According to a new research report "IoT in Banking and Financial Services
Market by Solution (Security, Monitoring, Customer Experience Management),
Service, End-User (Banking, Insurance, and Investment and Wealth Management),
Oragnization Size, and Region - Global Forecast to 2023", published by
MarketsandMarkets™, the IoT in Banking and Financial Services Market size is
expected to grow from USD 249.4 Million in 2018 to USD 2,030.1 Million by 2023,
at a Compound Annual Growth Rate (CAGR) of 52.1% during the forecast period.
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Major driving forces of the IoT in Banking and Financial Services
Market are convergence of operational and information technology and increasing
use of IoT devices in product, application, and premises monitoring for
connected banking.
The services segment is
expected to be the fastest-growing component in the IoT in Banking and
Financial Services Market during the forecast period
The services segment comprises professional services and managed
services. The professional services segment has been further categorized into
integration and deployment, business consulting, and support and maintenance.
Support and maintenance services deliver application & maintenance services
and IT solutions, which further offer secured high-performance platforms for
transforming critical applications and fulfilling changing business needs. Once
the IoT devices are deployed in organizations, it is very important that these
devices are well integrated with the existing enterprise systems. Support and
maintenance service providers deliver round-the-clock support services to
resolve issues.
The insurance segment is
expected to hold the largest market share in the IoT in Banking and Financial
Services Market during the forecast period
IoT helps the insurance companies in more effectively determining
insurance prices and providing services that keep people and their assets safe.
IoT devices, such as smart devices and phones, can use accelerometers,
gyroscopes, GPS, and sensors to provide data on consumers. This usage pattern
can be further used by insurance companies to provide UBI solutions. For
instance, with the emergence of telematics, cars are now able to transmit
drivers’ behavior data back to the car insurance companies, so that they can
assess drivers’ risks and premiums accordingly.
APAC is expected to have
the largest market share in the IoT in Banking and Financial Services Market
during the forecast period
APAC is one of the largest contributors to the IoT in Banking and
Financial services. The increasing adoption of IoT solutions to cater to the
growing demand for business services in the Banking and Financial services
vertical and technological advancements are the major factors driving the APAC
market growth. Major APAC countries, such as Singapore, Japan, and India are
working to adopt the IoT technology. The Infocomm Development Authority of
Singapore (IDA) and the Information Technology Standards Committee (ITSC) have
started an initiative called SPRING Singapore, which encourages industry
participants to make new developments and investments in the IoT sector. As per
a TCS report, 55% of APAC organizations, including financial institutions, have
adopted the IoT-enabled agile business model. Moreover, the report states that
APAC companies are more likely to use IoT technology solutions to automatically
resupply their end-customers with connected solutions, for which 26% of
organizations have already made changes to their business model.
Major vendors in the APAC IoT
in Banking and Financial Services Market include Infosys (India), Allerin
Technologies (India), Tibbo Systems (China), SunTec (India), Ranosys
Technologies (Singapore), Paragyte Technologies (India), and Colan Infotech
(India).
Know more about IoT in Banking and Financial Services Market
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