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.
Browse and in-depth TOC on "IoT
in Banking and Financial Services Market"
84 - Tables
43 - Figures
160 - Pages
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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 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.
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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 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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