IoT in Banking and Financial Services Market

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 Code: TC 6321 May, 2018, by marketsandmarkets.com

[144 Pages Report] The IoT in Banking and Financial Services market size is expected to grow from USD 167.3 Million in 2017 to USD 2030.1 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 52.1% during the forecast period. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.

Objectives of the Study

The main objective of the report is to define, describe, and forecast the IoT in Banking and Financial Services market size by component (solution and service), end user, organization size, and region. The report provides detailed information on the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market. The report attempts to forecast the market size with respect to the 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers and acquisitions, and new product developments, in the global market.

The research methodology used to estimate and forecast the market size began with the collection and analysis of data on the key vendor revenues through secondary sources, including the annual reports and press releases, investor presentations, conferences and associations (OpenIoT Summit, IoT Tech Expo Global, IoT India Expo 2017, Industrial IoT MENA, and Connected Vehicles 2017), technology journals, certified publications, articles from recognized authors, directories, and databases. The vendor offerings were also taken into consideration to determine the market segmentations. The bottom-up procedure was employed to arrive at the overall market size of the market from the revenue of the key players and their market shares. The IoT in Banking and Financial Services market spending across all the regions, along with the geographic split in various verticals, was considered to arrive at the overall market size. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments. The breakdown of the profiles of the primary participants is depicted in the below figure:

IoT in Banking and Financial Services Market

To know about the assumptions considered for the study, download the pdf brochure

The IoT in Banking and Financial Services market includes various vendors providing IoT solutions, and associated services to commercial clients across the globe. Companies, such as IBM (US), Microsoft (US), Capgemini (France), Cisco (US), SAP (Germany), Oracle (US), Accenture (Ireland), Infosys (India), Software AG (Germany), and Vodafone (UK), have adopted partnerships, agreements, and collaborations as the key strategies to expand their market reach.

Key Target Audience

  • IoT solution providers
  • IoT service providers
  • Cloud service providers
  • System integrators
  • Managed Service Providers (MSPs)
  • Middleware companies
  • Consultancy firms and advisory firms
  • Technology consultants
  • Governments
  • Wireless infrastructure providers and service providers
  • Sensor, location, and detection solution providers

The study answers several questions for the stakeholders, primarily, which market segments to focus on in the next 2 to 5 years for prioritizing efforts and investments.

Scope of the Report

The research report segments the IoT in Banking and Financial Services market into the following submarkets:

By Component:

  • Solutions
  • Services

By Solution:

  • Security
  • Customer Experience Management
  • Monitoring
  • Data Management
  • Others

By Service:

  • Professional Services
    • Integration and Deployment
    • Support and Maintenance
    • Business Consulting
  • Managed Services

By End-User:

  • Banking
  • Insurance
  • Others

By Organization Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

By Region:

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Geographic Analysis

  • Further breakdown of the North American market into the US and Canada
  • Further breakdown of the European market into the UK, Germany, and France

Company Information

  • Detailed analysis and profiling of additional market players

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 major driving forces of the market include the increasing use of IoT devices for connected banking, and convergence of operational technology and information technology. Increasing global investments in IoT and focus on services with real-time data flow are the main growth opportunities in the market. This market is segmented on the basis of component (solutions and services), end user, organization size, and region.

In the component segment, the services subsegments is estimated to hold a larger market share in 2018. The services segment comprises professional services and managed services. The professional services segment has been further categorized into integration and deployment, business consulting, and support and maintenance. Consultants and advisors offer comprehensive services post the deployment of the latest techniques and tools, skills, knowledge, and strategies to address organizations’ technology needs. Service providers support businesses of all sizes, including SMEs and large enterprises, across diverse industry verticals and prove to be potentially beneficial for both customers and service providers. Managed services are about outsourcing a specific data management solution to a third party who has the defined processes.

