Global IoT in Banking and Financial Services Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2018–2027
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“Global IoT in Banking and Financial Services Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global IoT in banking and financial services market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. Global IoT in banking and financial services market report has been segmented on the basis of component, organization size, end user, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our researchers have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
IoT (Internet of Things) can be referred as network of devices using Internet which captures data using various embedded sensors and actuators in machine and other physical objects. Global IoT in banking and financial services market is expected to witness substantial growth, owing to increasing penetration of smartphones and Internet across the globe.
Global IoT in banking and financial services market is estimated to register significant growth, owing to increasing adoption of advanced financial services in banking sector. In addition, banking and financial services industry is moving towards digitalization of transactions and other financial activities in order to achieve smoother operation of banking services, thus increasing digital transactions is a major factor expected drive growth of the target market. Increasing usage of IoT devices for premise monitoring and security is another factor expected to fuel demand for high-end IoT devices.
In addition, increasing investments in IoT devices and concentration on real time data flow are other key factors expected to support revenue growth of the target market. Banking and financial sectors is offering various digital payment options to consumers such as net banking, e-wallets etc., which in turn expected to drive growth of the global IoT in banking and financial services market over the forecast period. Large sized enterprises are using IoT devices for smooth operations, to minimize operational costs, and to give better service to consumer. IoT services also enables insurance companies efficiently determine insurance costs and providing services. These are other factors expected to augment growth of the global market.
However, risk associated with data security and privacy is a major factor expected hamper growth of the global IoT in banking and financial services market. In addition, increasing cyber threats and online scams are among other factors expected to hinder growth of the target market to the certain extent.
Market in Asia Pacific is expected to register significant growth, owing to increasing adoption of smartphones and various Internet-based services in countries in this region. In addition, increasing awareness regarding usage of technology is expected to fuel demand for IoT devices which will propel growth of the target market in the region. Moreover, India is moving towards cashless economy which is another factor expected to support revenue growth of the regional market.
Market in Europe is estimated to witness substantial growth, owing to strong presence of tech-savvy population, which is expected to incline demand for high-end devices such as smartphones. In addition, banking industries are offering various mobile-based payment applications is another factor expected to augment growth of the target market in the region. Markets in North America, Latin America, and Middle East & Africa are expected to grow at moderate rate during the forecast period.
Segmentation and Key Players Operating in Global IoT in Banking and Financial Services Market
Segmentation by component:
- Customer Experience Management
- Data Management
- Professional Services
- Integration and Deployment
- Support and Maintenance
- Business Consulting
- Managed Services
- Professional Services
Segmentation by organization size:
- Small and Medium-sized Enterprises
- Large Enterprises
Segmentation by end user:
- Others (Brokerage and Mortgage)
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- International Business Machines Corp.
- Microsoft Corporation
- Capgemini SE
- Cisco Systems, Inc.
- SAP SE
- Oracle Corporation
- Accenture plc
- Infosys Limited
- Software AG, Inc
- Vodafone Group Plc
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