Global IoT in Banking & Financial Services Market 2018-2023 - Analysis by Solution, Service, End-User, and Organization Size

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Jun 27, 2018, 03:30 ET

DUBLIN, June 27, 2018 /PRNewswire/ --

The "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" report has been added to ResearchAndMarkets.com's offering.

The global 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 CAGR of 52.1% during the forecast period.

The major driving forces of the market include the increasing use of IoT devices for connected banking, and convergence of operational technology and information technology. Increasing global investments in IoT and focus on services with real-time data flow are the main growth opportunities in the market. This market is segmented on the basis of component (solutions and services), end user, organization size, and region.

In the component segment, the services subsegments is estimated to hold a larger market share in 2018. 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.

Consultants and advisors offer comprehensive services post the deployment of the latest techniques and tools, skills, knowledge, and strategies to address organizations' technology needs. Service providers support businesses of all sizes, including SMEs and large enterprises, across diverse industry verticals and prove to be potentially beneficial for both customers and service providers. Managed services are about outsourcing a specific data management solution to a third party who has the defined processes.

The insurance end-user segment is expected to grow at the fastest rate, as 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.

The large enterprises segment is expected to hold a larger IoT in Banking and Financial Services market size in the organization size segment, as large financial enterprises need IoT services to ensure the smooth functioning of their business operations as well as reduce the operational costs and enhance the customer satisfaction. Large enterprises always prioritize their software security, which gives the security solution an edge over the other IoT solutions.

Analytics, customer experience management, monitoring, and data management are some of the other IoT solutions largely adopted by large financial enterprises, owing to the large number of applications, high customer base, and complex operations and data they possess.

APAC is expected to hold the largest market size and grow at the highest rate in the global IoT in Banking and Financial Services market during the forecast period, owing to the dynamic adoption of new technologies, and aggressive initiatives to upsurge the IoT ecosystem, thereby enabling commercial users to adopt the cutting-edge technology.

For example, Westpac, one of the leading financial services providers in Australia, launched PayWear, a wearable offering that allows customers to make tap-and-go payments on contactless terminals. Moreover, Commonwealth Bank of Australia, Wells Fargo, and the trading firm, Brighann Cotton have completed the first global trade transaction between 2 banks using blockchain, smart contracts, and IoT.

Data protection and privacy concerns, and lack of standards for interconnectivity and interoperability are anticipated to be major restraining factors for the growth of the IoT in Banking and Financial Services market.

The study measures and evaluates the major offerings and key strategies of the major market vendors, including IBM (US), Microsoft (US), Capgemini (France), Cisco (US), SAP (Germany), Oracle (US), Accenture (Ireland), Infosys (India), Software AG (Germany), and Vodafone (UK). These companies have been at the forefront in offering reliable IoT in Banking and Financial Services to commercial clients across diverse locations.

Companies Mentioned

Accenture
Allerin Technologies
Cabot Technology
Capgemini
Carriots
Cisco
Colan Infotech
Concirrus
Ewave Mobile
Gizmosupport
Hitachi Vantara
IBM
Infosys
Microsoft
Mindbowser
Mulesoft
Oracle
Paragyte Technologies
Ranosys Technologies
SAP
Software AG
Suntec
Tibbo Systems
Vodafone
Zerone Consulting

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the IoT in BFSI Market
4.2 IoT in BFSI Market: Top 3 Services and Regions
4.3 IoT in BFSI Market, By Component, 2018-2023
4.4 IoT in BFSI Market, By Organization Size, 2018 vs 2023
4.5 IoT in BFSI Market, By Region, 2018-2023
4.6 Market Investment Scenario

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Use of IoT Devices for Connected Banking
5.2.1.2 Convergence of Operational Technology and Information Technology
5.2.2 Restraints
5.2.2.1 Data Protection and Privacy Concerns
5.2.2.2 Lack of Standards for Interconnectivity and Interoperability
5.2.3 Opportunities
5.2.3.1 Increasing Global Investments in IoT
5.2.3.2 Increasing Focus on Services With Real-Time Data Flow
5.2.4 Challenges
5.2.4.1 Legacy Systems and Processes
5.2.4.2 Data Migration Challenges

6 IoT in BFSI Market, By Component
6.1 Introduction
6.2 Solutions
6.3 Services

7 IoT in BFSI Market, By Solution
7.1 Introduction
7.2 Security
7.3 Customer Experience Management
7.4 Monitoring
7.5 Data Management
7.6 Others

8 IoT in BFSI Market, By Service
8.1 Introduction
8.2 Professional Services
8.2.1 Integration and Deployment
8.2.2 Support and Maintenance
8.2.3 Business Consulting
8.3 Managed Services

9 IoT in BFSI Market, By End-User
9.1 Introduction
9.2 Banking
9.3 Insurance
9.4 Others

10 IoT in BFSI Market, By Organization Size
10.1 Introduction
10.2 Large Enterprises
10.3 Small and Medium-Sized Enterprises

11 IoT in BFSI Market, By Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia Pacific
11.5 Middle East and Africa
11.6 Latin America

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking
12.3 Competitive Scenario
12.3.1 New Product Launches and Product Upgradations
12.3.2 Partnerships, Collaborations, and Agreements
12.3.3 Mergers and Acquisitions

13 Company Profiles
13.1 IBM
13.2 Microsoft
13.3 Capgemini
13.4 Cisco
13.5 SAP
13.6 Accenture
13.7 Oracle
13.8 Infosys
13.9 Software AG
13.10 Vodafone
13.11 Key Innovators
13.11.1 Mulesoft
13.11.2 Carriots
13.11.3 Ewave Mobile
13.11.4 Allerin Technologies
13.11.5 Tibbo Systems
13.11.6 Mindbowser
13.11.7 Suntec
13.11.8 Ranosys Technologies
13.11.9 Zerone Consulting
13.11.10 Paragyte Technologies
13.11.11 Hitachi Vantara
13.11.12 Concirrus
13.11.13 Gizmosupport
13.11.14 Cabot Technology
13.11.15 Colan Infotech

For more information about this report visit https://www.researchandmarkets.com/research/6tsgs2/global_iot_in?w=5

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