DUBLIN--(BUSINESS WIRE)--The "IoT in Banking and Financial Services Market by Solution (Security, Monitoring, Customer Experience Management), Service, End-User (Banking, Insurance, and Investment and Wealth Management), Organization Size, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global IoT in Banking and Financial Services market size is expected to grow from USD 249.4 million in 2018 to USD 2,030.1 million by 2023, at a CAGR of 52.1% during the forecast period.
The convergence of operational and information technology and increasing use of IoT devices in product, application, and premises monitoring for connected banking are some of the factors driving the IoT in Banking and Financial Services market. Increasing global investments in IoT and focus on services with real-time data flow are the main growth opportunities in the IoT in Banking and Financial Services market.
However, data protection and privacy concerns, and lack of standards for interconnectivity and interoperability are anticipated to be the major restraining factor for the growth of the market.
Monitoring is a cloud-based end-to-end monitoring solution that operates multiple machines from remote locations. This solution provides a broad implementation of the business scenario. It has various application areas, such as smart parking, healthcare, fleet management, supply chain management, and manufacturing. The monitoring solution provides cost-effective maintenance, improves customer service, and creates new business opportunities.
For instance, a financial institution could use the monitoring solution to track ATMs, customer assets, and premises. Moreover, the monitoring solution can be easily deployed over SCADA systems using GPRS and CDMA cellular networks. Post the cost reduction in cellular data, the deployment of the monitoring solution has become even easier and cost-effective, and helps improve business operations.
Market Dynamics
Drivers
- Increasing Use of IoT Devices for Connected Banking
- Convergence of Operational Technology and Information Technology
Restraints
- Data Protection and Privacy Concerns
- Lack of Standards for Interconnectivity and Interoperability
Opportunities
- Increasing Global Investments in IoT
- Increasing Focus on Services With Real-Time Data Flow
Challenges
- Legacy Systems and Processes
- Data Migration Challenges
Companies Profiled
- 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
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 IoT in BFSI Market, By Component
7 IoT in BFSI Market, By Solution
8 IoT in BFSI Market, By Service
9 IoT in BFSI Market, By End-User
10 IoT in BFSI Market, By Organization Size
11 IoT in BFSI Market, By Region
12 Competitive Landscape
13 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/ftq38v/global_2_03?w=4
