Global IoT in Banking and Financial Services Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider IoT in Banking and Financial Services market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global IoT in Banking and Financial Services market size was US$ 809.9 million in 2021. The global IoT in banking and financial services market is forecast to grow to US$ 40,430.5 million by 2030 by registering a compound annual growth rate (CAGR) of 41.8% during the forecast period from 2022 to 2030.
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Customers can now easily access services in the financial and banking sectors thanks to IoT. Apart from that, banks can also track customer use of ATMs at various places and change the number of ATMs deployed there based on usage volumes, thanks to services provided by the Internet of Things.
Factors Influencing the Market
The growing use of IoT devices across all industrial verticals will primarily drive the growth of the global IoT in the banking and financial services market. The demand for connected devices in banks is increasing significantly. Banks are required to offer more holistic and linked banking solutions. In addition to that, the rapidly rising use of IoT for maintaining a higher user base and IT efficiency will drive the growth of the IoT in the banking and financial services market.
IoT in banking and financial services has several benefits. The primary one is that it offers customers entire banking solutions in real-time. In addition, the data gathered from smart devices will help the bank understand the requirements of the customers and make smart financial decisions. Thus, such an advantage will escalate the growth of the IoT in the banking and financial services market during the study period.
On the flip side, a lack of interconnectivity and interoperability standards may limit the market growth during the study period.
Regional Analysis
The Asia-Pacific IoT in the banking and financial services market is forecast to record the highest growth rate. The growth of the region is attributed to the rising population of the region and the growing use of the Internet of Things in banking and financial services. Government initiatives to boost the cashless culture are growing. In addition, people are also adopting cashless transaction ways. As a result, it will benefit the IoT in the banking and financial services market during the forecast period.
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COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for online payments increased significantly. The pandemic brought untapped opportunities for the IoT sector. However, financial institutions reduced their investments in R&D and innovative technologies, which had a detrimental influence on the IoT in banking and financial services market. However, the industry is forecast to witness potential scope as financial services & banks start recovering from the economic slowdown.
Competitors in the Market
? Cisco Systems Inc.
? Huawei Investment and Holding Co. Ltd.
? Infosys Ltd.
? Intel Corp.
? International Business Machines Corp.
? Microsoft Corp.
? Oracle Corp.
? SAP SE
? Schneider Electric SE
? Vodafone Group Plc
? Other Prominent Players
Market Segmentation
The global IoT in banking and financial services market segmentation focuses on Organization Size, Application, End-Users, and Region.
By Organization Size
? Large Sized Organizations
? Small and Medium-Sized Organizations
By Application
? Cyber Security
? Customer Relationship Management
? Proactive Services
? Product Marketing and Planning
? Others
By End Users
? Banking Services
? Insurance Companies
? Investment Banking
? Foreign Exchange
? Others
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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