The global demand for IoT in Banking & Financial Services Market is presumed to reach the market size of nearly USD 50.4 Billion by 2032 from USD 1.15 Billion in 2023 with a CAGR of 52.2% under the study period 2024-2032.
IoT (Internet of Things) in banking and financial services refers to integrating IoT devices and technologies into the operations and services offered by banks and financial institutions. These IoT devices, such as sensors, wearables, and connected devices, enable banks to collect real-time data and insights on customer behavior, transactions, and preferences. IoT in banking enables enhanced customer experiences through personalized services, predictive analytics, and proactive fraud detection. Additionally, IoT devices can improve operational efficiency by automating processes, monitoring asset performance, and optimizing resource allocation.
MARKET DYNAMICS
The booming digitization of financial services and the rise of online banking, mobile payments, and digital wallets drive demand for IoT solutions that enhance customer experience, streamline operations, and improve efficiency in the banking sector. IoT devices such as smart ATMs, connected payment terminals, and wearable payment devices are transforming how customers interact with banks & access financial services, offering convenience, speed, and security. Additionally, the proliferation of connected devices and sensors in the banking ecosystem, including branch offices, ATMs, and back-office operations, enables banks to gather real-time data insights and optimize processes such as cash management, security monitoring, and customer service. Furthermore, the spurring focus on cybersecurity and data privacy is driving the adoption of IoT in banking & financial services to protect sensitive financial information and prevent cyber threats.
Moreover, regulatory initiatives and industry standards promoting interoperability, data sharing, and open banking drive collaboration and innovation in developing and deploying IoT in banking & financial services. Additionally, the integration of IoT with emerging technologies such as artificial intelligence (AI), blockchain, and cloud computing is driving innovation and creating new opportunities for banks to deliver personalized, data-driven financial services and products to customers. However, concerns about data security, privacy, and regulatory compliance may challenge the IoT in banking & financial services market growth in the coming years.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of IoT in Banking & Financial Services. The growth and trends of IoT in Banking & Financial Services industry provide a holistic approach to this study.
MARKET SEGMENTATION
This section of the IoT in Banking & Financial Services market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Application
Data Management
Cyber Security
Proactive Services
Product Planning & Marketing
Customer Relationship Management
Data Analysis
By Component
Hardware
Software
Service
By End-User
Banks
Insurance Companies
Mortgage Companies
Brokerage Firms
Others
REGIONAL ANALYSIS
This section covers the regional outlook, which accentuates current and future demand for the IoT in Banking & Financial Services market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the IoT in Banking & Financial Services market include Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Cisco Systems Inc., Accenture, Infosys Limited, Vodafone Group Plc, Software AG, Capgemini SE, Among Others. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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3. IOT IN BANKING & FINANCIAL SERVICES - INDUSTRY ANALYSIS
3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.4. Opportunities
3.5. Industry Trends
3.6. Porter's Five Force Analysis
3.7. Market Attractiveness Analysis
3.7.1 Market Attractiveness Analysis By Application
3.7.2 Market Attractiveness Analysis By Component
3.7.3 Market Attractiveness Analysis By End-User
3.7.4 Market Attractiveness Analysis By Region
4. VALUE CHAIN ANALYSIS
4.1. Value Chain Analysis
4.2. Raw Material Analysis
4.2.1 List of Raw Materials
4.2.2 Raw Material Manufactures List
4.2.3 Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
4.4.1 Direct Marketing
4.4.2 Indirect Marketing
4.4.3 Marketing Channel Development Trend
5. GLOBAL IOT IN BANKING & FINANCIAL SERVICES MARKET ANALYSIS BY APPLICATION
5.1. Overview By Application
5.2. Historical and Forecast Data
5.3. Analysis By Application
5.4. Data Management Historic and Forecast Sales By Regions
5.5. Cyber Security Historic and Forecast Sales By Regions
5.6. Proactive Services Historic and Forecast Sales By Regions
