Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by Infinium Global Research on IoT in the BFSI market provides an in-depth analysis of segments and sub-segments in the global as well as regional IoT in the BFSI market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional IoT in the BFSI market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of global IoT in the BFSI market. According to the report, the global IoT in the BFSI market is projected to grow at a CAGR of 46.75% over the forecast period of 2021-2027. The IoT in the BFSI market growing from nearly USD 851.83 million in 2021 to about USD 8508.36 million in 2027
IoT has been emerging as the most advanced technological innovation of the century. Through this IoT, technology banks can have better control over their customer's mortgaged assets, such as cars, and also can monitor their health. Moreover, in the banking sector, it not only offers debt but also credit cardholders with reliable, easy-to-access services. Through this banks can also predict credit card fraud as well as debit transitions that will allow them to take appropriate action to prevent other problems. Furthermore, the banks can have improved Financial Practices for their customers, Enhanced Banking Experience, Expanded Range of services beyond Banking. Through IoT systems one can take care of request handling, automatically disable credit cards in case of payment delay, transfer asset ownership, and many more. Moreover, IoT can help in mitigating many risks associated with fraud and has helped detect and block hacked accounts. The COVID-19 outbreak had a significant impact on the banking sector across the globe. Due to lockdowns imposed by the government in various countries, various regulation was imposed in order to decrease the spread of the virus in which people were being restricted to move out of their houses so many bank employees had to work from their houses which created challenges in the banking world. The customers had to change their traditional banking habits to Online banking. Banks ensured that both routine and unusual processes are been carried out with minimal disruption by implementing fully digitalized and remote customer transactions creating a demand for IoT technology in the banking world
The rising usage of online banking applications is considered to be one of the major driving factors for the market growth of IoT in the BFSI market. It helps in reducing the intermediates and also provides easy access services to its end users. Moreover, this application helps in securing bank accounts from cyber-attacks. Key players are entering into collaboration in order to launch new services to their end users. The advantages such as analysis and prediction of frauds and risk related to debit and credit card transactions will drive the demand among banks and financial institutions for the implementation of IoT technology-based on cloud services in the market. The connectivity issue between IoT devices and products is one of the hindering factors for all industries and their clients also, as these enterprises’ current systems do not meet the global connectivity standards
Among the regions, North America accounted for the largest share of the global IoT in the BFSI market. Due to the presence of key market players in this region such as Citi Group, JP Morgan dominates the market growth moreover the rising adoption of core communications technologies offered in the banking services. The rising expansion of product portfolios by these major companies drives market growth. However, the Asia Pacific region is anticipated to grow at the highest rate in the global IoT in the BFSI market over the forecast period. Developing nations such as India, China, and Japan are focusing on the development activities of IoT technologies and their development in Smart cities and building projects. Moreover, the governments in these regions are doing heavy investments in their banking sectors
The report on global IoT in the BFSI market covers segments such as component, and application. On the basis of component, the sub-markets include hardware, software, and services. On the basis of application, the sub-markets include customer experience management, monitoring, data management, and others.
The report provides profiles of the companies in the market such as Cisco Systems, IBM Corporation, SAP ERP, Oracle Corporation, Accenture Plc, Tibbo Systems, Intel Corporation, Infosys Limited, Microsoft Corporation, and Capgemini.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of IoT in the BFSI market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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