based on the below-mentioned segments:
Global IoT in Banking and Financial Services Market, by Component
- Services
- Solutions
Global IoT in Banking and Financial Services Market, By Solution
- Data Management
- Security
- Monitoring
- Customer Experience Management
Global IoT in Banking and Financial Services Market, By Application
- Insurance
- Banking
Global IoT in banking and Financial Services Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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