IoT in Banking and Financial Services – Driver
The top banking institutions may develop a strategic approach, such as the development of smartphone payment technologies, to deal with competition from fintech platforms during the forecast period. Banks may choose to partner with technology providers in an age when smartphone technologies and widespread online connectivity have empowered consumers to pursue their own information searches rather than solicit services from intermediaries. Customers are able to access the cloud, scan barcodes, and use Bluetooth-enabled electronic wallets using smartphones and connected tablet devices. The diversity of electronic technologies has created many payment options, such as bitcoins (virtual currency) and Amazon coins. In addition, customers are using social network platforms to search, share, and validate alternative resources to traditional financing. This creates an environment for new forms of online financial solutions. Such factors of the adoption of IoT technologies and digital wallets are expected to drive the growth of the market during the forecast period.
IoT in Banking and Financial Services – Challenges
Payment service providers gather personal data and information about customers so that they can customize advertising messages and target key audiences. Such practices help service providers collect data on customer profiling, behavior, and data mining. However, the indiscriminate use of this data can infringe on customer privacy. Location-based services also have privacy concerns because such offerings and services operate on the basis of real-time, geo-based information. The data collected from smartphone devices is processed and stored by vendors and so remains open to abuse. As smartphones are used in monetary transactions in real-time, data theft (which is common in the virtual world) can lead to financial losses for consumers and may cause a loss of reputation for service providers. Such risks make consumers averse to online transactions and pose a potential threat to the market for IoT platforms. Hence, the rising risk related to privacy and security concerns in the financial industry will hamper the growth of the IoT in the banking and financial services market during the forecast period.
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Some of key IoT in Banking and Financial Services Players:
The IoT in banking and financial services market is fragmented and the vendors are investing in the development of specific and customized IoT solutions to compete in the market.
- Cisco Systems Inc.
- Huawei Investment and Holding Co. Ltd.
- Infosys Ltd.
- Intel Corp.
- International Business Machines Corp.
- Microsoft Corp.
- Oracle Corp.
- SAP SE
- Schneider Electric SE
- Vodafone Group Plc
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IoT In Banking And Financial Services Market Component Outlook (Revenue, USD mn, 2023-2026)
- Solutions – size and forecast 2023-2026
- Services – size and forecast 2023-2026
IoT In Banking And Financial Services Market Geography Outlook (Revenue, USD mn, 2023-2026)
- North America – size and forecast 2023-2026
- Europe – size and forecast 2023-2026
- APAC – size and forecast 2023-2026
- MEA – size and forecast 2023-2026
- South America – size and forecast 2023-2026
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IoT In Banking And Financial Services Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.91% |
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Market growth 2023-2026 |
USD 7.63 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.80 |
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Regional analysis |
North America, Europe, APAC, MEA, and South America |
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Performing market contribution |
North America at 34% |
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Key consumer countries |
US, China, Germany, UK, and Japan |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Cisco Systems Inc., Huawei Investment and Holding Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, and Vodafone Group Plc |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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