The 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), Organization Size, and Region - Global Forecast to 2023", 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. 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.
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.
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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).
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