The IoT in Banking and Financial Services market is gaining traction, owing to the convergence of operational and information technology and an increasing use of IoT devices in product, application, and premises monitoring for connected banking. Increasing global investments in IoT and a growing focus on services with real-time information flow are some of the other contributing factors to the growth of IoT in Banking and Financial Services market. MarketsandMarkets expects the IoT in Banking and Financial Services market size to grow from USD 249.4 Million in 2018 to USD 2,030.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 52.1% during the forecast period.
Major players in the IoT in Banking and Financial Services market include IBM (US), Capgemini (France), Microsoft (US), Cisco (US), SAP (Germany), Accenture (Ireland), Oracle (US), Infosys (India), Software AG (Germany), and Vodafone (UK). These leading players have adopted various organic as well as inorganic growth strategies, such as partnerships, collaborations, agreements, mergers, acquisitions, and new product developments, to achieve further growth in the IoT in BFSI market.
IBM is one of the leading players in the IoT in Banking and Financial Services market. It offers various IoT solutions, such as customer experience, fraud management, and data and analytics-driven insights for banking and financial services organizations via its IBM Watson IoT Platform. IBM also provides banking solutions, such as customer analytics, which enables banks to evolve quickly and increase the customer profitability with improved operational efficiency. The company focuses on organic and inorganic growth strategies to achieve further growth in the IoT in Banking and Financial Services market. IBM has adopted various growth strategies, such as new product launches, partnerships, collaborations, product enhancements, and acquisitions. For instance, in September 2017, IBM collaborated with the Reliance Group’s UNLIMIT to create IoT solutions for various verticals, such as insurance, automotive, banking, utilities, and industrial automation. In June 2017, IBM collaborated with AIG to use blockchain for creating a ‘smart’ insurance policy. This collaboration has enabled IBM to create an insurance policy that uses the cutting-edge blockchain technology to manage international coverage.
Capgemini is another major player in the IoT in Banking and Financial Services market. It provides diverse services, such as claim transformation, customer experience, and risk and compliance management for the insurance industry in the IoT arena. Moreover, the company offers a pre-integrated digital banking ecosystem through connected banking solutions to banking and financial corporations. Capgemini follows various organic as well as inorganic growth strategies, such as partnerships, collaborations, acquisitions, agreements, and new product launches. For instance, in February 2018, Capgemini acquired LiquidHub, a digital customer engagement firm that specializes in developing and delivering compelling customer experiences. This acquisition reinforced Capgemini’s digital consulting capabilities in North America and accelerated its portfolio shift in the region. Similarly, in February 2017, Capgemini acquired TCube Solutions, one of the leading providers of Property and Casualty (P&C) insurance software and services. This acquisition has helped Capgemini strengthen its business portfolio, particularly in North America.
IoT in Banking and Financial Services Market by Solution (Security, Monitoring, Customer Experience Management), Service, End-User (Banking, Insurance, and Investment and Wealth Management), Oragnization Size, and Region - Global Forecast to 2023
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