The insurance end-user segment is expected to grow at the fastest rate, as IoT helps the insurance companies in more effectively determining insurance prices and providing services that keep people and their assets safe. IoT devices, such as smart devices and phones, can use accelerometers, gyroscopes, GPS, and sensors to provide data on consumers. This usage pattern can be further used by insurance companies to provide UBI solutions. For instance, with the emergence of telematics, cars are now able to transmit drivers’ behavior data back to the car insurance companies, so that they can assess drivers’ risks and premiums accordingly.

The large enterprises segment is expected to hold a larger IoT in Banking and Financial Services market size in the organization size segment, as large financial enterprises need IoT services to ensure the smooth functioning of their business operations as well as reduce the operational costs and enhance the customer satisfaction. Large enterprises always prioritize their software security, which gives the security solution an edge over the other IoT solutions. Analytics, customer experience management, monitoring, and data management are some of the other IoT solutions largely adopted by large financial enterprises, owing to the large number of applications, high customer base, and complex operations and data they possess.

IoT in Banking and Financial Services Market

APAC is expected to hold the largest market size and grow at the highest rate in the global IoT in Banking and Financial Services market during the forecast period, owing to the dynamic adoption of new technologies, and aggressive initiatives to upsurge the IoT ecosystem, thereby enabling commercial users to adopt the cutting-edge technology. For example, Westpac, one of the leading financial services providers in Australia, launched PayWear, a wearable offering that allows customers to make tap-and-go payments on contactless terminals. Moreover, Commonwealth Bank of Australia, Wells Fargo, and the trading firm, Brighann Cotton have completed the first global trade transaction between 2 banks using blockchain, smart contracts, and IoT.

Data protection and privacy concerns, and lack of standards for interconnectivity and interoperability are anticipated to be major restraining factors for the growth of the IoT in Banking and Financial Services market.

The study measures and evaluates the major offerings and key strategies of the major market vendors, including IBM (US), Microsoft (US), Capgemini (France), Cisco (US), SAP (Germany), Oracle (US), Accenture (Ireland), Infosys (India), Software AG (Germany), and Vodafone (UK). These companies have been at the forefront in offering reliable IoT in Banking and Financial Services to commercial clients across diverse locations.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 15)
    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 (Page No. - 19)
    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 (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Market Opportunities in the IoT in Banking and Financial Services Market
    4.2 Market Top 3 Services and Regions
    4.3 Market By Component, 2018–2023
    4.4 Market By Organization Size, 2018 vs 2023
    4.5 Market By Region, 2018–2023
    4.6 Market Investment Scenario

5 Market Overview (Page No. - 32)
    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 Banking and Financial Services Market, By Component (Page No. - 36)
    6.1 Introduction
    6.2 Solutions
    6.3 Services

7 Market By Solution (Page No. - 40)
    7.1 Introduction
    7.2 Security
    7.3 Customer Experience Management
    7.4 Monitoring
    7.5 Data Management
    7.6 Others

8 Market By Service (Page No. - 47)
    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 Banking and Financial Services Market, By End-User (Page No. - 53)
    9.1 Introduction
    9.2 Banking
    9.3 Insurance
    9.4 Others

10 Market By Organization Size (Page No. - 58)
     10.1 Introduction
     10.2 Large Enterprises
     10.3 Small and Medium-Sized Enterprises

11 IoT in Banking and Financial Services Market, By Region (Page No. - 62)
     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 (Page No. - 85)
     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 (Page No. - 90)
(Business Overview, Products and Solutions Offered, Recent Developments, SWOT Analysis and MnM View)*
     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

*Details on Business Overview, Products and Solutions Offered, Recent Developments, SWOT Analysis and MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 136)
     14.1 Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (64 Tables)

