IoT in Banking and Financial Services Market Expected to Grow at a CAGR of 7.91%

NEW YORK, January 13, 2022 / PRNewswire / – 34% of market growth will come from North America for IoT in the banking and financial services market. The United States is a key market for IoT in banking and financial services in North America. Market growth in this region will be faster than market growth in South America. TThe increasing adoption of IoT devices will facilitate the growth of the IoT in banking and financial services market in North America during the forecast period. The IoT in the banking and financial services market is expected to grow $ 7.63 million from 2021 to 2026 to a 7.91% CAGR according to the latest Technavio market report.

Attractive Opportunities in IoT in Banking and Financial Services Market by Component and Geography – Forecast and Analysis 2022-2026

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IoT in banking and financial services – Pilot
Major banking institutions may develop a strategic approach, such as the development of smartphone payment technologies, to face competition from fintech platforms during the forecast period. Banks may choose to partner with technology providers at a time when smartphone technologies and widespread online connectivity have allowed consumers to pursue their own information searches rather than soliciting the services of middlemen. Customers can access the cloud, scan barcodes, and use Bluetooth enabled e-wallets using smart smartphones and tablets. The diversity of electronic technologies has created many payment options, such as bitcoins (virtual currency) and Amazon coins. Additionally, clients use social media platforms to research, share and validate alternative resources to traditional funding. This creates an environment for new forms of online financial solutions. Such factors of adoption of IoT technologies and digital wallets are expected to drive the market growth during the forecast period.

IoT in banking and financial services – Challenges

Payment service providers collect personal data and customer information so that they can personalize advertising messages and target key audiences. Such practices help service providers collect data about customer profiling, behavior, and data mining. However, the indiscriminate use of this data may infringe on the privacy of customers. Location-based services also have privacy concerns as these offers and services operate on the basis of real-time location-based information. Data collected from smartphones is processed and stored by providers and therefore remains subject to abuse. As smartphones are used in real-time money transactions, data theft (which is common in the virtual world) can result in financial loss for consumers and can result in loss of reputation for service providers. Such risks make consumers reluctant to transact online and pose a potential threat to the IoT platform market. Hence the growing risk of privacy and security issues in the financial sector will hamper the growth of IoT in the banking and financial services market during the forecast period.

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Read the 120-page report with table of contents on “IoT in Banking and Financial Services Market Analysis Report by Component (Solutions and Services) and Geography (North America, Europe, APAC, MEA and South America) and Segment Forecast, 2022-2026 “. Obtain competitive insights from market leaders. Track key industry opportunities, trends and threats. Marketing, branding, strategy and market development information , sales and procurement functions. https://www.technavio.com/report/report/iot-in-banking-and-financial-services-market-industry-analysis

Some of the major players in IoT in banking and financial services:

The market for IoT in banking and financial services is fragmented and vendors are investing in the development of specific and customized IoT solutions to compete in the market.

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IoT in Banking and Financial Services Market Component Outlook (Revenue, USD Million, 2021-2026)

Geographic Outlook of IoT in Banking and Financial Services Market (Revenue, USD Million, 2021-2026)

  • North America – size and forecast 2021-2026

  • Europe – size and forecast 2021-2026

  • APAC – size and forecast 2021-2026

  • MEA – size and forecast 2021-2026

  • South America – size and forecast 2021-2026

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IoT within the reach of the banking and financial services market

Cover of the report

Details

Page number

120

Year of reference

2021

Forecast period

2022-2026

Growth dynamics and CAGR

Accelerate to a CAGR of 7.91%

Market growth 2022-2026

$ 7.63 million

Market structure

Fragmented

Annual growth (%)

6.80

Regional analysis

North America, Europe, APAC, MEA and South America

Efficient contribution to the market

North America at 34%

Main consumer countries

United States, China, Germany, United Kingdom and Japan

Competitive landscape

Leading companies, competitive strategies, reach of consumer engagement

Profiled companies

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

Market dynamics

Parent Market Analysis, Market Growth Drivers and Obstacles, Analysis of Fast Growing and Slow Growing Segments, Impact of COVID-19 and Future Consumer Dynamics, Analysis of Market Conditions for the Forecast Period,

Customization

If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments.

About Technavio

Technavio is one of the world’s leading technology research and consulting companies. Their research and analysis focuses on emerging market trends and provides actionable information to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s report library includes over 17,000 and more reports, spanning 800 technologies, spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market intelligence to identify opportunities in existing markets. and potentials and assess their competitive positions in changing market scenarios.

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Technavio (PRNewsfoto / Technavio)

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SOURCE Technavio

Stephen V. Lee