Authored By: Sarah
13 Nov 2024

disintermediation of banking services is driving the IOT In Banking And Financial Services Market

Latest News:- IOT In Banking And Financial Services Market: Solutions is expected to lead the Component segment during 2024-2028

Technavio analyzes that the IOT In Banking And Financial Services Market is expected to grow at a CAGR of 7.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8.7 million.There are various factors that contribute to the growth of the market. In the realm of banking and financial services, the Internet of Things (IoT) is revolutionizing the industry by facilitating disintermediation of traditional banking services. IoT devices and applications enable real-time financial transactions, monitoring, and analysis, thereby reducing the need for intermediaries and offering enhanced convenience and efficiency to consumers. This trend is expected to significantly impact the banking sector, leading to increased competition and innovation.

In the banking and financial services industry, IoT solutions are revolutionizing customer interactions by enabling real-time insights and personalized services. The integration of IoT devices, such as wearables, and automation technologies is enhancing the digital experience for customers. For instance, biometric IOT systems offer secure and convenient access to accounts based on unique physical or behavioral characteristics. Additionally, IoT solutions streamline various banking processes, including risk management, account management, and payments, ensuring efficiency and accuracy. However, it is crucial to prioritize cyber security and fraud detection to mitigate potential risks associated with the adoption of these advanced technologies. Overall, the implementation of IoT solutions in banking is a strategic move towards meeting evolving customer demands for convenience, security, and innovation. 

Know which region is leading the market growth by requesting a sample report

IOT In Banking And Financial Services Market Segmentation

  • Component
    • Solutions
    • Services
  • Geography
    • North America
    • Europe
    • APAC
    • Middle East and Africa
    • South America

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

  • AAEON Technology Inc.
  • Accenture PLC
  • BlackBerry Ltd.
  • Capgemini Services SAS
  • Cisco Systems Inc.
  • Concirrus
  • Ewave Mobile
  • Hewlett Packard Enterprise Co.
  • Huawei Technologies Co. Ltd.
  • Infosys Ltd.
  • Intel Corp.
  • International Business Machines Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • Paragyte Technologies
  • SAP SE
  • Schneider Electric SE
  • STMicroelectronics International NV
  • SunTec Business Solutions
  • Vodafone Group Plc

Find out what is trending in the market by accessing the free PDF report

Research Analysis Overview

In the realm of Banking and Financial Services, IoT (Internet of Things) plays a pivotal role through connected devices and digital services. Real-time data flow enables monitoring, interoperability, and interconnectivity among financial institutions. Usage-Based Insurance (UBI) and personalized services are enhanced with IoT devices like wearables. Automation, data analytics, and predictive analytics provide real-time insights for improved customer interactions. IoT Payment Systems and Smart Branch Technology are revolutionizing transactions. Managed services ensure cybersecurity and fraud detection. (50 words)

Market Research Overview

The IOT in Banking and Financial Services Market is a significant segment of the global Technology Hardware, Storage, and Peripherals Market, which encompasses manufacturers of cellular phones, personal computers, servers, electronic components, and peripherals, including data storage components, motherboards, audio-video cards, monitors, keyboards, printers, and other devices. According to Technavio, market growth will be driven by the escalating demand for data centers, as remote work becomes increasingly prevalent due to the COVID-19 pandemic. Real-time data flow and interconnectivity are crucial in this context, enabling connected banking services, data migration, interoperability, and the implementation of Usage-Based Insurance (UBI) solutions. These factors contribute to the expansion of the global Technology Hardware, Storage, and Peripherals Market, as revenue is generated from the sales of hardware devices, equipment, and components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Reasons to Consider Purchasing Technavio Market Research Report

  • Current Market Insights: Our reports offer valuable information on the latest market intelligence, competitor strategies, trends, industry changes, customer preferences, and forecasted market opportunities to aid in informed business decisions.

  • Extensive Experience: With over 20 years in market research, Technavio is a trusted name, having published more than 21,000 reports across various industries and regions.

  • High ROI Through In-Depth Research: Technavio specializes in tailored market research reports to meet specific business needs, exploring particular markets, product segments, and demographics. We are also recognized for delivering significant returns on investment through our comprehensive data collection at affordable prices.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!

Safe and Secure SSL Encrypted

Technavio

  • 2500 USD

[5 reports/month/user]

  • 5000 USD

close
  • Basic Plan [5000 USD/Year]:

    Single User
    Download 5 Reports/Month
    View 100 Reports/Month
    Add upto 3 Users at 625 USD/user

  • Teams Plan [7500 USD/Year]:

    5 User
    Download 5 Reports/Month/User
    View 100 Reports/Month/User
    Add upto 30 Users at 500 USD/user

*You can upgrade to Teams plan at Subscription page

close
  • Single:

    One user only.
    Quick & easy download option

  • Enterprise:

    Unlimited user access (Within your organization).
    Complimentary Customization Included

*For Enterprise license, go to checkout page

Technavio Get the report (PDF) sent to your email within minutes.