IoT in BFSI refers to network of devices connected to the internet, including smartphone, tablets, PCs, and other items embedded with sensors, which enables these objects to collect and exchange data. BFSI industry implements IoT technology to track and analyze the behavior and demand of the customers and provide real-time analytics. The insurance companies use sensors to get information about product design defects, so that they can assess best price coverage and premium accurately in case of automobile casualty.
The global IoT in BFSI market is expected to register substantial growth in the near future, attributed to an increased government expenditure on building digital infrastructure, increase in network connectivity, and availability of smartphone and tablets. Other factors that drive the IoT in BFSI market are rise in prevalence of online banking, mobile banking apps, e-wallets, and other modes of transaction. However, factors such as increase in online frauds, lack of awareness to IoT applications, and data privacy & security restrict the growth of the market.
The report segments the IoT in BFSI market on the basis of component, application, and geography. On the basis of component, the market is divided into hardware, software, and services. According to the application, it is classified into the product monitoring market, premises monitoring market, customer monitoring market, and others. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players such as AT&T Inc., Accenture, Cisco Systems, Inc., Intel Corporation, EMC Corporation, IBM Corporation, Honeywell International, Inc., Symantec Corporation, SAP SE, and Qualcomm, Inc. is also provided in this report.
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global IoT in BFSI market.
- In-depth analysis is conducted by constructing market estimations for the key market segments between 2016 and 2023.
- This study evaluating competitive landscape and value chain is taken into account to help understand the competitive environment across the geographies.
- This report entails the detailed quantitative analysis of the current market and estimations through 2016-2023, which assists in identifying the prevailing market opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the global IoT in BFSI market is provided.
IoT in BFSI Market Key Segments:
- Product Monitoring market
- Premises Monitoring market
- Customer Monitoring market
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East