Table 1 IoT in Banking and Financial Services Market Size and Growth Rate, 2016–2023 (USD Million, Y-O-Y %)
Table 2 Market Size By Component, 2016–2023 (USD Million)
Table 3 Solutions:Market Size By Region, 2016–2023 (USD Million)
Table 4 Services: Market Size By Region, 2016–2023 (USD Thousand)
Table 5 Market Size By Solution, 2016–2023 (USD Million)
Table 6 Security: Market Size By Region, 2016–2023 (USD Thousand)
Table 7 Customer Experience Management: Market Size By Region, 2016–2023 (USD Thousand)
Table 8 Monitoring: Market Size By Region, 2016–2023 (USD Thousand)
Table 9 Data Management: Market Size By Region, 2016–2023 (USD Million)
Table 10 Others: Market Size By Region, 2016–2023 (USD Thousand)
Table 11 Market Size By Service, 2016–2023 (USD Million)
Table 12 Professional Services: Market Size By Type, 2016–2023 (USD Million)
Table 13 Integration and Deployment: Market Size By Region, 2016–2023 (USD Thousand)
Table 14 Support and Maintenance: Market Size By Region, 2016–2023 (USD Thousand)
Table 15 Business Consulting: Market Size By Region, 2016–2023 (USD Thousand)
Table 16 Managed Services: Market Size By Region, 2016–2023 (USD Thousand)
Table 17 Market Size By End-User, 2016–2023 (USD Million)
Table 18 Banking: Market Size By Region, 2016–2023 (USD Thousand)
Table 19 Insurance: Market Size By Region, 2016–2023 (USD Million)
Table 20 Others: Market Size By Region, 2016–2023 (USD Thousand)
Table 21 IoT in Banking and Financial Services Market Size, By Organization Size, 2016–2023 (USD Million)
Table 22 Large Enterprises: Market Size By Region, 2016–2023 (USD Million)
Table 23 Small and Medium-Sized Enterprises: Market Size By Region, 2016–2023 (USD Thousand)
Table 24 Market Size By Region, 2016–2023 (USD Million)
Table 25 North America: Market Size By Component, 2016–2023 (USD Million)
Table 26 North America: Market Size By Solution, 2016–2023 (USD Million)
Table 27 North America: Market Size By Service, 2016–2023 (USD Million)
Table 28 North America: Market Size By Professional Service, 2016–2023 (USD Million)
Table 29 North America: Market Size By End-User, 2016–2023 (USD Million)
Table 30 North America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 31 North America: Market Size By Country, 2016–2023 (USD Million)
Table 32 United States: Market Size By Component, 2016–2023 (USD Million)
Table 33 Europe: IoT in Banking and Financial Services Market Size, By Component, 2016–2023 (USD Million)
Table 34 Europe: Market Size By Solution, 2016–2023 (USD Million)
Table 35 Europe: Market Size By Service, 2016–2023 (USD Million)
Table 36 Europe: Market Size By Professional Service, 2016–2023 (USD Million)
Table 37 Europe: Market Size By End-User, 2016–2023 (USD Million)
Table 38 Europe: Market Size By Organization Size, 2016–2023 (USD Million)
Table 39 Europe: Market Size By Country, 2016–2023 (USD Million)
Table 40 Asia Pacific: IoT in Banking and Financial Services Market Size, By Component, 2016–2023 (USD Million)
Table 41 Asia Pacific: Market Size By Solution, 2016–2023 (USD Thousand)
Table 42 Asia Pacific: Market Size By Service, 2016–2023 (USD Million)
Table 43 Asia Pacific: Market Size By Professional Service, 2016–2023 (USD Million)
Table 44 Asia Pacific: Market Size By End-User, 2016–2023 (USD Million)
Table 45 Asia Pacific: Market Size By Organization Size, 2016–2023 (USD Million)
Table 46 Asia Pacific: Market Size By Country, 2016–2023 (USD Million)
Table 47 Middle East and Africa: IoT in Banking and Financial Services Market Size, By Component, 2016–2023 (USD Million)
Table 48 Middle East and Africa: Market Size By Solution, 2016–2023 (USD Thousand)
Table 49 Middle East and Africa: Market Size By Service, 2016–2023 (USD Thousand)
Table 50 Middle East and Africa: Market Size By Professional Service, 2016–2023 (USD Thousand)
Table 51 Middle East and Africa: Market Size By End-User, 2016–2023 (USD Thousand)
Table 52 Middle East and Africa: Market Size By Organization Size, 2016–2023 (USD Million)
Table 53 Middle East and Africa: Market Size By Country, 2016–2023 (USD Thousand)
Table 54 Latin America: IoT in Banking and Financial Services Market Size, By Component, 2016–2023 (USD Thousand)
Table 55 Latin America: Market Size By Solution, 2016–2023 (USD Thousand)
Table 56 Latin America: Market Size By Service, 2016–2023 (USD Thousand)
Table 57 Latin America: Market Size By Professional Service, 2016–2023 (USD Thousand)
Table 58 Latin America: Market Size By End-User, 2016–2023 (USD Thousand)
Table 59 Latin America: Market Size By Organization Size, 2016–2023 (USD Thousand)
Table 60 Latin America: Market Size By Country, 2016–2023 (USD Thousand)
Table 61 Market Ranking for the Market 2018
Table 62 New Product Launches and Product Upgradations, 2016–2018
Table 63 Partnerships, Collaborations, and Agreements, 2014–2018
Table 64 Mergers and Acquisitions, 2016–2018


