Internet of Things (IoT) in Banking Market Size and Development | Exclusive Report till [2023-2032] | Capgemini, Cisco Systems, Dynamics, Infosys Limited

The global Internet of Things (IoT) in banking market revenue was around US$ 12.9 billion in 2021 and is estimated to reach US$ 237.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 33.9% during the forecast period from 2022 to 2031.

The term "Internet of Things" (IoT) refers to a network of actual physical items, also known as "nodes," that are equipped with sensors, software, and other technologies to communicate and exchange data with other systems and devices over the internet. IoT devices are frequently used by banking and financial institutions to provide their clients with special services like gamified rewards and contactless payments.

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Factors Influencing Market Growth

• An increase in demand for IoT applications fuels market growth.

• The rise in the number of IoT-powered smartphones and smart wearables creates lucrative opportunities in the market.

• Developments in the Internet of Things (IoT) and cloud technology create numerous opportunities in the Internet of things in the banking market.

• Increased installation costs and complicated infrastructure requirements hamper the market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a positive impact on the global Internet of Things in the banking market due to the growing popularity of the work-from-home culture around the world, the market is predicted to expand quickly after the pandemic. The IoT in the banking sector has grown significantly in recent years, but banks were forced to quickly transition their operations to digital platforms once the COVID-19 pandemic broke out. This is attributed to the government enacting a lockdown, which helped to drive market growth as banks accelerated their transformation during the period to keep up with various social distance and hygiene challenges during the period. Such elements aided the global IOT in banking market.

Regional Insights

North America dominant position in the IoT in banking market in 2021 is anticipated to keep it throughout the forecast period due to the region's high concentration of IoT in banking solution providers, which is anticipated to fuel the market for IoT in banking technology.

However, LAMEA is anticipated to experience significant growth throughout the forecast period due to its growing economic and digital transformation as well as the region's developing communication network infrastructure. This growth is anticipated to support the region's growing IoT in banking trends.

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Leading Competitors
The leading competitors in the global internet of things (IoT) in banking market are:
• Capgemini
• Cisco Systems
• Dynamics
• GE Digital
• IBM
• Infosys Limited
• Mastercard
• Microsoft Corporation
• Oracle Corporation
• PTC
• SAP SE
• Software AG
• Stripe
• Temenos
• Tibbo Systems
• Vodafone Group Plc
• Others
Segmentation Analysis
The global Internet of Things in banking market segmentation focuses on Offering, Deployment Model, Application, Enterprise Size and Region.
Segmentation based on Offering
• Solution
• Services
Segmentation based on Deployment Model
• On-premise
• Cloud
Segmentation based on Application
• Smart ATMs
• Customer Management and Support
• Security and Authentication
• Others
Segmentation based on Enterprise Size
• Large Enterprises
• SMEs

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Segmentation based on Region
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific

• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

• South America
• Brazil
• Argentina
• Rest of South America

Reasons to Buy This Report

(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.

(B) The report offers comprehensive analysis of Internet of Things (IoT) in Banking market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.

(C) The research includes segmentation of the Internet of Things (IoT) in Banking market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.

(D) Analysis of the Internet of Things (IoT) in Banking market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.

(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.

(F) The study helps evaluate Internet of Things (IoT) in Banking business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.

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This release was published on openPR.