Internet of Things (IoT) in Banking and Financial Services - Global Strategic Business Report

The global market for Internet of Things (IoT) in Banking and Financial Services was estimated at US$9.6 Billion in 2023 and is projected to reach US$66.2 Billion by 2030, growing at a CAGR of 31.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Internet of Things (IoT) in Banking and Financial Services Market - Key Trends and Drivers Summarized

How Is Internet of Things (IoT) Transforming Banking and Financial Services?

The Internet of Things (IoT) is transforming banking and financial services by enhancing customer experiences, improving security, and enabling new financial services. IoT devices such as wearable payment devices, smart ATMs, and connected point-of-sale (POS) systems are revolutionizing how consumers interact with financial institutions. These connected devices enable real-time transactions, personalized financial services, and more efficient payment processing. IoT solutions are also being used to improve risk management and fraud detection, as data from connected devices can be analyzed to detect unusual patterns and flag potential threats. Additionally, IoT-based solutions are helping banks streamline branch operations, manage assets, and optimize customer service delivery.

How Are Technological Advancements Shaping IoT in Banking and Financial Services?

Technological advancements in IoT, artificial intelligence (AI), and blockchain are driving the adoption of IoT in banking and financial services. AI-powered analytics are being used to analyze data from connected devices to identify trends, predict customer needs, and offer personalized financial products. Blockchain technology is being integrated with IoT to provide secure and transparent transaction processing, reducing the risk of fraud in financial transactions. Furthermore, advancements in wearable devices and biometric authentication are enhancing the security of mobile and contactless payments. These innovations are making IoT solutions more reliable, secure, and customer-centric, enabling financial institutions to offer new services and improve their competitive positioning.

How Do Market Segments Define the Growth of IoT in Banking and Financial Services?

Applications include payment processing, risk management, and asset management, with payment processing leading the market due to the rise of contactless payments and wearable payment devices. Components include hardware such as connected POS terminals and wearable devices, and software for data analysis and security, with software gaining traction as financial institutions prioritize analytics and fraud detection. End-users include retail banks, commercial banks, insurance companies and financial service providers, with retail banks leading the adoption of IoT solutions to enhance customer experiences and streamline operations. The market is growing rapidly in regions like North America and Europe, where digital banking and mobile payments are widespread.

What Factors Are Driving the Growth in the IoT in Banking and Financial Services Market?

The growth in the IoT in banking and financial services market is driven by several factors, including the rising demand for contactless payments, advancements in wearable technology, and the need for enhanced security. As consumers increasingly prefer contactless payment options, banks and financial institutions are adopting IoT solutions to offer more convenient and secure payment methods. Technological innovations in biometric authentication, AI-based fraud detection, and blockchain are further driving the market by improving the security and transparency of financial transactions. Additionally, the growing adoption of mobile banking and digital wallets is pushing financial institutions to invest in IoT solutions that enhance customer experiences and streamline payment processes.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Solutions Application segment, which is expected to reach US$47.5 Billion by 2030 with a CAGR of a 32.6%. The Services Application segment is also set to grow at 29.6% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $2.9 Billion in 2023, and China, forecasted to grow at an impressive 28.9% CAGR to reach $8.8 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) in Banking and Financial Services Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) in Banking and Financial Services Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Internet of Things (IoT) in Banking and Financial Services Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Internet of Things (IoT) in Banking and Financial Services market such as Accenture, Allerin Technologies, Cabot Technology, Capgemini, Carriots and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 37 companies featured in this Internet of Things (IoT) in Banking and Financial Services market report include:

• Accenture
• Allerin Technologies
• Cabot Technology
• Capgemini
• Carriots
• Cisco
• Colan Infotech
• Concirrus
• Ewave Mobile
• Gizmosupport
• Hitachi Vantara
• IBM
• Infosys
• Microsoft
• Mindbowser
• Mulesoft
• Oracle
• Paragyte Technologies
• Ranosys Technologies
• SAP
• Software AG
• Suntec
• Tibbo Systems
• Vodafone
• Zerone Consulting