List of Figures (52 Figures)

Figure 1 IoT in Banking and Financial Services Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Market Assumptions
Figure 8 Market By Region, 2018–2023
Figure 9 Market Top 4 Segments, 2018
Figure 10 Increasing Use of IoT Devices for Connected Banking, and the Convergence of Operational Technology and Information Technology are Expected to Drive the Market Growth
Figure 11 Integration and Deployment Services Segment, and Asia Pacific are Estimated to Have the Largest Market Shares in 2018
Figure 12 Services Segment is Expected to Hold the Larger Market Size During the Forecast Period
Figure 13 Large Enterprises Segment is Expected to Hold the Larger Market Share During the Forecast Period
Figure 14 Asia Pacific is Expected to Hold the Largest Market Size During the Forecast Period
Figure 15 Asia Pacific is Expected to Emerge as the Best Market for Investments in the Next 5 Years
Figure 16 IoT in Banking and Financial Services Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Services Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 18 Europe is Expected to Have the Largest Market Size During the Forecast Period
Figure 19 Asia Pacific is Expected to Have the Largest Market Size During the Forecast Period
Figure 20 Monitoring Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 21 Europe is Expected to Have the Largest Market Size During the Forecast Period
Figure 22 Europe is Expected to Have the Largest Market Size During the Forecast Period
Figure 23 Professional Services Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 24 Integration and Deployment Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 25 Europe is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 26 Insurance Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 27 Europe is Expected to Have the Second Highest CAGR During the Forecast Period
Figure 28 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 29 Europe is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 30 Larg Enterprises Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 31 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 32 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 33 Asia Pacific is Expected to Be an Attractive Destination for Investments
Figure 34 North America: Market Snapshot
Figure 35 Solutions Segment is Expected to Dominate the IoT in Banking and Financial Services Market in North America During the Forecast Period
Figure 36 Services Segment is Expected to Dominate the Market in Europe During the Forecast Period
Figure 37 Asia Pacific: Market Snapshot
Figure 38 Services Segment is Expected to Dominate the Market in Asia Pacific During the Forecast Period
Figure 39 Solutions Segment is Expected to Dominate the Market in Middle East and Africa During the Forecast Period
Figure 40 Solutions Segment is Expected to Dominate the Market in Latin America During the Forecast Period
Figure 41 Key Developments By the Leading Players in the IoT in Banking and Financial Services Market During 2015–2018
Figure 42 IBM: Company Snapshot
Figure 43 Microsoft: Company Snapshot
Figure 44 Capgemini: Company Snapshot
Figure 45 Cisco: Company Snapshot
Figure 46 SAP: Company Snapshot
Figure 47 Accenture: Company Snapshot
Figure 48 Oracle: Company Snapshot
Figure 49 Infosys: Company Snapshot
Figure 50 Software AG: Company Snapshot
Figure 51 Vodafone: Company Snapshot
Figure 52 Mulesoft: Company Snapshot


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