According to the new market research "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.
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in-depth TOC on "IoT in Banking and Financial Services Market"
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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 segmemt 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).
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-banking-financial-services-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-banking-financial-services-market.asp
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