According to the report, the global IoT in banking & financial services market accounted for USD 159 million in 2017 and is expected to reach USD 2,547 million by 2024, at a CAGR of 48.6% between 2018 and 2024.
IoT refers to the network of physical objects that are connected over the internet for transferring information without human intervention. These devices utilize embedded technology for communication. IoT is now being used in for banking and financial services to save time and reduce additional costs in various operations, such as accounts handling, payments, data management and verification, fraud detection, etc.
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Increasing number of smartphone users in the last decade is likely to propel the IoT in banking & financial services market. Various banks and other financial institutes are offering mobile banking and online payments, among other services. In 2016, the number of smartphone users globally was 2.1 billion as compared to 1.86 billion in 2015. Considering this growth, financial institutes are likely to adopt IoT to streamline their services and payment processes. In 2016, Santander announced its plan to offer mortgage schemes to their customers on smartphones along with providing the facility to scan and verify clients required documents on the bank’s mobile app.
Growing investments made by insurance firms in IoT are anticipated to fuel the IoT in banking & financial services market during the forecast timeframe. In 2016, insurance companies invested USD 711 million, accounting for 44% of the insurtech investments as compared to 10% in 2015. Furthermore, insurance technology startups have been successful in garnering investments. In 2016, Coya, a European digital insurance provider, raised about USD 10 million.
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The IoT in banking & financial services market is fragmented based on component, application, and end-user. By component, this market includes hardware, software, and service. The software segment is projected to dominate the IoT in banking & financial services market during the forecast timeframe, due to the introduction of various online banking and payment platforms on smartphones. By application, the IoT in banking & financial services market is divided into data management, cybersecurity, proactive services, product planning and marketing, customer relationship management, and data analysis. By end-user, this market is divided into banks, insurance companies, mortgage companies, brokerage firms, and others. Mortgage companies are projected to grow at a noteworthy rate during the estimated time period. IoT helps the mortgage companies to monitor their condition in real-time and conduct remote maintenance of properties.
Europe is likely to witness considerable growth in the IoT in banking & financial services during the estimated timeframe, due to increasing investments made in banking technology by various European nations. UK, Germany, France, and Russia are projected to contribute significantly toward this market during the forecast time period. The Middle East and Africa are likely to hold a significant market share by 2024, due to the rising adoption of IoT in UAE and Saudi Arabia, among other economically advanced nations in the region.
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Some major players of the global IoT in banking & financial services market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Cisco Systems, Inc., Accenture, Infosys Limited, Vodafone Group Plc, Software AG, and Capgemini SE among, others.