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IoT in Banking and Financial Services Market: Introduction

  • IoT in banking and financial services helps the customer to provide easy-to-access services. The IoT delivers services to the banks to control the customer’s use of ATM kiosks in several areas and increase or decrease the installation system of ATMs in those places, depending on the usage volumes.
  • IoT in banking and financial services provides customers individualized experience and timely insights. The device connectivity enables a visitor to schedule an appointment on the smartphone. So the customer can have complete knowledge when it’s their turn to stand at the counter, instead of waiting in a long queue. The banks keep the entire record of services that the customer has opted for whenever they visit the banks in the database system
  • Banks sectors are using IoT technology and other banking applications to solve the problem with mobile banking that is opted in traditional branch banking. The IoT helps to introduce the interactive digital experience where customers can opt for self-services and bank can also reduce the number of staff.
iot in banking and financial services market size and forecast

IoT in Banking and Financial Services Market: Dynamics

IoT in Banking and Financial Services Market: Key Drivers

  • IoT in banking and financial services provides complete banking solutions to the customers in real-time. The IoT-enabled devices help the bank to satisfy the requirements of the customer with the support of the data collected from several smart devices to simplify the smart financial decision.
  • The existing customer data helps banks to deliver value-added services, customized products, and financial assistance to individual customers. Moreover, this data helps to reduce the cost of operation due to the increased IT and user productivity and the reduced technology costs.
  • IoT in banking and financial services faces connectivity issues between IoT products and devices is one of the major restraining factors for all businesses and their clients, as companies existing systems do not meet the global connectivity standards.
  • Data migration in IoT in banking and financial services is the main component to use while adopting a new system, either via integration with new deployment or new systems. The main issue during data migration is the completion of the operation process within the specified target and the elimination of risk associated with it, as many data migration tasks undergo implementation delays.
iot in banking and financial services market growth trend

Impact of COVID-19 on IoT in Banking and Financial Services Market

  • An increase in cases of COVID-19 across the globe is resulting in an economic slowdown. Developed countries are strongly affected by the pandemic. COVID-19 has a negative impact on the IoT in banking and financial services Market, as banks and financial institutes are decreasing their investment in new technologies and services to sustain themselves in the competitive market. The market is expected to expand in the next few years, as financial services and banks start making a profit to recover from the economic downturn associated with COVID-19

APAC to Hold Major Share of IoT in Banking and Financial Services Market

  • In terms of region, the global IoT in banking and financial services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • APAC dominated the global IoT in banking and financial services market and held a notable share during the forecast period. The increasing requirements for cashless payments, agile, connected, and the overall speed and responsiveness of connected financial solutions is expected to grow in the APAC region. The developing countries are focusing on the adoption of new technologies, and countries such as India, China, and Japan are planning to invest in IoT in banking and finance sector.
iot in banking and financial services market size by competition landscape

Key Players Operating in Global IoT in Banking and Financial Services Market

  • Intel Corporation

Intel Corporation designs and manufactures integrated processors, platforms, chipsets, circuits, and software solutions, such as Intel Security and embedded software. The company offers a wide range of products - desktops, tablets, SSDs, boards & kits, server products, Intel gateways, modems, and radiofrequency transceivers. It provides the solutions for embedded applications for healthcare, automotive, energy, and retail market segments.

  • Cisco Systems, Inc.

Cisco Systems, Inc. is a provider of IT infrastructure, services, and solutions. The company offers Hybrid IT, Intelligent Edge, Financial Services, and Corporate Investments. The company works in professional, communication, and media solutions. It provides Internet-of-Things (IoT) & mobility solutions and networking & security solutions, including wired and wireless products.

Other key players operating in the IoT in banking and financial services market include Huawei Technologies Co., Ltd., Texas Instruments Incorporated, NXP Semiconductors, TE Connectivity Ltd, Hewlett Packard Enterprise Co., Microchip Technology Inc., Dell Technologies, Aaeon Technology Inc., Nexcom International Co., Ltd., Helium Systems, Inc., STMicroelectronics N.V., Adlink Technology Inc., and Eurotech S.P.A.

IoT in Banking and Financial Services Market: Research Scope

IoT in Banking and Financial Services Market, by Hardware

  • Processors
  • Connectivity Integrated Circuits (ICs)
  • Sensors
  • Memory Devices
  • Logic Devices

IoT in Banking and Financial Services Market, by Component

  • Solutions
    • Security
    • Customer Experience Management
    • Monitoring
    • Data Management
    • BFSI
  • Services
    • Professional Services
      • Integration and Deployment
      • Support and Maintenance
      • Business Consulting
    • Managed Services

IoT in Banking and Financial Services Market, by End-user

  • Banking
  • Insurance
  • Others

IoT in Banking and Financial Services Market, by Organization Size

  • Large Enterprises
  • Small and Medium-sized Enterprises

IoT in Banking and Financial Services Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Iot In Banking And Financial Services Market