IoT in Banking and Financial Services Market by Component and Geography - Forecast and Analysis 2022-2026

The IoT in banking and financial services market share is expected to increase by USD 7.63 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.91%.

This IoT in banking and financial services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers IoT in banking and financial services market segmentation by component (solutions and services) and geography (North America, Europe, APAC, MEA, and South America). The IoT in banking and financial services market report also offers information on several market vendors, including 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, and Vodafone Group Plc among others.

What will the IoT in Banking and Financial Services Market Size be During the Forecast Period?

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"In North America, the adoption of IoT devices has increased significantly, which is enhancing customers? experience by allowing them to access various banking services offered by banks. This scenario is changing because of the need to cut down infrastructure costs and increase flexibility, security, and compliance services by cloud vendors such as IBM Corp, Microsoft Corp, Oracle Corp, and so on. The adoption of the IoT by large global banks is expected to increase significantly by 2022, and IaaS will gain popularity during the forecast period."

IoT in Banking and Financial Services Market: Key Drivers and Challenges

The disintermediation of banking services is notably driving the IoT in banking and financial services market growth, although factors such as privacy and security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the IoT in banking and financial services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key IoT in Banking and Financial Services Market Driver

It is estimated that the top banking institutions may develop a strategic approach, such as the development of smartphone payment technologies, to deal with competition from fintech platforms during the forecast period. Banks may choose to partner with technology providers in an age when smartphone technologies and widespread online connectivity have empowered consumers to pursue their own information searches rather than solicit services from intermediaries. Customers are able to access the cloud, scan barcodes, and use Bluetooth-enabled electronic wallets using smartphones and connected tablet devices. The diversity of electronic technologies has created many payment options, such as bitcoins (virtual currency) and Amazon coins. In addition, customers are using social network platforms to search, share, and validate alternative resources to traditional financing. This creates an environment for new forms of online financial solutions. These trends lead us to infer that the proliferation of fintech solutions may result in the disintermediation of traditional banking services. Such factors of the adoption of IoT technologies and digital wallets are expected to drive the growth of the market during the forecast period.

Key IoT in Banking and Financial Services Market Challenge

Payment service providers gather personal data and information about customers so that they can customize advertising messages and target key audiences. Such practices help service providers collect data on customer profiling, behavior, and data mining. However, the indiscriminate use of this data can infringe on customer privacy. Location-based services also have privacy concerns because such offerings and services operate on the basis of real-time, geo-based information. The data collected from smartphone devices is processed and stored by vendors and so remains open to abuse. As smartphones are used in monetary transactions in real time, data theft (which is common in the virtual world) can lead to financial losses for consumers and may cause a loss of reputation for service providers. Such risks make consumers averse to online transactions and pose a potential threat to the market for IoT platforms. Hence, the rising risk related to privacy and security concerns in the financial industry will hamper the growth of the IoT in the banking and financial services market during the forecast period. 

This IoT in banking and financial services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Market Overview

The parent global IT spending market covers revenue generated from the sales and subscription of IT services, communications services, cloud services, IT hardware, and IT software. Technavio calculates the global IT spending market size based on various IT solutions spending by various end-user industries such as healthcare; banking, financial services, and insurance (BFSI); retail; transportation; media and entertainment; and construction.

Who are the Major IoT in Banking and Financial Services Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• 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

 

This statistical study of the IoT in banking and financial services market encompasses successful business strategies deployed by the key vendors. The IoT in banking and financial services market is fragmented and the vendors are investing in the development of specific and customized IoT solutions to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The IoT in banking and financial services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for IoT in Banking and Financial Services Market?

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34% of the market's growth will originate from North America during the forecast period. The US is a key market for IoT in banking and financial services in North America. Market growth in this region will be faster than the growth of the market in South America.

The increasing adoption of IoT devices will facilitate the IoT in banking and financial services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Component Segments in the IoT in Banking and Financial Services Market?

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The IoT in banking and financial services market share growth by the solutions segment will be significant during the forecast period. IoT solutions are significantly digitalizing the banking sector, and customers are expecting high innovation from their banks. Thus, the adoption of IoT solutions promises an advanced future with technological advancements and new digital trends. Furthermore, banking customers are highly inclined toward ease and instant access to all banking services, which creates opportunities for the adoption of IoT solutions. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the IoT in banking and financial services market size and actionable market insights on post COVID-19 impact on each segment.

 

IoT in Banking and Financial Services Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.91%
Market growth 2022-2026	$ 7.63 million
Market structure	Fragmented
YoY growth (%)	6.80
Regional analysis	North America, Europe, APAC, MEA, and South America
Performing market contribution	North America at 34%
Key consumer countries	US, China, Germany, UK, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	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, and Vodafone Group Plc
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this IoT in Banking and Financial Services Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive IoT in banking and financial services market growth during the next five years
• Precise estimation of the IoT in banking and financial services market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the IoT in banking and financial services industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of IoT in banking and financial services market vendors

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