5.7. Product Planning & Marketing Historic and Forecast Sales By Regions
5.8. Customer Relationship Management Historic and Forecast Sales By Regions
5.9. Data Analysis Historic and Forecast Sales By Regions
6. GLOBAL IOT IN BANKING & FINANCIAL SERVICES MARKET ANALYSIS BY COMPONENT
6.1. Overview By Component
6.2. Historical and Forecast Data
6.3. Analysis By Component
6.4. Hardware Historic and Forecast Sales By Regions
6.5. Software Historic and Forecast Sales By Regions
6.6. Service Historic and Forecast Sales By Regions
7. GLOBAL IOT IN BANKING & FINANCIAL SERVICES MARKET ANALYSIS BY END-USER
7.1. Overview By End-User
7.2. Historical and Forecast Data
7.3. Analysis By End-User
7.4. Banks Historic and Forecast Sales By Regions
7.5. Insurance Companies Historic and Forecast Sales By Regions
7.6. Mortgage Companies Historic and Forecast Sales By Regions
7.7. Brokerage Firms Historic and Forecast Sales By Regions
7.8. Others Historic and Forecast Sales By Regions
8. GLOBAL IOT IN BANKING & FINANCIAL SERVICES MARKET ANALYSIS BY GEOGRAPHY
8.1. Regional Outlook
8.2. Introduction
8.3. North America Sales Analysis
8.3.1 Overview, Historic and Forecast Data Sales Analysis
8.3.2 North America By Segment Sales Analysis
8.3.3 North America By Country Sales Analysis
8.3.4 United States Sales Analysis
8.3.5 Canada Sales Analysis
8.3.6 Mexico Sales Analysis
8.4. Europe Sales Analysis
8.4.1 Overview, Historic and Forecast Data Sales Analysis
8.4.2 Europe By Segment Sales Analysis
8.4.3 Europe By Country Sales Analysis
8.4.4 United Kingdom Sales Analysis
8.4.5 France Sales Analysis
8.4.6 Germany Sales Analysis
8.4.7 Italy Sales Analysis
8.4.8 Russia Sales Analysis
8.4.9 Rest Of Europe Sales Analysis
8.5. Asia Pacific Sales Analysis
8.5.1 Overview, Historic and Forecast Data Sales Analysis
8.5.2 Asia Pacific By Segment Sales Analysis
8.5.3 Asia Pacific By Country Sales Analysis
8.5.4 China Sales Analysis
8.5.5 India Sales Analysis
8.5.6 Japan Sales Analysis
8.5.7 South Korea Sales Analysis
8.5.8 Australia Sales Analysis
8.5.9 South East Asia Sales Analysis
8.5.10 Rest Of Asia Pacific Sales Analysis
8.6. Latin America Sales Analysis
8.6.1 Overview, Historic and Forecast Data Sales Analysis
8.6.2 Latin America By Segment Sales Analysis
8.6.3 Latin America By Country Sales Analysis
8.6.4 Brazil Sales Analysis
8.6.5 Argentina Sales Analysis
8.6.6 Peru Sales Analysis
8.6.7 Chile Sales Analysis
8.6.8 Rest of Latin America Sales Analysis
8.7. Middle East & Africa Sales Analysis
8.7.1 Overview, Historic and Forecast Data Sales Analysis
8.7.2 Middle East & Africa By Segment Sales Analysis
8.7.3 Middle East & Africa By Country Sales Analysis
8.7.4 Saudi Arabia Sales Analysis
8.7.5 UAE Sales Analysis
8.7.6 Israel Sales Analysis
8.7.7 South Africa Sales Analysis
8.7.8 Rest Of Middle East And Africa Sales Analysis
9. COMPETITIVE LANDSCAPE OF THE IOT IN BANKING & FINANCIAL SERVICES COMPANIES
9.1. IoT in Banking & Financial Services Market Competition
9.2. Partnership/Collaboration/Agreement
9.3. Merger And Acquisitions
9.4. New Product Launch
9.5. Other Developments
10. COMPANY PROFILES OF IOT IN BANKING & FINANCIAL SERVICES INDUSTRY
10.1. Top Companies Market Share Analysis
10.2. Market Concentration Rate
10.3. Microsoft Corporation
10.3.1 Company Overview
10.3.2 Company Revenue
10.3.3 Products
10.3.4 Recent Developments
10.4. IBM Corporation
10.4.1 Company Overview
10.4.2 Company Revenue
10.4.3 Products
10.4.4 Recent Developments
10.5. Oracle Corporation
10.5.1 Company Overview
10.5.2 Company Revenue
10.5.3 Products
10.5.4 Recent Developments
10.6. SAP SE
10.6.1 Company Overview
10.6.2 Company Revenue
10.6.3 Products
10.6.4 Recent Developments
10.7. Cisco Systems Inc.
10.7.1 Company Overview
10.7.2 Company Revenue
10.7.3 Products
10.7.4 Recent Developments
10.8. Accenture
10.8.1 Company Overview
10.8.2 Company Revenue
10.8.3 Products
10.8.4 Recent Developments
10.9. Infosys Limited
10.9.1 Company Overview
10.9.2 Company Revenue
10.9.3 Products
10.9.4 Recent Developments
10.10. Vodafone Group Plc
10.10.1 Company Overview
10.10.2 Company Revenue
10.10.3 Products
10.10.4 Recent Developments
10.11. Software AG
10.11.1 Company Overview
10.11.2 Company Revenue
10.11.3 Products
10.11.4 Recent Developments
10.12. Capgemini SE
10.12.1 Company Overview
10.12.2 Company Revenue
10.12.3 Products
10.12.4 Recent Developments
10.13. Others
10.13.1 Company Overview
10.13.2 Company Revenue
10.13.3 Products
10.13.4 Recent Developments
Note - In company profiling, financial details and recent developments are subject to availability or might not be covered in the case of private companies