Dublin, June 28, 2018 (GLOBE NEWSWIRE) -- 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 IoT in Banking and Financial Services market is projected to grow at a Compound Annual Growth Rate (CAGR) of 52.1% during the forecast period 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. The monitoring segment is expected to grow at the highest CAGR during the forecast period 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. Asia Pacific is expected to grow at the highest rate, followed by Europe, during the forecast period APAC is expected to grow at the highest rate in the global IoT in Banking and Financial Services market during the forecast period, owing to dynamic adoption of new technologies and aggressive initiatives to upsurge the IoT ecosystem for the adoption of cutting-edge technologies. Europe is expected to record the second highest growth rate in the global IoT in Banking and Financial Services market. The region comprises major growing economies, such as the UK and Germany, which offer growth opportunities for vendors in the IoT in Banking and Financial Services market. The increasing requirement for agile, connected, and cashless payments, and the overall speed and responsiveness of connected financial solutions are expected to be the most important driving factors for the growth of the European IoT in Banking and Financial Services market.
Companies Mentioned
- 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 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.4 Years Considered for the Study 1.5 Currency 1.6 Stakeholders 2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.2 Primary Data 2.1.2.1 Breakdown of Primaries 2.1.2.2 Key Industry Insights 2.2 Market Size Estimation 2.3 Research Assumptions 2.4 Limitations 3 Executive Summary 4 Premium Insights 4.1 Attractive Market Opportunities in the IoT in BFSI Market 4.2 IoT in BFSI Market: Top 3 Services and Regions 4.3 IoT in BFSI Market, By Component, 2018-2023 4.4 IoT in BFSI Market, By Organization Size, 2018 vs 2023 4.5 IoT in BFSI Market, By Region, 2018-2023 4.6 Market Investment Scenario 5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing Use of IoT Devices for Connected Banking 5.2.1.2 Convergence of Operational Technology and Information Technology 5.2.2 Restraints 5.2.2.1 Data Protection and Privacy Concerns 5.2.2.2 Lack of Standards for Interconnectivity and Interoperability 5.2.3 Opportunities 5.2.3.1 Increasing Global Investments in IoT 5.2.3.2 Increasing Focus on Services With Real-Time Data Flow 5.2.4 Challenges 5.2.4.1 Legacy Systems and Processes 5.2.4.2 Data Migration Challenges 6 IoT in BFSI Market, By Component 6.1 Introduction 6.2 Solutions 6.3 Services 7 IoT in BFSI Market, By Solution 7.1 Introduction 7.2 Security 7.3 Customer Experience Management 7.4 Monitoring 7.5 Data Management 7.6 Others 8 IoT in BFSI Market, By Service 8.1 Introduction 8.2 Professional Services 8.2.1 Integration and Deployment 8.2.2 Support and Maintenance 8.2.3 Business Consulting 8.3 Managed Services 9 IoT in BFSI Market, By End-User 9.1 Introduction 9.2 Banking 9.3 Insurance 9.4 Others 10 IoT in BFSI Market, By Organization Size 10.1 Introduction 10.2 Large Enterprises 10.3 Small and Medium-Sized Enterprises 11 IoT in BFSI Market, By Region 11.1 Introduction 11.2 North America 11.3 Europe 11.4 Asia Pacific 11.5 Middle East and Africa 11.6 Latin America 12 Competitive Landscape 12.1 Overview 12.2 Market Ranking 12.3 Competitive Scenario 12.3.1 New Product Launches and Product Upgradations 12.3.2 Partnerships, Collaborations, and Agreements 12.3.3 Mergers and Acquisitions 13 Company Profiles 13.1 IBM 13.2 Microsoft 13.3 Capgemini 13.4 Cisco 13.5 SAP 13.6 Accenture 13.7 Oracle 13.8 Infosys 13.9 Software AG 13.10 Vodafone 13.11 Key Innovators 13.11.1 Mulesoft 13.11.2 Carriots 13.11.3 Ewave Mobile 13.11.4 Allerin Technologies 13.11.5 Tibbo Systems 13.11.6 Mindbowser 13.11.7 Suntec 13.11.8 Ranosys Technologies 13.11.9 Zerone Consulting 13.11.10 Paragyte Technologies 13.11.11 Hitachi Vantara 13.11.12 Concirrus 13.11.13 Gizmosupport 13.11.14 Cabot Technology 13.11.15 Colan Infotech
For more information about this report visit https://www.researchandmarkets.com/research/q...nking?w=12
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