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

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRTNTR71968
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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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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.

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

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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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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2021
    • Market outlook: Forecast for 2021 - 2026

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Component

    • Market segments
    • Comparison by Component
    • Solutions - Market size and forecast 2021-2026
    • Services - Market size and forecast 2021-2026
    • Market opportunity by Component

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2021-2026
      • Europe - Market size and forecast 2021-2026
      • APAC - Market size and forecast 2021-2026
      • MEA - Market size and forecast 2021-2026
      • South America - Market size and forecast 2021-2026
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • 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

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The iot in banking and financial services market growth will increase by $7.63 million during 2021-2026.
      The iot in banking and financial services market is expected to grow at a CAGR of 7.91% during 2021-2026.
      Technavio has segmented the iot in banking and financial services market by component (Solutions and Services) and geographic (North America, Europe, APAC, MEA, and South America).
      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 are a few of the key vendors in the iot in banking and financial services market.
      North America will register the highest growth rate of 33.94% among the other regions. Therefore, the iot in banking and financial services market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the iot in banking and financial services market growth are:
      • Disintermediation of banking services
      The iot in banking and financial services market vendors should focus on grabbing business opportunities from the solutions segment as it accounted for the largest market share in the base year.
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