Traditional fields such as embedded systems, wireless sensor networks, control systems, and automation enable the Internet of Things (including home and building automation). IoT technology is most closely associated with products that support the concept of the "smart home" in the consumer market, such as lighting fixtures, thermostats, home security systems, cameras, and other home appliances that can be controlled by devices associated with that ecosystem, such as smartphones and smart speakers. The market's growth drivers increasing the Use of IoT Devices for Connected Banking, as well as the Convergence of Operational and Information Technology. Connected devices enable financial institutions to provide unified and real-time banking solutions to their customers' financial needs. These Internet of Things (IoT)-enabled connected banking solutions will assist banks in better meeting the needs of their customers by utilising information gathered from a variety of smart devices to help customers make sound financial decisions. Banks can also provide value-added services, financial assistance, and customised products to individual customers with the help of readily available customer data.
COVID-19 has had an impact on the overall market and the growth rate in 2019-2020 as the effect of COVID-19 spreads. Our most recent research, perspectives, and insights on the management issues that matter most to businesses and organisations about the market, which is leading through the COVID-19 crisis to risk management and digitising operations to deliver trusted information and experiences to decision makers.
IoT in Banking and Financial Services Market Key Players:
The following companies are some of the major players in the global IoT in Banking and Financial Services market: Accenture, Capgemini, Cisco, IBM, Infosys, Microsoft, Oracle, Software AG.
Global IoT in Banking and Financial Services Market Segmentation:
By Solution: Based on the Type Global IoT in Banking and Financial Services Market has been segmented as; Security, Customer Experience Management, Monitoring, Data Management
By Service: Based on the Service, Global IoT in Banking and Financial Services are segmented as; {Professional Services (Integration and Deployment, Support and Maintenance, Business Consulting), Managed Services}
By End-User: Based on End-User, Global IoT in Banking and Financial Services are segmented as; Banking, Insurance, Others.
By Organization Size: Based on the Organization Size, Global IoT in Banking and Financial Services Market is segmented as; Small and Medium-Sized Enterprises, Large Enterprises.
By Region: The Global IoT in Banking and Financial Services Market has been divided into five regions based on geography: Asia-Pacific, Europe, Middle East and Africa, Latin America, North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.