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2021
Internet Of Things (iot) In Banking Market

Internet of Things (IoT) in Banking Market By Type (Solutions and Services) and Application (Security, Monitoring, Data Management, Customer Experience Management and Other Applications): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12751
Pages: NA
Oct 2021 | 215 Views
   
Author(s) : Vijay Poola
Tables: NA
Charts: NA
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COVID-19

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Internet of Things (IoT) in Banking Market Outlook - 2030

The Internet of Things (IoT) is the autonomous communication between objects that enables operations to be optimized, costs to be reduced, productivity to be increased, and lives to be improved. Furthermore, the banks face a significant threat from a combination of cost, customer expectations and traditional competitors. As a result, the focus has shifted to providing new and improved experiences as well as higher value for customers and employees to compete with rising expectations. IoT is one of the technologies that banks are embracing.

The internet of things (IoT) in banking market demonstrates the banking & financial services industry's rapid mobilization and digitization. Moreover, businesses are utilizing the IoT opportunity in finance to leverage data and reduce the risks that are inherent in this industry. Therefore, the surge in demand for internet of things (IoT) in banking is expected to boost the growth of the market in the upcoming years.

The global internet of things (IoT) in banking market is segmented on the basis of type, application and region. Based on type, the market is divided into solutions and services. In terms of application, the market is categorized into security, monitoring, data management, customer experience management and other applications. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global internet of things (IoT) in banking industry include Blackbaud Inc., Deltek Inc., Oracle, Planful Inc., Prophix Software Inc., Questica, Sage Intacct Inc., TimeCamp Inc., Xero Limited and Adaptive Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global internet of things (IoT) in banking market.

Market Scope and Structure Analysis

Report Metric

Details

 Market size available for years

 2020–2030

 Base year considered

 2020

 Forecast period

 2021–2030

 Forecast units

 Value ($)

 Segments covered

 Type, Application and Region

 Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa

 Companies covered

Major players analyzed include Blackbaud Inc., Deltek Inc., Oracle, Planful Inc., Prophix Software Inc., Questica, Sage Intacct Inc., TimeCamp Inc., Xero Limited and Adaptive Inc.

 

COVID-19 Scenario Analysis

  • Most of the bank employees around the world have been asked to work from home to decrease the spread of COVID-19. Customers' traditional banking habits are also being challenged by COVID-19. People were advised to use contactless payment and avoid handling banknotes as much as possible since the COVID-19 virus can survive for days on notes, speeding up the disease's spread.
  • Banks can ensure that both routine and unusual processes are carried out with minimal disruption by implementing fully digitalized and remote customer transactions. This indicates that IoT will be increasingly used in banking in the future.

Top Impacting Factors

Rise in the adoption of security application and increasing use of IoT devices to meet the needs of customers drive the growth of the market. In addition, surge in adoption of IoT for predicting fraud in debit/credit card transactions propel the growth of the market. However, concerns regarding breach of privacy & data security risks are expected to hamper the growth of the market. Contrarily, increase in focus on services with real-time data flow is expected to provide lucrative opportunities to the market in the upcoming years.

Rise in the Adoption of Security Application

Customer expectations, technological capabilities, regulatory requirements, demographics, and economics all play a role in the current state of affairs. This necessitates that the banking firms overcome these obstacles and take a proactive approach to cybersecurity. In comparison to other industries, the financial sector saw nearly three times as many cyber-attacks. Banks will be forced to tighten security layers, including patchable firmware/software and controlled privilege access, as a result of ongoing threats related to IoT devices.

Moreover, once large-scale attacks using IoT are launched, new regulations will be implemented. This will be done with the help of wearable devices to amplify the attack. Therefore, the surge in demand for the security applications are expected to boost the growth of internet of things (IoT) in banking market during the forecast period.

Increase in Use of IoT Devices to Meet the Needs of Customers

Banks can provide holistic and connected banking solutions for customer finances in real-time using IoT devices. These IoT-enabled connected banking solutions assist banks in meeting customer needs by utilizing data collected from a variety of smart devices to enable smart financial decisions.

Banks can also use customer data to provide value-added services, financial assistance, and customized products to specific customers. Moreover, increased user and IT productivity, as well as lower technology costs, assist banks in lowering their operating costs. Therefore, the increase in use of IoT devices for banking is anticipated to boost the growth of the internet of things (IoT) in banking market during the forecast period.

Key Segments Covered

Segments

Sub-Segments

 Type

  • Solutions
  • Services

 Application

  • Security
  • Monitoring
  • Data Management
  • Customer Experience Management
  • Other Applications


Key Benefits of the Report

  • This study presents analytical depiction of the global internet of things (IoT) in banking market forecast along with the current trends and future estimations to determine the imminent investment pockets.   
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the internet of things (IoT) in banking market trends.   
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global internet of things (IoT) in banking market growth scenario.           
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed internet of things (IoT) in banking market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Internet of Things (IoT) in Banking Market Research Report

  • Which are the leading players active in the global internet of things (IoT) in banking market size?
  • What would be the detailed impact of COVID-19 on the global internet of things (IoT) in banking market share?
  • What are current trends that would influence the internet of things (IoT) in banking market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global internet of things (IoT) in banking market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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