IoT in Banking and Financial Services Market to Grow at a CAGR of 52.1% - New Report by MarketsandMarkets™

global IoT in Banking and Financial Services market size is expected to grow from USD 249.4 Million in 2018 to USD 2,030.1 Million by 2023, at a CAGR of 52.1% during the forecast period.

(EMAILWIRE.COM, July 18, 2018 ) The global IoT in Banking and Financial Services market size is expected to grow from USD 249.4 Million in 2018 to USD 2,030.1 Million by 2023, at a CAGR of 52.1% during the forecast period. The major driving forces of the market include the increasing use of IoT devices for connected banking, and convergence of operational technology and information technology. Increasing global investments in IoT and focus on services with real-time data flow are the main growth opportunities in the market. This market is segmented on the basis of component (solutions and services), end user, organization size, and region.

In the component segment, the services subsegments is estimated to hold a larger market share in 2018. The services segment comprises professional services and managed services. The professional services segment has been further categorized into integration and deployment, business consulting, and support and maintenance. Consultants and advisors offer comprehensive services post the deployment of the latest techniques and tools, skills, knowledge, and strategies to address organizations’ technology needs. Service providers support businesses of all sizes, including SMEs and large enterprises, across diverse industry verticals and prove to be potentially beneficial for both customers and service providers. Managed services are about outsourcing a specific data management solution to a third party who has the defined processes.

The insurance end-user segment is expected to grow at the fastest rate, as IoT helps the insurance companies in more effectively determining insurance prices and providing services that keep people and their assets safe. IoT devices, such as smart devices and phones, can use accelerometers, gyroscopes, GPS, and sensors to provide data on consumers. This usage pattern can be further used by insurance companies to provide UBI solutions. For instance, with the emergence of telematics, cars are now able to transmit drivers’ behavior data back to the car insurance companies, so that they can assess drivers’ risks and premiums accordingly.

APAC is one of the largest contributors to the IoT in Banking and Financial services. The increasing adoption of IoT solutions to cater to the growing demand for business services in the Banking and Financial services vertical and technological advancements are the major factors driving the APAC market growth. Major APAC countries, such as Singapore, Japan, and India are working to adopt the IoT technology. The Infocomm Development Authority of Singapore (IDA) and the Information Technology Standards Committee (ITSC) have started an initiative called SPRING Singapore, which encourages industry participants to make new developments and investments in the IoT sector. As per a TCS report, 55% of APAC organizations, including financial institutions, have adopted the IoT-enabled agile business model. Moreover, the report states that APAC companies are more likely to use IoT technology solutions to automatically resupply their end-customers with connected solutions, for which 26% of organizations have already made changes to their business model.

Major vendors in the APAC IoT in Banking and Financial services market include Infosys (India), Allerin Technologies (India), Tibbo Systems (China), SunTec (India), Ranosys Technologies (Singapore), Paragyte Technologies (India), and Colan Infotech (India).

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