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.
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.
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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.
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
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the IoT in Banking and Financial Services industry experienced notable growth in its workforce. Starting in January, employment within the IoT in Banking and Financial Services sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global IoT in Banking and Financial Services output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global IoT in Banking and Financial Services output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global IoT in Banking and Financial Services market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the IoT in Banking and Financial Services market.
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
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
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