Trending News: IoT in Banking and Financial Services Market Size, Share, Trends, Growth, Analysis, Research
Global IoT in Banking and Financial Services Market: Key Highlights
- According to the new market research report “IoT in Banking and Financial Services Market by Component (Services and Solution), by Solution (Multiplatform, Automatic Payment, Data Management, Digital Banking and Others), by Services (Device and Integration Services, Consulting and Deployment), by Application Type (Banking, Insurance, Wealth Management, Capital Market and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the global IoT in banking and financial services market is estimated to reach USD 5.5 Billion by 2027 at a CAGR of around 50.5% during the review period.
- The increasing demand for digital services enhance the real time data generation services for the IoT in banking and financial services market which is expected to surge the IoT in banking and financial services market during the forecast period.
- However, privacy and security issues remain a major challenging factor for the growth of the IoT in banking and financial services market in the forecast period.
Global IoT in Banking and Financial Services Market: Key Market Dynamics
- A customer relationship management solution in banking helps banks manage customers and better understand their needs in order to provide the right solutions, quickly which will enhance the growth for the market in the projected period.
- The complex process in the banking for processing may lead hinder the growth of market on the forecast period.
- IoT networks allow to automate financial requests handling, transfer of ownership of a specific asset and other processes which will boost the market growth in forecast period.
- Growing demand for IoT service platform enhanced the IoT enabled wearable devices, biometrics, and sensors to track the employee performance and productivity which will create a positive impact to the market growth.
Global IoT in Banking and Financial Services Market: Regional Overview
According to United States China Economic and Security Review Commission, China enhanced to catalyze domestic IoT research and development and infrastructure development by initiatives and extensive financial support. In 2017, the China IoT market has been grown up to USD 154 billion and is projected to grow USD 267 billion by 2020. Moreover, China has developed then services and solution for IoT supply chain, component, devices, software and operators. Furthermore, Japan is also rising growth for its startup and companies for advancing its technological features by deploying the IoT services.
Hence, the growing adoption of Internet of Thing (IoT) and its solution may lead to create a positive impact for the growth of the IoT in banking and financial services market in the region.
According to the European Commission, in 2016 IoT European Platform Initiative (IoT-EPI) was launched for the better operation and security for the citizens. The EC enhancing by adopting a set of policy action to boost the Internet of Thing (IoT) for both public as well as for the private sector. These includes alliance for IoT, the digital single market strategy, the staff working document for advancing the IoT in the region. Furthermore, the European Union (EU) also funding in IoT research by the Horizon 2020 program.
Therefore, the growing adoption technology in the region will be projected to lead the demand for the market.
Global IoT in Banking and Financial Services Market: Key Players Overview
- Microsoft Corporation:
Microsoft is a multinational computer technology corporation. Also it is a publicly traded company which product and sell the windows operating system and software programs which includes Microsoft word, Microsoft Outlook, and Microsoft Internet Explorer. Moreover, Microsoft Azure for banking and capital markets use to protect against fraud and financial fraud. It also drives cloud solution in banking and capital market, by delivering a real-time analytics, and by managing risk across the enterprise. Furthermore, in 2019 the company announced IoT signals which is a research report that begin design to provides an overview of IoT landscape which includes IoT adoption rate.
- Cisco Systems, Inc.:
Cisco Systems is a multinational technology company that sells networking hardware, software, telecommunications equipment and other high-technology services and products. The company designs, manufactures, and sells Internet protocol based networking products and services. Moreover, the Cisco connected mobile experiences for banking solution helps to deliver a unique customer experience which is integrated with the bank products and services and create an easy to use mobile experience in the branch. Furthermore, in 2020 Cisco launches a comprehensive security architecture for industrial IoT which helps to crease efficiencies to make better business decisions and accelerate digitization projects.
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