New York, NY, Dec. 04, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “IoT in Banking & Financial Services Market by Application (Data Management, Cybersecurity, Proactive Services, Product Planning & Marketing, Customer Relationship Management, and Data Analysis) by Component (Hardware, Software, and Service), and by End-User (Banks, Insurance Companies, Mortgage Companies, Brokerage Firms, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global IoT in banking & financial services market accounted for USD 159 million in 2017 and is expected to reach USD 2,547 million by 2024, at a CAGR of 48.6% between 2018 and 2024.
IoT refers to the network of physical objects that are connected over the internet for transferring information without human intervention. These devices utilize embedded technology for communication. IoT is now being used in for banking and financial services to save time and reduce additional costs in various operations, such as accounts handling, payments, data management and verification, fraud detection, etc.
Browse through 84 Tables & 30 Figures spread over 148 Pages and in-depth TOC on “Global IoT in Banking & Financial Services Market: By Type, Size, Share, Trends, Applications, Segments, Analysis and Forecast, 2017 – 2024”.
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Increasing number of smartphone users in the last decade is likely to propel the IoT in banking & financial services market. Various banks and other financial institutes are offering mobile banking and online payments, among other services. In 2016, the number of smartphone users globally was 2.1 billion as compared to 1.86 billion in 2015. Considering this growth, financial institutes are likely to adopt IoT to streamline their services and payment processes. In 2016, Santander announced its plan to offer mortgage schemes to their customers on smartphones along with providing the facility to scan and verify clients required documents on the bank’s mobile app.
Growing investments made by insurance firms in IoT are anticipated to fuel the IoT in banking & financial services market during the forecast timeframe. In 2016, insurance companies invested USD 711 million, accounting for 44% of the insurtech investments as compared to 10% in 2015. Furthermore, insurance technology startups have been successful in garnering investments. In 2016, Coya, a European digital insurance provider, raised about USD 10 million.
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The IoT in banking & financial services market is fragmented based on component, application, and end-user. By component, this market includes hardware, software, and service. The software segment is projected to dominate the IoT in banking & financial services market during the forecast timeframe, due to the introduction of various online banking and payment platforms on smartphones. By application, the IoT in banking & financial services market is divided into data management, cybersecurity, proactive services, product planning and marketing, customer relationship management, and data analysis. By end-user, this market is divided into banks, insurance companies, mortgage companies, brokerage firms, and others. Mortgage companies are projected to grow at a noteworthy rate during the estimated time period. IoT helps the mortgage companies to monitor their condition in real-time and conduct remote maintenance of properties.
North America is anticipated to hold a significant share in the global IoT in banking & financial services market, as it is the most technologically advanced region. The U.S. is a major contributor in this regional market. In 2017, IoT companies of the U.S. have received funding of nearly USD 125 billion. Furthermore, in 2018, Microsoft Corporation announced its plan to spend USD 5 billion in IoT over the next four years to develop new products and services in the field. Additionally, Amazon and Google are leveraging technological benefits through collaboration and acquisitions, which, in turn, is likely to facilitate additional features in the IoT technology stack.
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Europe is expected to hold a considerable share in the IoT in banking & financial services market, due to the initiatives were taken by the government of various nations. In 2018, the UK government announced additional funding of USD 75 million for IoT technologies to develop additional devices and services. Thus, the total investments made by the UK government considering these additional funds for IoT have reached USD 120 million. Furthermore, Europe’s recognized insurance company, Munich Re, has acquired IoT platform developer “Relayr” for nearly USD 300 million to explore the company’s IoT platform in insurance. Thus, the expansion of the European IoT in banking & financial services market is evident in the upcoming years.
The Asia Pacific has tremendous potential in the IoT in banking & financial services market during the forecast timeframe. Digitalization of banking and other financial services in developing economies, such as China, India, and South Korea, is likely to boost this market. In 2018, “Bank of China Group Investment Ltd.” and “Singapore Global Logistics Properties” announced a funding of USD 70 million to G7, a Chinese IoT solutions provider. Furthermore, in 2016, India and Japan announced the “Japan-India IoT Initiative” to promote IoT investments. In 2017, Japan’s SoftBank Corp. announced investments in ENCORED INC, an IoT platform provider. In India, IT spending in banking and securities firm reached USD 9.1 billion, about 11.7% more than 2016. Thus, Asia Pacific is projected to witness a significant rise in the IoT in banking & financial services market by 2024.
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The Middle East and Africa are expected to contribute substantially toward the growth of the IoT in banking & financial services market during the estimated timeframe. Rising investments from various financial institutes in the region are driving this market. “Mubadala Investment Company”, one of UAE’s funding organizations contributed about USD 15 billion in technology. Furthermore, the number of fintech startups is increasing in this region. In 2017, the total financial technology startup deals in MENA were valued at USD 66.6 million. These investments are anticipated to rise in the upcoming years, owing to the increasing adoption of online payment.
Some major players of the global IoT in banking & financial services market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Cisco Systems, Inc., Accenture, Infosys Limited, Vodafone Group Plc, Software AG, and Capgemini SE among, others.
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This report segments the global IoT banking & financial services market as follows:
Global IoT in Banking & Financial Services Market: Application Segment Analysis
- Data Management
- Cyber Security
- Proactive Services
- Product Planning & Marketing
- Customer Relationship Management
- Data Analysis
Global IoT in Banking & Financial Services Market: Component Segment Analysis
- Hardware
- Software
- Service
Global IoT in Banking & Financial Services Market: End-User Segment Analysis
- Banks
- Insurance Companies
- Mortgage Companies
- Brokerage Firms
- Others
Global IoT in Banking & Financial Services Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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